PDA

View Full Version : Now you know why rates are depressed



runner
14th June 2005, 13:54
www.guardian.co.uk/busine...70,00.html (http://www.guardian.co.uk/business/story/0,3604,1505870,00.html)


Mervyn King, governor of the Bank of England, weighed into the debate about immigration last night when he strongly hinted that the influx of workers from eastern Europe over the past year had helped to limit increases in interest rates.

Speaking in Yorkshire, Mr King said that the 120,000 eastern Europeans who had arrived in Britain since 10 more countries joined the European Union in May 2004 had kept the lid on wages and prevented inflation from rising.

"Without this influx to fill the skill gaps in a tight labour market it is likely that earnings would have risen at a faster rate, putting upward pressure on the costs of employers and, ultimately, inflation," he said.


So there it is in black and white.

Lucifer Box
14th June 2005, 14:25
120,000 eastern Europeans who had arrived in Britain since 10 more countries joined the European Union in May 2004
I seem to recall the Home Office prediction for the first year after accession was something like 13,000. Good old Home Office.

DimPrawn
14th June 2005, 14:46
Think of all those lovely eastern women....:b

Mordac
14th June 2005, 15:51
Think of all those lovely eastern women....

I bet their rates haven't gone down...:(

Lucifer Box
14th June 2005, 15:57
I bet their rates haven't gone down...
Ah, but the quality has gone up.

TommyFlockton
15th June 2005, 08:44
120,000, jeez. So that's what, an extra 30,000 houses needed, plus maybe 20,000 more cars on the road, in 1 year, from 1 group of immigrants?
No wonder Prescott needs to coat England in 'cheap and affordable' housing and Darling wants to take steps to limit congestion. Roll on Mega City 1 running from London to Birmingham!

widgetdance
15th June 2005, 09:22
Mega City 1 running from London to Birmingham! That would be Brit Cit (almost) Mega City one is in the states.

HTH

ref Judge Dredd 2000AD

wendigo100
15th June 2005, 09:44
As someone else said, that is a new Luton splatted on the countryside every year!

So this keeps an artificial lid on inflation, instead of raising interest rates a bit. An all-round politically correct solution!

It is also a nonsense solution, as it requires an exponential increase in population to maintain the status quo.

Our children won't thank us much for it.

Board Game Geek
15th June 2005, 09:56
It's not so bad, when you consider the 4 Dark Judges (Death, Fear, Fire and Mortis) will be appointed as Outreach Workers to help these new immigrants settle in to their new homes.

I also believe a number of Resyk Facilities will be on hand to take any additional surplus immigration.

What's left can be body-sharked to make new cosmetics for Otto Sump.

AtW
15th June 2005, 14:38
Problem in this country is that there are no more controls to check who is leaving the country. I am willing to bet that many of those who came here from Eastern Europe had to leave because what they found here was nothing remotely close to great riches.

DimPrawn
15th June 2005, 14:44
As someone else said, that is a new Luton splatted on the countryside every year!

What a @#%$ depressing thought.:(

shaunbhoy
15th June 2005, 14:56
Come friendly bombs and fall on Luton..........
:rollin

thunderlizard
15th June 2005, 20:32
Are rates depressed? I'm rather out of touch.

stackpole
16th June 2005, 07:54
As someone else said, that is a new Luton splatted on the countryside every year!
That was me wendingo, and the idea fills me with horror.

Quite apart from gradually filling up the UK countryside, knowing that it will never stop, ... have you ever been to Luton?