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Steve's Gadget Blog
Bank of England policymaker says interest rates “must come down”
October 03, 2008
Bank of England policymaker David Blanchflower told a regional newspaper that interest rates “must come down”.
In an interview with the Gloucestershire Echo, he said: “We are a committee of nine and we will make a decision on Thursday,” he is quoted as saying. “But my view is that the interest rate must come down and I will be telling that to the committee. But it's Cheltenham and it's like betting on the races.”...[click continue reading for more on this entry]...
Most observers argue that British interest rates need to come down to reflect the deteriorating economic outlook. Blanchflower said he would be arguing for such a cut at the central bank's policy meeting next week.
Reuters has reported that Blanchflower is, “well known for his dovish views on interest rates”. He is said to have voted to cut rates by 50 basis points at last month's meeting.
Comments
Well, if the Bank of England wanted to speed up getting out of this credit crunch that would be a good start. however they are a stubborn brood you know, and NO ONE tells them what to do!
Just like stock market and interest rates world over surged earlier to one extreme, it is going to other extreme now. This is a good time to invest. Sow now and reap benefits later.
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