The Bank of England calls for worldwide co-ordination on interest rates
The Bank of England has this weekend repeated calls for worldwide co-ordination on interest rates in an attempt to refloat and replenish the worldwide economy. While there have been a number of local rescue packages and rescue deals it looks as though this is not enough to help the worldwide economy recover in the short term. Just a short a few weeks ago we saw a concerted effort by the various central banks of the world to reduce interest rates in unison.
More of the same is required in the short to medium term to inject confidence and liquidity back into markets and stop the ongoing slide in employment prospects which are starting to turn into a serious downward trend in the UK. The last concerted effort on interest rates caught many people by surprise but there was a short-term increase in confidence although there was limited follow through.
The main problem for a concerted effort is the fact that many economies around the world are at different stages of the economic cycle and demand differing amounts of money to avoid a serious recession. Finding the balance is proving rather tricky and may be the ultimate reason for the delay in yet more co-ordinated efforts.
Share this..
Related stories
Does the British Gas billing change make a difference?
News that British Gas is looking to introduce a new system which will accurately record month by month energy usage, rather than estimated usage, has caught many consumers by surprise. However, when you consider that some of your historic estimated bills have been too high and some have been too low, the net effect to consumers is likely to be minimal. However, there may be some impact upon the ca...
Read MoreWhen did you last complain about your bank?
Even though the UK financial sector touches all areas of our lives, it seems that very few people in the UK have actually followed through with their complaints regarding financial investment, financial services and the financial sector as a whole. Recent figures from the Financial Services Authority (FSA) show that while having record complaints passed to the regulator, more and more people are h...
Read MoreJobless figure expected to rise on Wednesday
As the UK economy continues to head south there is speculation we could see a significant increase in the jobless total which is to be announced on Wednesday. The last figures showed unemployment hitting a rate of 1.82 million in the UK and the forthcoming figures are expected to see the number nudged towards 2 million. So where will it all end?
The employment situation in UK contin...
Currency counterfeiting on the increase
As we have pointed out on a number of occasions, the ongoing recession in the UK has attracted a significant increase in criminal activity with currency counterfeiting one of the leading "benefactors". It is estimated that one in 20 one pound coins in the UK are counterfeit which equates to a staggering 73 million fake coins in circulation. When you consider that a fake one pound coin can cost bet...
Read MoreUK trade gap narrows
The UK's trade gap narrowed to its lowest level since July 2005 in April, according to new government figures.
With the level of imports falling faster than exports, the shortfall in goods and services trade declined to £3.6 billion in April, provisional data from the Office of National Statistics (ONS) showed.
The deficit had stood at £4.5 billion in March.
An...