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Economic experts demand rate cut to 2%

As we near D-day for the next possible reduction in UK interest rates many experts are now forecasting a fall to 2% in order to try and refloat the UK economy. The Bank of England appears to have taken on a totally alien strategy over the last few weeks and has been more susceptible to suggestions from third parties and the government.

While there has been some criticism about the apparent lack of independence between the Bank of England and the UK government, this is not the time to play political games with the UK economy literally dying a death. Unless all parties are able to work together for the general good of the UK economy we could see a serious recession and possible depression in the UK over the next 18 months.

A reduction in interest rates now seems inevitable as Mervyn King seemed to suggest only a few days ago that rates will fall further in the short term although there is the potential for a collapse in the UK currency against trading partners such as the US. However, at the moment the main emphasis seems to be on trying to rescue the economy with the hope that currency rates would respond as and when the UK economy starts to pick up.

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