Gordon acts against savers again........

Nick_C

donnykebab wrote: »

:rotfl::rotfl::rotfl::rotfl::rotfl::rotfl:

MPC includes amongst other placemen:
'four external members appointed directly by the Chancellor'

Did they get their Ks or seats in the Lords on appointment, or do they only get that when they step down as their present for toeing the line? Who are they anyway?

Aegis

donnykebab wrote: »

:rotfl::rotfl::rotfl::rotfl::rotfl::rotfl:

MPC includes amongst other placemen:
'four external members appointed directly by the Chancellor'

And yet there's no evidence that these appointees do what the chancellor says. In fact, while interest rates were being cut despite rising inflation, all of the members appointed by the chancellor were acting in direct opposition to Brown's wish to keep inflation down at all costs.

As I mentioned previously, the minutes are made available online in the same month as the rate cuts and you can go in to find out why they made their decisions. The argument that they're controlled by the government just doesn't hold water when you actually look at what they discuss and what each committee member votes for.

KTM_Gordo

moonrakerz wrote: »

................and Gordon Brown is complaining that the banks (propped up with taxpayer's money) aren't lending enough money - presumably to those who over-borrowed before!!

No, to each other. The money the banks lend to you is borrowed from other banks at a rate known as LIBOR (London Inter Bank Offer Rate), and it's the that forms the basis for the rate of interest you're charged for the loan.

The Government and Bank of England cannot set this, and it is not connected to the BoE "official" rate that's set each month. It's determined by supply and demand - so if the banks lend more to each other then it'll match demand and reduce the LIBOR which will have a knock-on effect on retail interest rates.

tuggy12

SGE1 wrote: »

Amen to that. I took a day off work yesterday to do some xmas shopping, and almost got smothered to death in the crowd.

If you'd let us know, we could have told you not to go to Primark!!:whistle:

miserable_ol_so_n_so

RayWolfe wrote: »

Isn't that exactly what has happened? We had tax credit in October, pensioners are getting £60 in January, child tax credits have increased, pensioners tax allowance increased by around 2K in April, higher personal allowances are being continued and of course we all have an extra 2.5% of our vat-able spend left in out pocket every month.
So easy to concentrate on the negative and forget entirely all the positive. As for giving "billions to banks", what do you think would have happened to you savings had they not?
Incidentally I went shopping for Christmas presents yesterday. The place was heaving, no sign of restraint whatsoever ... and, after all that discretionary spending, there was even bigger signs of discretionary spending; the restaurants were packed.
No sign of the jam sandwiches being eaten in the bus shelter - the picture that you are painting in this thread!

All news is full of the miserable xmas being experienced by the high street.......look at the sales figures from mands, debenhams, tescos....only morrisons seems to be bucking the trend....at the expence of tescos!

RayWolfe

"All news is full of miserable" ... quite right, when when was it ever anything else?
You stick to being miserable, it's the only pleasure you seem to have left!

sabretoothtigger

More savers in the uk then debtors I read which is surprising

The OP underlines why the uk could still crash and burn, the cautious are being smacked on the nose while people who borrowed too much are rewarded.

Inefficiency is being favoured and the markets snubbed. It wont work long term. What you are seeing right now is the 21st equalavent of King Canute

nicko33

sabretoothtigger wrote: »

More savers in the uk then debtors I read which is surprising

Where do you read that?

Does it distinguish between savers and savers' accounts?
Does it say what the average size of the saving is?

How many people with £100 savings does it take to back one persons £200,000 mortgage ?

ChiefGrasscutter

As I recall from figures a few years ago on the ratio of savers and mortgage holders that:
On average each mortgage was funded/backed by six savers

sabretoothtigger

good question but no idea on the specifics

all the banks in trouble now lent out more then they had in (short term) deposits. But I think the government holds alot of savers funds and then theres isa and pensions, etc