BofE announces Rate cut by .5% !!!!!

[snaw]

Are they going under too? Where will I buy my newspapers?

The chip shop.

[Rantor]

Yes crasguru , after the BofE said that it was cutting !!!!

You must be right - those godless pinkos over at bloomberg are also saying it is coordinated - can't possibly be true.

[Platypus]

I wish I had lots of debt.

But I doubt the banks will pass pass much on to borrowers (average card rates still > 15%)

[Peoplesoft bloke]

Dunno, who to trust more - Bagpuss from CUK or 6 of the biggest central banks in the world. Hmm, tough one.
.

Bagpuss. No contest.

[Peoplesoft bloke]

.... and as I am with HSBC on a tracker I expect 100% of this cut !!!

Me too - boomed! (sort of)

[Cyberman]

You must be right - those godless pinkos over at bloomberg are also saying it is coordinated - can't possibly be true.

Even for a coordinated move it still takes one party to state their intentions. All I am saying is that we had more reasons to cut than the EU and therefore probably told them our intentions. They then obviously agreed to follow.

The fact remains that we still have the ability to act unilaterally because we have the pound. If we did not have the pound then we are at the mercy of ECB decisions which are ultra-cautious. The ECB had a meeting just over a week ago and decided to keep rates as they were !!!

I expect another half point cut by HMG(err sorry... independent BofE) very soon !!!

[DimPrawn]

Even for a coordinated move it still takes one party to state their intentions. All I am saying is that we had more reasons to cut than the EU and therefore probably told them our intentions. They then obviously agreed to follow.

The fact remains that we still have the ability to act unilaterally because we have the pound. If we did not have the pound then we are at the mercy of ECB decisions which are ultra-cautious. The ECB had a meeting just over a week ago and decided to keep rates as they were !!!

I expect another half point cut by HMG(err sorry... independent BofE) very soon !!!

Soon be at a Japanese style 0% interest rates, 80% fall in property prices, and no lending or borrowing possible.

[Cyberman]

Soon be at a Japanese style 0% interest rates, 80% fall in property prices, and no lending or borrowing possible.

I would imagine that all banks that participate in 'partial nationalisation' have been instructed to cut by .5% or else !!!! HMG are now calling the tune..... but this is 1 year too LATE !!!

[Bagpuss]

I would imagine that all banks that participate in 'partial nationalisation' have been instructed to cut by .5% or else !!!! HMG are now calling the tune..... but this is 1 year too LATE !!!

How can it be 1 year too late? Last year the housing market was still climbing. Cutting rates may have prelonged the boom and added further to bad debt.

[Cyberman]

How can it be 1 year too late? Last year the housing market was still climbing. Cutting rates may have prelonged the boom and added further to bad debt.

... because Northern Rock would not have been nationalised, Bradford and Bingley would have survived, and the US had cut their interest rates drastically in June 2007 !!! .... lending may not have totally dried up and we would not now already be in a recession!!

This government have been totally incompetent and this delay in rate cut and recapitalisation of the banks will be shown to cause many more job losses than were necessary.