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This week's announcement of the Marks & Spencer sales figures for the Christmas and New Year period is set to disappoint the market and will be accompanied by a rumoured 1000 job cuts. Those...
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Sunday 22nd June 2008
The last few months has seen some of the more turbulent times in the history of the Bank of England but it seems that there may be more trouble ahead for Mervyn King and his colleagues. The Treasury has been very aggressive over the last few weeks in their pursuit of further power and influence over the Bank of England, opting to blame the Bank for the Northern Rock debacle and use this to open the door.
One of the main problems seems to be the reality that the UK economy is entering a sustained period of pressure with more companies and employees set to struggle over the next couple of years at least. The Bank has had the opportunity to reduce interest rates to try and kick start the economy but seem to be moving against this trend in favour of controlling inflation. There is no way that Gordon Brown can expect a substantial rebound in the economy prior to the next election unless his financial aims and objectives are altered as soon as possible.
In many ways the government’s move to give the Bank more independence has back fired in a massive way, leaving the government to suffer a slow death as financial woes hit the UK and look likely to get much worse over the next two years. |
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