| Bank of England increases interest rate to 1.75% – highest level in 14 years (n/t) 12:14 - Aug 4 with 2268 views | Keno |
|  |
| |  |
| Bank of England increases interest rate to 1.75% — highest level in 14 years ( on 12:17 - Aug 4 with 2002 views | homer_123 |
Hard to see how raising interest rates are really going to do anything with inflation and cost of living, given most of the things affecting this are somewhat global! |  |
| |
| Bank of England increases interest rate to 1.75% — highest level in 14 years ( on 12:21 - Aug 4 with 1974 views | Nthsuffolkblue |
| Bank of England increases interest rate to 1.75% — highest level in 14 years ( on 12:17 - Aug 4 by homer_123 |
Hard to see how raising interest rates are really going to do anything with inflation and cost of living, given most of the things affecting this are somewhat global! |
It is the way to encourage saving and reduce borrowing. Unfortunately there are too many trapped in debt who will be the ones who suffer.
I expect the rates will go up further, the housing market will collapse and there will be a lot of repossessions. It is the pattern of boom and bust that the current Government perpetuates. You only need to look at economic cycles. Issues like the pandemic (global) and Brexit (not actually global) don't help but there are other political choices about privatisation, low taxation and driving profits that play into it all too. |  |
| |
| Bank of England increases interest rate to 1.75% — highest level in 14 years ( on 12:29 - Aug 4 with 1904 views | Sarge |
| Bank of England increases interest rate to 1.75% — highest level in 14 years ( on 12:21 - Aug 4 by Nthsuffolkblue |
It is the way to encourage saving and reduce borrowing. Unfortunately there are too many trapped in debt who will be the ones who suffer.
I expect the rates will go up further, the housing market will collapse and there will be a lot of repossessions. It is the pattern of boom and bust that the current Government perpetuates. You only need to look at economic cycles. Issues like the pandemic (global) and Brexit (not actually global) don't help but there are other political choices about privatisation, low taxation and driving profits that play into it all too. |
What an ingenious plan. Encourage people to save money by increasing interest rates which mean people pay hundreds more on their mortgage and couple that with energy bills through the roof and prices of other necessities out of control. The £3.50 that’s left at the end of the month will grow nicely in one of the new 1.8% saver accounts.
So simple, well done Bank of England for being so in touch with reality. |  | | |
| Bank of England increases interest rate to 1.75% — highest level in 14 years ( on 12:49 - Aug 4 with 1838 views | peterleeblue |
| Bank of England increases interest rate to 1.75% — highest level in 14 years ( on 12:29 - Aug 4 by Sarge |
What an ingenious plan. Encourage people to save money by increasing interest rates which mean people pay hundreds more on their mortgage and couple that with energy bills through the roof and prices of other necessities out of control. The £3.50 that’s left at the end of the month will grow nicely in one of the new 1.8% saver accounts.
So simple, well done Bank of England for being so in touch with reality. |
Totally agree.
Its madness.
Taking more money out of people pockets to pay for mortgages when its unlikely many cant even heat their homes this winter is clearly not going to work.
Good Job St Lizzy will be along in September to cut all our taxes!! |  | | |
| Bank of England increases interest rate to 1.75% — highest level in 14 years ( on 12:53 - Aug 4 with 1819 views | J2BLUE |
Credit card companies keep sending me balance transfer offers for 0% interest for the next 18 months.
If anyone has credit card debt, this might be one of the last chances to shift it on to 0%. |  |
| |
| Bank of England increases interest rate to 1.75% — highest level in 14 years ( on 13:13 - Aug 4 with 1724 views | Keno |
| Bank of England increases interest rate to 1.75% — highest level in 14 years ( on 12:29 - Aug 4 by Sarge |
What an ingenious plan. Encourage people to save money by increasing interest rates which mean people pay hundreds more on their mortgage and couple that with energy bills through the roof and prices of other necessities out of control. The £3.50 that’s left at the end of the month will grow nicely in one of the new 1.8% saver accounts.
So simple, well done Bank of England for being so in touch with reality. |
so let me get the right.....
The BOE are increasing interest rates to take money out of the money supply to dampen demand and reduce inflation
The new Tory government will reduce taxes to give people more money to spend
Anyone else see a paradox there? [Post edited 4 Aug 2022 13:14]
| |
| |
| Bank of England increases interest rate to 1.75% — highest level in 14 years ( on 13:28 - Aug 4 with 1674 views | StokieBlue |
| Bank of England increases interest rate to 1.75% — highest level in 14 years ( on 13:13 - Aug 4 by Keno |
so let me get the right.....
The BOE are increasing interest rates to take money out of the money supply to dampen demand and reduce inflation
The new Tory government will reduce taxes to give people more money to spend
Anyone else see a paradox there? [Post edited 4 Aug 2022 13:14]
|
The BoE are rightly independent of the government. Just because Truss wants to do something that doesn't mean it's a good idea.
The more worrying thing is that last night Truss hinted at removing the independence mandate of the BoE and thus bringing it under government control.
SB |  |
| Avatar - IC410 - Tadpoles Nebula |
| |
| Bank of England increases interest rate to 1.75% — highest level in 14 years ( on 13:29 - Aug 4 with 1668 views | SuperKieranMcKenna |
| Bank of England increases interest rate to 1.75% — highest level in 14 years ( on 12:17 - Aug 4 by homer_123 |
Hard to see how raising interest rates are really going to do anything with inflation and cost of living, given most of the things affecting this are somewhat global! |
On the plus side, with Inflation now running at 9pc any savings will now be losing only 7.5pc !
Still, the next glorious leader will be along shortly to cut the tax rises they already gave us! | | | |
Login to get fewer ads
| Bank of England increases interest rate to 1.75% — highest level in 14 years ( on 13:31 - Aug 4 with 1656 views | Meadowlark |
| Bank of England increases interest rate to 1.75% — highest level in 14 years ( on 12:17 - Aug 4 by homer_123 |
Hard to see how raising interest rates are really going to do anything with inflation and cost of living, given most of the things affecting this are somewhat global! |
Brexit isn't global! |  | | |
| Bank of England increases interest rate to 1.75% — highest level in 14 years ( on 13:31 - Aug 4 with 1657 views | Keno |
| Bank of England increases interest rate to 1.75% — highest level in 14 years ( on 13:28 - Aug 4 by StokieBlue |
The BoE are rightly independent of the government. Just because Truss wants to do something that doesn't mean it's a good idea.
The more worrying thing is that last night Truss hinted at removing the independence mandate of the BoE and thus bringing it under government control.
SB |
"Just because Truss wants to do something that doesn't mean it's a good idea"
this may be the best line ever posted on here
and you are correct about your second paragraph. that is a worry | |
| |
| Bank of England increases interest rate to 1.75% — highest level in 14 years ( on 13:49 - Aug 4 with 1600 views | homer_123 |
| Bank of England increases interest rate to 1.75% — highest level in 14 years ( on 13:31 - Aug 4 by Meadowlark |
Brexit isn't global! |
Is Brexit solely responsible for the current situation then? | |
| |
| Bank of England increases interest rate to 1.75% — highest level in 14 years ( on 14:06 - Aug 4 with 1540 views | SuperKieranMcKenna |
| Bank of England increases interest rate to 1.75% — highest level in 14 years ( on 13:31 - Aug 4 by Meadowlark |
Brexit isn't global! |
https://www.weforum.org/agenda/2022/06/inflation-stats-usa-and-world/
This is unfortunately global issue driven by commodity prices and supply chain issues cause inflation shortages. See the link above for context of global inflation rates. Primary causes are the pandemic and Ukraine war.
It’s also further exasperated outside the US by the strong dollar given that oil is priced in USD. | | | |
| Bank of England increases interest rate to 1.75% — highest level in 14 years ( on 14:08 - Aug 4 with 1525 views | ElderGrizzly |
| Bank of England increases interest rate to 1.75% — highest level in 14 years ( on 13:28 - Aug 4 by StokieBlue |
The BoE are rightly independent of the government. Just because Truss wants to do something that doesn't mean it's a good idea.
The more worrying thing is that last night Truss hinted at removing the independence mandate of the BoE and thus bringing it under government control.
SB |
Braverman was in car-crash mode this morning
Cutting taxes is of course inflationary
|  | | |
| Bank of England increases interest rate to 1.75% — highest level in 14 years ( on 14:13 - Aug 4 with 1516 views | StokieBlue |
| Bank of England increases interest rate to 1.75% — highest level in 14 years ( on 14:08 - Aug 4 by ElderGrizzly |
Braverman was in car-crash mode this morning
Cutting taxes is of course inflationary
|
Shouldn't be allowed.
It wasn't in their manifesto and thus has no mandate from the public. If they want to mess with something as pivotal as the independence of the BoE there should be a general election, it's not some minor playing around the edges, it's a fundamental thing.
SB | |
| Avatar - IC410 - Tadpoles Nebula |
| |
| Bank of England increases interest rate to 1.75% — highest level in 14 years ( on 14:40 - Aug 4 with 1457 views | ElephantintheRoom |
Yes but if you write it as “shock horror - bank rate hits a whopping 1.75% it doesn’t seem too scary - nor high enough to inspire pensioners to buy premium bonds. | |
| |
| Bank of England increases interest rate to 1.75% — highest level in 14 years ( on 14:46 - Aug 4 with 1421 views | Nthsuffolkblue |
| Bank of England increases interest rate to 1.75% — highest level in 14 years ( on 12:29 - Aug 4 by Sarge |
What an ingenious plan. Encourage people to save money by increasing interest rates which mean people pay hundreds more on their mortgage and couple that with energy bills through the roof and prices of other necessities out of control. The £3.50 that’s left at the end of the month will grow nicely in one of the new 1.8% saver accounts.
So simple, well done Bank of England for being so in touch with reality. |
I never said it was good - especially for those struggling. It is the economic wisdom. It is those with sufficient money who will make the choice. Those who cannot afford to choose will suffer.
Those in the middle will be squeezed, not buying a new car, clothes or white goods so often, choosing not to buy a season ticket, eat out or go to the cinema or go on holiday. It is this change that will drive down demand and would normally bring prices down. However, if the cost of production is sufficient it simply brings recession with job losses, businesses going to the wall and all that follows.
Has the Bank of England ever cared about individuals? Their existence is all about making money for rich people. | |
| |
| Bank of England increases interest rate to 1.75% — highest level in 14 years ( on 14:48 - Aug 4 with 1408 views | Nthsuffolkblue |
| Bank of England increases interest rate to 1.75% — highest level in 14 years ( on 12:53 - Aug 4 by J2BLUE |
Credit card companies keep sending me balance transfer offers for 0% interest for the next 18 months.
If anyone has credit card debt, this might be one of the last chances to shift it on to 0%. |
Although, ultimately you want to clear that debt before the rates hit the roof. Again, it is those living on it but unable to repay it who will suffer. | |
| |
| Bank of England increases interest rate to 1.75% — highest level in 14 years ( on 14:55 - Aug 4 with 1375 views | TractorBrew |
| Bank of England increases interest rate to 1.75% — highest level in 14 years ( on 13:31 - Aug 4 by Keno |
"Just because Truss wants to do something that doesn't mean it's a good idea"
this may be the best line ever posted on here
and you are correct about your second paragraph. that is a worry |
Yeah but good old Liz tells us the old ways don't work, so we need to do things differently. That's why Rishi is an idiot, he want's to just do the same stuff.
Maybe she is on to something - perhaps imploding the country so we all live in shacks and make fires to cook on is the way forward. We can't afford petrol, cars, holidays or clothing, so inflation then drops, manufacturing stops, and we hit net zero well head of 2050 | | | |
| Bank of England increases interest rate to 1.75% — highest level in 14 years ( on 15:04 - Aug 4 with 1348 views | Nthsuffolkblue |
| Bank of England increases interest rate to 1.75% — highest level in 14 years ( on 14:55 - Aug 4 by TractorBrew |
Yeah but good old Liz tells us the old ways don't work, so we need to do things differently. That's why Rishi is an idiot, he want's to just do the same stuff.
Maybe she is on to something - perhaps imploding the country so we all live in shacks and make fires to cook on is the way forward. We can't afford petrol, cars, holidays or clothing, so inflation then drops, manufacturing stops, and we hit net zero well head of 2050 |
I thought she wanted to do everything as Thatcher did. | |
| |
| Bank of England increases interest rate to 1.75% — highest level in 14 years ( on 15:16 - Aug 4 with 1303 views | TractorBrew |
| Bank of England increases interest rate to 1.75% — highest level in 14 years ( on 15:04 - Aug 4 by Nthsuffolkblue |
I thought she wanted to do everything as Thatcher did. |
I think your mistake is thinking that she knows what she wants to do... | | | |
| Bank of England increases interest rate to 1.75% — highest level in 14 years ( on 15:23 - Aug 4 with 1260 views | CityBlue |
| Bank of England increases interest rate to 1.75% — highest level in 14 years ( on 13:31 - Aug 4 by Meadowlark |
Brexit isn't global! |
you spelt Brexs#it wrong... |  |
| |
| Bank of England increases interest rate to 1.75% — highest level in 14 years ( on 16:03 - Aug 4 with 1140 views | Meadowlark |
| Bank of England increases interest rate to 1.75% — highest level in 14 years ( on 13:49 - Aug 4 by homer_123 |
Is Brexit solely responsible for the current situation then? |
Not solely, but largely. | | | |
| Bank of England increases interest rate to 1.75% — highest level in 14 years ( on 16:19 - Aug 4 with 1108 views | bluelagos |
| Bank of England increases interest rate to 1.75% — highest level in 14 years ( on 14:08 - Aug 4 by ElderGrizzly |
Braverman was in car-crash mode this morning
Cutting taxes is of course inflationary
|
Reminds of a couple of colleagues I had in Nigeria. They used to just talk utter bollox and keep going, in the mistaken belief that if they talked for long enough it would all start to make sense. It never did. |  |
| |
| Bank of England increases interest rate to 1.75% — highest level in 14 years ( on 16:22 - Aug 4 with 1101 views | DanTheMan |
| Bank of England increases interest rate to 1.75% — highest level in 14 years ( on 16:19 - Aug 4 by bluelagos |
Reminds of a couple of colleagues I had in Nigeria. They used to just talk utter bollox and keep going, in the mistaken belief that if they talked for long enough it would all start to make sense. It never did. |
Without wanting to go too extreme, you see it a lot with conspiracy theorists and cult leaders. Just spewing information in the hopes it will sounds intelligent even if none of it makes sense. |  |
| |
| Bank of England increases interest rate to 1.75% — highest level in 14 years ( on 17:12 - Aug 4 with 1015 views | TractorWood |
| Bank of England increases interest rate to 1.75% — highest level in 14 years ( on 14:55 - Aug 4 by TractorBrew |
Yeah but good old Liz tells us the old ways don't work, so we need to do things differently. That's why Rishi is an idiot, he want's to just do the same stuff.
Maybe she is on to something - perhaps imploding the country so we all live in shacks and make fires to cook on is the way forward. We can't afford petrol, cars, holidays or clothing, so inflation then drops, manufacturing stops, and we hit net zero well head of 2050 |
Dampening inflation is very difficult. The Gov had an opportunity to sense it and pull levers like finessing VAT and meaningfully trim excise on petrol without reducing the exchequers take. Windfall taxes on excessive profiteering and deferring the NI hikes.
It essentially did nothing, it's here now so we we now have to chase it down with hindsight via interest rates. Such a mess. |  |
| |
| |
By continuing to use the site, you agree to our use of cookies and to abide by our Terms and Conditions.
