Mark Carney says Bank of England actions staved off UK recession

worldtraveller

Bank of England Governor Mark Carney claims the chances of a UK recession have receded due to its actions.

He told a committee of MPs the risk "has gone down" thanks to its "timely, comprehensive and concrete" action to "support and cushion... the economy".

Last month's rate cut to an historic low of 0.25% helped support house prices and the wider economy, he said.

BBC News

OMG!! :rotfl:IMHO, what total and absolute crap! :rotfl:

Good grief! In the decades of posting on MSE, this has to be THE most ridiculous and ludicrous comment ever made by a Bank of England Governor!

So, apparently, an August stimulus announcement has triggered a sudden and sharp economic improvement in the UK!

At best, monetary policy takes a minimum of six months to two years to have an impact on economic activity and inflation. Nothing much happens in one month.

Are you worried about this dolt?! If you weren't before, you should be now!

I thought that King was bad, but he surely has nothing on Carney now!

cells

Of the three options, keep them flat, raise them, or lower them, the lowering of rates is the one most likely to help. It certainly would not have hurt

Thrugelmir

worldtraveller wrote: »

OMG!! :rotfl:IMHO, what total and absolute crap! :rotfl:

Good grief! In the decades of posting on MSE, this has to be THE most ridiculous and ludicrous comment ever made by a Bank of England Governor!

So, apparently, an August stimulus announcement has triggered a sudden and sharp economic improvement in the UK!

At best, monetary policy takes a minimum of six months to two years to have an impact on economic activity and inflation. Nothing much happens in one month.

Did you read what you wrote?

Bank of England Governor Mark Carney claims the chances of a UK recession have receded due to its actions.

Somewhat different "to a sudden and sharp economic improvement in the UK! ". In fact far from out of the woods. The impact of Brexit is years down the line.

Carl31

trying to justify his not needed action, its been a matter of weeks, how can anyone identify the affect of the rate cut in that time?

I think most people are able to see the situation for what it is

Graham_Devon

Carl31 wrote: »

trying to justify his not needed action, its been a matter of weeks, how can anyone identify the affect of the rate cut in that time?

I think most people are able to see the situation for what it is

Yes - it wasn't anywhere near as bad as they had been trying to terrify everyone into believing (as many were saying before the referendum). Therefore, the only option is to state that it wasn't bad because they stepped in to save the day.

As with most of these scenarios, nothing can be proven either way.

LHW99

Nah - its all right, there's definately going to be another recession
http://www.prw.com/article/20160908/PRW/160909856/think-tank-says-recession-looming-for-uk-economy

Although perhaps not immediately.

Thrugelmir

Graham_Devon wrote: »

Yes - it wasn't anywhere near as bad as they had been trying to terrify everyone into believing (as many were saying before the referendum). Therefore, the only option is to state that it wasn't bad because they stepped in to save the day.

As with most of these scenarios, nothing can be proven either way.

We haven't left yet.

wymondham

I think they obviously have gone down, but he reacted too soon (never thought I'd say that about 'spout doom and sit on hands Carney')..... looks like he was the only one who believed his doom laden hype?