| Oil! BoE! That's enough! 12:26 - Jun 20 with 5306 views | GavTWTD |
You've got your 2% inflation, some us have mortgage renewals imminent. |  |
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| Oil! BoE! That's enough! on 16:27 - Jun 20 with 1243 views | GavTWTD |
| Oil! BoE! That's enough! on 15:31 - Jun 20 by hype313 |
Forgive my cynicism but I think it's more to do with the politics of if and the optics of reducing during an election campaign.
I bet they drop a quarter of a percent next month. |
Next update is August I thought I heard at lunchtime. | |
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| Oil! BoE! That's enough! on 16:30 - Jun 20 with 1233 views | hype313 |
| Oil! BoE! That's enough! on 16:27 - Jun 20 by GavTWTD |
Next update is August I thought I heard at lunchtime. |
You're right, according to Faisal Islam he fully expects them to drop in August, not sure if that works with your timeframe! |  |
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| Oil! BoE! That's enough! on 16:45 - Jun 20 with 1209 views | mutters |
| Oil! BoE! That's enough! on 15:23 - Jun 20 by _clive_baker_ |
4.26% with Natwest if you want to fix for 5 years (up to 60% LTV).
Looking at 4.7% - 4.8% if you want a 2 or 3 year fixed term though. |
Thanks, better than a year or so ago. I think some of my friends got rates over 5% and maybe even nearing 6%. Bad timing |  |
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| Oil! BoE! That's enough! on 16:46 - Jun 20 with 1202 views | GavTWTD |
| Oil! BoE! That's enough! on 16:30 - Jun 20 by hype313 |
You're right, according to Faisal Islam he fully expects them to drop in August, not sure if that works with your timeframe! |
December. I've already agreed a 2yr deal but it can be ripped up. Frustrating that you have to pay hundreds more but get "nothing" in return. So many in worse positions but I'm grateful I went for quite a modest house when I did. | |
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| Oil! BoE! That's enough! on 19:19 - Jun 20 with 1163 views | You_Bloo_Right |
| Oil! BoE! That's enough! on 16:46 - Jun 20 by GavTWTD |
December. I've already agreed a 2yr deal but it can be ripped up. Frustrating that you have to pay hundreds more but get "nothing" in return. So many in worse positions but I'm grateful I went for quite a modest house when I did. |
The gatehouse at Gav Towers I've been told.
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| Oil! BoE! That's enough! on 22:33 - Jun 20 with 1103 views | SuperKieranMcKenna |
| Oil! BoE! That's enough! on 16:46 - Jun 20 by GavTWTD |
December. I've already agreed a 2yr deal but it can be ripped up. Frustrating that you have to pay hundreds more but get "nothing" in return. So many in worse positions but I'm grateful I went for quite a modest house when I did. |
The lack of interest rate cut is no surprise if you’ve been following the BoE comments over the last 12 months. It’s only the government who’ve been misleadingly bullish on inflation, which has proven really sticky, and compounding by the attacks on shipping in the Middle East (affecting over 50pc of importers).
Regardless, rate drops have nothing to do with the election. We won’t get one until the Federal Reserve drops their rate. The Dollar is so strong right, now no major western central bank is going to move ahead of the fed. |  | | |
| Oil! BoE! That's enough! on 23:43 - Jun 20 with 1053 views | BanksterDebtSlave |
| Oil! BoE! That's enough! on 13:26 - Jun 20 by blueasfook |
I got crap pay rises during the high inflation/cost of living period. I had to change jobs for 20k more to keep up. It's a hard life. |
That's why you are the voice of the people. |  |
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| Oil! BoE! That's enough! on 21:32 - Jun 21 with 944 views | DJR |
I think George Osborne said yesterday that he thought the Bank of England would have cut the interest rate were it not for the fact that the election had been called. [Post edited 21 Jun 2024 21:39]
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| Oil! BoE! That's enough! on 21:17 - Jun 22 with 819 views | SuperKieranMcKenna |
| Oil! BoE! That's enough! on 21:32 - Jun 21 by DJR |
I think George Osborne said yesterday that he thought the Bank of England would have cut the interest rate were it not for the fact that the election had been called. [Post edited 21 Jun 2024 21:39]
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He may have said that but it’s utter bollox. See my post above, and the BoE have previously said a rate drop won’t happen until later in the year. The Fed anticipates only one rate drop this year:-
https://www.bbc.co.uk/news/articles/c1ddj7v9y97o.amp
The BoE will not move before the Fed, otherwise Sterling will further weaken against the dollar and make us all poorer (commodities are priced in USD which will feed through to prices in the shops). It will also likely see sterling weaker against the EUR and increase the price of food imports. Every time the Fed has increased rates we’ve followed for this reason (in fact since 2020 the BoE has increased rates 3 times more, which is largely attributable to the Truss mini budget).
Neither the Fed, nor the BoE have given any indication of a June rate change. So Osborne is either being disingenuous, or talking sh1te as usual, and trying to politicise an independent institution. I’ve said in the past the Tories would do this in a ‘culture war’ against the BoE in order to try and turn public sentiment against them, and seize control of monetary policy. It would be a dangerous move as they don’t seem to understand the impact on the Pound (nor so many other people in fairness).
Edit: to be clear, not a criticism of you but I wanted to pick up on the inaccuracy of what Osborn said, and why there is virtually no chance there would have been a rate change before, or during the election period. [Post edited 22 Jun 2024 21:21]
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| Oil! BoE! That's enough! on 21:44 - Jun 22 with 781 views | DJR |
| Oil! BoE! That's enough! on 21:17 - Jun 22 by SuperKieranMcKenna |
He may have said that but it’s utter bollox. See my post above, and the BoE have previously said a rate drop won’t happen until later in the year. The Fed anticipates only one rate drop this year:-
https://www.bbc.co.uk/news/articles/c1ddj7v9y97o.amp
The BoE will not move before the Fed, otherwise Sterling will further weaken against the dollar and make us all poorer (commodities are priced in USD which will feed through to prices in the shops). It will also likely see sterling weaker against the EUR and increase the price of food imports. Every time the Fed has increased rates we’ve followed for this reason (in fact since 2020 the BoE has increased rates 3 times more, which is largely attributable to the Truss mini budget).
Neither the Fed, nor the BoE have given any indication of a June rate change. So Osborne is either being disingenuous, or talking sh1te as usual, and trying to politicise an independent institution. I’ve said in the past the Tories would do this in a ‘culture war’ against the BoE in order to try and turn public sentiment against them, and seize control of monetary policy. It would be a dangerous move as they don’t seem to understand the impact on the Pound (nor so many other people in fairness).
Edit: to be clear, not a criticism of you but I wanted to pick up on the inaccuracy of what Osborn said, and why there is virtually no chance there would have been a rate change before, or during the election period. [Post edited 22 Jun 2024 21:21]
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No worries at all. As it is, I've come across the Osborne quote itself (from his podcast with Ed Balls), and what he says in the second and third paragraphs does have something going for them, assuming an interest rate cut in August.
"The irony here is that if Rishi Sunak had not called an early election, today would be the day when the Bank of England almost certainly would be cutting interest rates for the first time in a couple of years.
If he had waited to the autumn, as all of his senior cabinet were urging him to do and everyone was expecting him to do, he would today not be in the middle of an election campaign. He’d be able to say ‘Look, the interest rates are coming down.’
And over the next few months, he would have had an answer to Rachel Reeves’ charge. She says, ‘Oh, well, people are still feeling [the cost of living crisis]’. But in a few months time, maybe people would start to say, ‘Well, you know, actually, I’m feeling a little bit better off than I was."
Perhaps he misspoke in the first paragraph because it is not on all fours with the second and third paragraphs and you wouldn't think he would be so clueless as to think a June cut was likely. Having said that, I always thought his arrogance trumped his intelligence, so maybe he does believe it. [Post edited 23 Jun 2024 12:33]
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| Oil! BoE! That's enough! on 17:10 - Jun 27 with 566 views | SuperKieranMcKenna |
| Oil! BoE! That's enough! on 21:44 - Jun 22 by DJR |
No worries at all. As it is, I've come across the Osborne quote itself (from his podcast with Ed Balls), and what he says in the second and third paragraphs does have something going for them, assuming an interest rate cut in August.
"The irony here is that if Rishi Sunak had not called an early election, today would be the day when the Bank of England almost certainly would be cutting interest rates for the first time in a couple of years.
If he had waited to the autumn, as all of his senior cabinet were urging him to do and everyone was expecting him to do, he would today not be in the middle of an election campaign. He’d be able to say ‘Look, the interest rates are coming down.’
And over the next few months, he would have had an answer to Rachel Reeves’ charge. She says, ‘Oh, well, people are still feeling [the cost of living crisis]’. But in a few months time, maybe people would start to say, ‘Well, you know, actually, I’m feeling a little bit better off than I was."
Perhaps he misspoke in the first paragraph because it is not on all fours with the second and third paragraphs and you wouldn't think he would be so clueless as to think a June cut was likely. Having said that, I always thought his arrogance trumped his intelligence, so maybe he does believe it. [Post edited 23 Jun 2024 12:33]
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Possibility of a BoE cut in august, from one of the more bullish members:-
https://www.reuters.com/business/finance/bank-england-likely-cut-rates-august-fo
I’d be cautious that it will actually happen. There have been some suggestions that inflation will have ticked up to above the 2pc target in the next figures. Would still expect BoE to mirror the Fed, who have said this week the likelihood is a max of two rate cuts this year. However, there are also predictions of no cuts in 2024 amid concerns about the stickiness of inflation in the system.
https://www.forbes.com/sites/dereksaul/2024/06/25/top-fed-official-doesnt-expect
A lot more uncertainty than Osborne would have you believe… [Post edited 27 Jun 2024 17:11]
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