Interest rates raised to 18% Interest rates raised to 18%
Posts 1 to 4 of 4
  1. #1

    (_?_)

    HairyArsedBloke is good enough for Jehovah!

    HairyArsedBloke's Avatar
    Join Date
    Feb 2007
    Location
    Pining for the tropics
    Posts
    7,091

    Default Interest rates raised to 18%

    in Iceland. Bloomberg.

    Mmmmmmm, I might have some of that. How do I transfer money to Icelandic banks?

    How did this happen? Who's to blame? Well certainly there are those more responsible than others, and they will be held accountable, but again truth be told, if you're looking for the guilty, you need only look into a mirror.

    Follow me on Twitter - LinkedIn Profile - The HAB blog - New Blog: Mad Cameron
    Xeno points: +5 - Asperger rating: 36 - Paranoid Schizophrenic rating: 44%

    "We hang the petty thieves and appoint the great ones to high office" - Aesop

  2. #2

    Richer than sasguru

    DimPrawn is a fount of knowledge

    DimPrawn's Avatar
    Join Date
    Jul 2005
    Location
    Brexit Britain
    Posts
    34,580

    Default

    Quote Originally Posted by HairyArsedBloke View Post
    How do I transfer money to Icelandic banks?

    Pay you council tax. They'll invest it in Iceland for you.
    I was miserable and depressed, but CUK turned it all around. Now I'm depressed and miserable.

  3. #3

    Banned

    Cyberman has no reputation


    Join Date
    Apr 2007
    Location
    Berkshire
    Posts
    4,892

    Default

    It's when our interest rates start rising in the next few weeks that we can really worry.

  4. #4

    Banned

    tay is too good to be a permie


    Join Date
    Feb 2007
    Posts
    2,904

    Default

    Bank of England under pressure for early cut in interest rate
    The Bank of England's Monetary Policy Committee may hold an emergency session as recession looms

    Francis Elliott and Suzy Jagger
    Pressure is mounting on the Bank of England for an emergency interest rate cut this week as the severity of the global downturn wreaks more havoc.

    Sharp stock-market falls in London, New York and the Far East last week are expected to persuade the US Federal Reserve to cut rates to just 1 per cent, perhaps as soon as tomorrow.

    Central bankers announced coordinated rate cuts on October 8. Now the Bank of England and European Central Bank are also mulling over further decreases to reduce the impact of recession on households and businesses.

    Gordon Brown hinted at a second round of reductions yesterday. “Inflation is . . . coming down over the next few months and that will mean that it gives scope to all the monetary authorities, including the Bank of England, to make a decision about interest rates,” the Prime Minister said.

    The Federation of Small Businesses said the most helpful thing would be a rate cut of up to 1 per cent. “Inflation is yesterday’s story,” a spokesman said. It’s about the economy now.” The Bank of England’s Monetary Policy Committee (MPC) is not due to meet until next week but may hold an emergency session before then to approve a coordinated action. The European Central Bank is also scheduled to meet on November 6 but is now expected to move to reduce the cost of borrowing before then.

    Sushil Wadhwani, a former member of the MPC who runs Wadhwani Asset Management, said there was little to be gained by delaying a rate cut. “They need very quickly now to get ahead of the curve,” he said. “The time has arrived to deliver positive surprises – it is psychological warfare.”

    Sir Richard Branson, founder and head of Virgin Group, said: “We have a much bigger problem than inflation head of Virgin Group, said: “We have a much bigger problem than inflation now – we need to avoid a recession. The Bank of England needs to be bold. [A cut] would help but I think it’s too late now.”

    David Kern, economics advisor, at the British Chambers of Commerce, said: “We want to see a half per cent cut at the next meeting and a further cut to 3.5 per cent shortly after that, so that interest rates are one percentage point lower by Christmas. The major central banks have done quite a lot to shore up the markets but it is clear that they will have to do some more.”

    The CBI has also called for a 0.5 per cent rate cut after new GDP figures confirmed that Britain was in a recession. Richard Lambert, the director-general, said the numbers supported the view that the pace of inflation would fall rapidly.

    However, Sir Philip Green, the Top Shop to BHS billionaire, said that a rate cut was not a priority. “All the effort should be to get some confidence and liquidity back into the markets - to make sure this Government money is going in and is helping those who need it.”

    'House prices will fall for another year'
    The Prime Minister will use a speech to business leaders today to defend the decision to tear up limits on public debt. “The responsible course is to borrow now to maintain growth and output,” Mr Brown is expected to say.


    Yeah because inflation isnt part of the economy. Ignore inflation at your peril.

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •