RE: BOE decision3 Aug 2023 15:40
The economy is in such a mess. Fat cat salaries were paid during Covid for doing very little when they should have been taking action. This BoE Monetary Policy Committee is meant to be the cream of economics knowhow, yet now and at whose expense have they brought in Ben Bernake to advise them on their forecasts. Worse still you have a present PM who only yesterday on a podcast said to trust him and stick by him - as he knows what he is doing with the economy. Does he think we can't remember he was the Chancellor who presided over Covid and got us where we are.
Interest rates should have remained on hold. They only work for those on Variable rates and those coming to the end of fixed rates. They don't apply to those who own their own homes, those in council rented or private rented accomodation or those who work and live at home with their parents, those with savings to offset any impact etc etc.
If you want to lower inflation then stop the likes of Centrica making £6Billion profit, Several other energy companies also announcing record profit, at the expense of who, reduce fuel duty on petrol and diesel. Must be about 70% of the cost of any gallon of petrol goes to the Exchequer. Rattle the heads of any and all others involved in "greedflation" whereby prices rise higher than the inflation rate. BT for example 14% price rise, Supermarket and supplier price hikes - of the constituents of CPI.
Anyway lets see if any of the banks pass on the full 0.25% rise to savers. I think not.
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