Now you know why rates are depressed Now you know why rates are depressed
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  1. #1

    runner

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    runner

    Default Now you know why rates are depressed

    www.guardian.co.uk/busine...70,00.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.

  2. #2

    Lucifer Box

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    Lucifer Box

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    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.

  3. #3

    DimPrawn

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    DimPrawn

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    Think of all those lovely eastern women....:b

  4. #4

    Mordac

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    Mordac

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    Think of all those lovely eastern women....
    I bet their rates haven't gone down...

  5. #5

    Lucifer Box

    Guest

    Lucifer Box

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    I bet their rates haven't gone down...
    Ah, but the quality has gone up.

  6. #6

    TommyFlockton

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    TommyFlockton

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    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!

  7. #7

    widgetdance

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    widgetdance

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    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

  8. #8

    wendigo100

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    wendigo100

    Default 120,000 from one group in one year

    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.

  9. #9

    Board Game Geek

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    Board Game Geek

    Default Re: 120,000 from one group in one year

    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.

  10. #10

    AtW

    Guest

    AtW

    Default controls

    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.

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