Bank of England upgrades economic growth forecasts

Opinion

King and Gove should start a club together. They fit perfectly with the spew that leaves their mouths.

wotsthat

http://www.bankofengland.co.uk/publications/Documents/speeches/2012/speech606.pdf

A speech by Merv. In the 20 years of inflation targeting inflation has averaged 2.1%. Since 2007 it's averaged 3.2% and falling - that's in the face of a collapse in sterling and increases in commodity prices.

Fella

He's a disgrace. He's used the "terrible economic outlook" as his justification to keep IRs ultra low (& print money effectively making them negative) for the last 5 years. This despite the fact that his remit was supposedly to curb inflation, a target he's consistenly failed to meet. Only now when he's no longer going to be in charge does he change his tune, undoubtedly so he can claim that at the point he left the UK economy had turned a corner etc.

Go & go quickly you waste of space, a chimp would have done a better job as Governer.

andy.m_2

Fella, we will have more of the same under the Canadian.

wotsthat

Fella wrote: »

He's a disgrace. He's used the "terrible economic outlook" as his justification to keep IRs ultra low (& print money effectively making them negative) for the last 5 years. This despite the fact that his remit was supposedly to curb inflation, a target he's consistenly failed to meet. Only now when he's no longer going to be in charge does he change his tune, undoubtedly so he can claim that at the point he left the UK economy had turned a corner etc.

It has been pretty exciting times in recent years. Inflation under Merv has averaged 3.0%.

He must have personally affronted some of the posters here because some of the criticism seems somewhat irrational.

ILW

wotsthat wrote: »

Inflation at 2.8% vs. a target of 2% - quite difficult to get excited about. Certainly not what the frothers expected when QE started.

Only a 40% error.

Cannot see many FDs would keep their jobs after missing their targets that much, month after month for years.

When I worked in Sales the reps were sacked automatically if not within 15% of target.

wotsthat

ILW wrote: »

Only a 40% error.

Cannot see many FDs would keep their jobs after missing their targets that much, month after month for years.

When I worked in Sales the reps were sacked automatically if not within 15% of target.

Comparing one small number with another small number via the medium of percentages isn't that enlightening.

I assume you wouldn't arrange a street party if your savings rate went from 2.0% to 2.8%?

ILW

wotsthat wrote: »

Comparing one small number with another small number via the medium of percentages isn't that enlightening.

I assume you wouldn't arrange a street party if your savings rate went from 2.0% to 2.8%?

I may arrange a party if my income increased by 40% though.

wotsthat

http://www.bbc.co.uk/news/business-22531362

A BBC article showing inflation under the various BoE incumbents.

Good job we didn't have the internet when Gordon Richardson was the governor - he would have have had angry forumites with pitchforks marching on the BoE.

Graham_Devon

wotsthat wrote: »

It has been pretty exciting times in recent years. Inflation under Merv has averaged 3.0%.

He must have personally affronted some of the posters here because some of the criticism seems somewhat irrational.

Oh come on now.

I know you like your low insterest rates and I know you hate anyone who has been right over inflation over the last few years, but this nonsense is taking the cream cracker.

The point, which you appear to be blissfully missing isn't that inflation is at 3% or whatever it may be.

It's the consistently wrong, consistently optimistic forecasts the BOE have put out since around 2009.

It's the insistance year after year that "it's ok, inflation will fall in the next 12 months". It never happens.

It's the insistance that printing money didn't increase inflation, only for the BOE to admit quietly later in a report that it did (No !!!!!!...really?! Printing money puts pressure on inflation?!)

It's the insitance from the BOE (and plenty of posters on here, including yourself) that it was only the VAT increase...inflation will fall when that falls out only for nothing to happen when VAT falls out.

It's not at all about where inflation is today or where it's been over the last 20 years. You have called anyone who doesn't agree with you a frother, but it seems you don't even get what everyone else is even talking about.

To be consistently wrong for so long, while basing our monetry policy, spending reviews etc all on this data is pretty dire.

It wouldn't be so bad if they were genuinely wrong, but they weren't. It was all a facade to make things look ok in order to carry on.

You lose the argument when you have to keep falling back to childish slurs on anyone who argues against what you say.