CBI Publishes its predictions for economy in 2010

Really2

Nothing about brown announcing it. Just saying why the banks had done it.

http://www.guardian.co.uk/business/2008/oct/08/marketturmoil.creditcrunch

The Bank of England today slashed UK interest rates by half a point to 4.5% in its first emergency rate cut since the aftermath of the 9/11 terrorist attacks, just hours after the British government announced a momentous £500bn rescue of Britain's banking sector.

The shock move from the Bank of England came at midday as the world's central banks acted together to cut the cost of borrowing in an attempt to avoid financial meltdown, with rate cuts in America, the eurozone, Canada, Sweden and Switzerland.

Gordon Brown told parliament that the global rate cuts were an important signal that the world can act together to address the financial crisis. Just hours earlier, the prime minister had taken the momentous decision to part-nationalise Britain's banks.

The Bank of England said that it was acting because the outlook for economic activity in the United Kingdom has "deteriorated substantially, reflecting a sharp monetary contraction". It had been due to announce its decision on rates tomorrow.

Looks like he said why it happened but looks like it was a BOE anoncement as usual.

I belive all of the leaders for the nations involved said why the measures were taken by the central banks.

Wookster

Really2 wrote: »

Nothing about brown announcing it. Just saying why the banks had done it.

http://www.guardian.co.uk/business/2008/oct/08/marketturmoil.creditcrunch

Looks like he said why it happened but looks like it was a BOE anoncement as usual.

I belive all of the leaders for the nations involved said why the measures were taken by the central banks.

Actually you are wrong. Check this out - it was announced on 8 October (a Wednesday). As you'll know, interest rates are announced on the second Thursday of the month.

http://www.aboutproperty.co.uk/news/property-finance/mortgages/bank-england-cuts-interest-rates-by-0-5--$1244036.htm

The announcement was made by Brown to the House of Commons.

Really2

Wookster wrote: »

Actually you are wrong. Check this out - it was announced on 8 October (a Wednesday). As you'll know, interest rates are announced on the second Thursday of the month.

http://www.aboutproperty.co.uk/news/property-finance/mortgages/bank-england-cuts-interest-rates-by-0-5--$1244036.htm

The announcement was made by Brown to the House of Commons.

It says in my link it was anounced a day early by the BOE.
http://www.guardian.co.uk/business/2008/oct/08/marketturmoil.creditcrunch

The Bank of England said that it was acting because the outlook for economic activity in the United Kingdom has "deteriorated substantially, reflecting a sharp monetary contraction". It had been due to announce its decision on rates tomorrow.

Even your link says so.

The prime minister said: "The governor of the Bank of England has just announced an immediate half a per cent cut in interest rates.

lemonjelly

vivatifosi wrote: »

Key points:

More job losses to come - unemployment will peak at 2.8m next Autumn.
Optimistic I'd say
Pay freezes should be expected by workers.
Well they would say that, wouldn't they. That's basically their manifesto.
Outlook brightening but no clear driver for growth.
Pretty obvious, non-committal thing to say
Growth will be sluggish.
Ditto
BoE rate to reach 2% by end of year.
No-one'll ever agree on IR predictions.
Credit conditions will remain difficult.
Again, obvious yet not saying much
Net borrowing will continue to rise, in contradiction to official forecasts.
Ditto
See:
http://www.google.com/hostednews/ukpress/article/ALeqM5j5PK4LELUSvtNIY5y0grv2jhDXRg

They're an interest/pressure group, not the barometer of forthcoming economic policy imo.

treliac

Graham_Devon wrote: »

I'm pretty sure the BOE are independant. However, I think it would be foolish to think the government did not have a major, if not the biggest amount of input and persuassion into what the BOE actually do.

Something of a contradiction there, so which is it?