RE: BOE decision3 Aug 2023 13:21
Bank of England boss says he is really puzzled why consumer spending is so 'resilient'... They wanted to cut demand so increased interest rates; people who had no or little money are battling with their mortgages but the rich / retired have plenty of cash and are now getting bumper interest income so can spend, spend, spend.
GOV should have put up taxes on unearned income (interest, dividends, CGT) AND reinstated mortgage interest deductions for people who let out property. It would have reduced the frothy demand without the pain being inflicted on the poorer and younger sections of society. The retired and wealthy have been given an easy ride yet again... but then again who are the CONservatives voting base?