How can the Bank of England avoid being a loyal and trusted friend to Nigel Farage? That’s easy. It could say the cost of borrowing will tumble over the next year, step by certain step, until it settles at a level that is low enough to boost growth.
Each cut in interest rates from today’s 4.25% to 3%, or even better 2.5%, would be used by businesses to boost production, make crucial investments or pay down debts, making them more financially secure.
It’s not really rocket science to work this out, unless, of course, you are a banker, when it is incomprehensible. And that is precisely why the Bank of England should not be in charge of interest rate setting, because this is not, never was, and never will be just a technical exercise, which exercise is in any case, one that the Bank does not seem to understand.
It’s time to weaponise the economy against fascism.
Of course, the arrival of fascism hsa never, ever, been boosted by inflation derived from loose monetary policy. Nope, never.
Afuera!
“It’s time to weaponise the economy against fascism.”
Possibly the most fascist sounding thing ever.
Good luck to anyone taking part in the Romanian elections today.
May there be a peaceful transition of power.
4.5%-5% base rate is “normal”. Dropping lower or raising higher is abnormal and has damaging negative economic effects.
The Bank of England can declare the nominal interest rate.
Then the bond market decides what is the real interest rate.
Good luck fighting the bond markets, professor.
The Bank of England was given the power to set interest rates in 1997. Whilst this move enhanced creditability so helped the fight against inflation, it could simply be revoked if the BOE didn’t play ball. As an intermediate step a new Governor could be appointed who did not subscribe to Murphy’s economics. In this respect there would be a vast pool of candidates available.
Tell the BoE to set policy to kneecap Nigel Farage: virtuous.
Farage suggesting what the interest rates should be: evil meddling with the BoE’s independence.
I think Farage is a phoney, but calling him a fascist strays well over the line into defamation. Though whether a jury would agree who can say.
Interested – probably not worth litigating after David Irving sued for defamation (a slam dunk case on the facts) and the judge and the media treated him as if he was on trial. I don’t think our judiciary has gotten less noncey since the late 90’s.
Also Murphy doesn’t have any money, he’s jealous of the elites who own narrowboats.
BTW, what’s Ritchie’s theory here? People won’t notice their country is being invaded if mortgage payments come down slightly and prices shoot up again? (Note, this is at least more rational than Two Tier’s cunning plan to draw attention to the invasion problem and talk tough while doing nothing.)
Hyperinflation will never lead to voters choosing Mr Hilter?
On the related theme of doing nothing…
Wife’s pal has for decades had a flat nearby she lets out, mainly to music teachers like herself, who come and go. Estate agents manage it for her. She was talking over with them the changes the government has announced for landlords, and their ramifications. The agents said: “Don’t worry, it’s all talk. Nothing has changed. This government doesn’t actually do anything at all.”
Have they even actually given away Diego Garcia yet?
I think they are still trying to negotiate a worse deal.
Norman – we saw how quickly the British state can move during COVID and how little “human rights” matter when they want to do something, but it’s probably also true to say Sir Two Tier physically can’t stop the immigration punishment beatings… without sacking most of the current Home Office and defunding the swamp, and putting immigration lawyers and judges back in their box, and also telling the CBI to fuck off with its only business idea being taxpayer subsidised foreign labour.
Thankfully we can now vote for someone who will?
As Norman implies, Starmer and the rest of them think the crucial part is the announcement. That gets the headlines on the coveted Today show and the Guardian. They seem to have no real idea of execution or how to overcome obstacles, much less be curajus.
philip said:
“Good luck fighting the bond markets, professor.”
Don’t worry, at that point he’ll just blame the Jews.
When someone he likes is in power he demands the bank be subservient to the state.
When someone he doesn’t like is in power he demands the bank be independent.
>Bongo
May 18, 2025 at 10:19 am
Good luck to anyone taking part in the Romanian elections today.
May there be a peaceful transition of power.
The current Romanian government has already rigged the election – there is no longer any possibility of a peaceful transfer of power.
Either the people stay subservient – in which case the power just moves to another identical politician – or they rise up, overthrow the government, and install the guy they actually voted for into office.
>”Steve
May 18, 2025 at 5:51 pm
Steve, they said Trump couldn’t stop illegal immigration too.
All it took was sacking a few people, telling the world that illegals were no longer welcome, and the rest fell in line
The difference is, Trump wants to stop the illegals