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As Gordon Brown urges the rest of the world to follow his lead and pump billions of pounds of tax payer’s money into the banking system you could be mistaken for thinking that he has gone from zero...
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Saturday 14th June 2008
As the Bank of England continue to attack inflation and resist growing calls for interest rate reductions to kick start the economy there is a growing belief that the Bank is looking too far ahead when there is real short term danger. While it would be foolish to ignore inflation, there is a growing opinion that by affectively ignoring the economy in favour of the fight against inflation, the short term outlook for the UK is much worse than it should be.
Unemployment is starting to rise, consumer debt levels have never been higher and the high street is under real pressure with more companies in serious financial difficulty. Consumers are crying out for help and assistance, with the property market proving to be a particular headache. There is no doubt that a reduction in interest rates would help the economy, but weaken the fight against inflation, but many analysts are now beginning to wonder whether inflation should take a back seat for the short term.
The last couple of Bank of England interest rate meetings have been fairly firm in their resistance to further interest rate reductions, but as more houses are repossessed, more consumers fall into serious financial difficulties, will the calls for help be ignored once more? |
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