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Bank of England execs admit they were slow to reduce rates

In a rather damning indictment of the way the UK slowdown has been handled by the Bank of England it has been revealed that even executives within the bank believe they did not reduce rates quick enough to combat the ever growing slowdown. While we are fully expecting UK interest rates to be reduced later this week in line with those in the US many experts feel that this is too little too late.

If we look back at the trend in UK interest rates and the MPC voting it even shows that some members were looking for interest rates to be increased as the threat from inflation continued to spiral early this year. At a time when consumers were crying out for interest rate reductions it seems that much of the impetus has been lost and consumers may actually have less confidence in the way the Bank of England has run the economy over the last 12 months.

As we have covered on a number of occasions, confidence in the government, the Bank of England and the way the economy is being handled are paramount to the eventual timing of any upturn.

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