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Brown in favour of rate cut
Though British government has no role in deciding the interest rate, Brown has sent a message to BOE indirectly by favouring rate cut.
London (longdogfinance) April 11, 2008: Interest rates can fall because inflation is low, Prime Minister Gordon Brown commented on Tuesday, two days before MPC meet of the Bank of England."Because we've got low inflation we can take steps to cut interest rates," Brown said in an interview.
The government does not have the authority to change interest rates, having given up that responsibility to the Bank of England in 1997. However, pressure is mounting on policymakers to shore up the economy in the wake of the credit crunch.
An opinion poll on Tuesday showed Brown's popularity is at its lowest ebb since he took power in mid-2007.The increasing price rate, unavailability of credit and denials by major banks to unsecured credit has created frustration among the common mass. People are forecasting that British growth is lower higher than growth in other countries who are equally affected by credit crunch.
The BoE expects inflation to spike around 3 percent in 2008 and Governor Mervyn King has said policymakers face their toughest challenge since 1997 while trying to balance rising prices against prospects of weaker economic growth.
"It's getting pretty close to the line in a credit crunch hit economy" said Vicky Redwood, an economist at Capital Economics. "He (Brown) could say he is referring to the two cuts we have already seen and legitimately say we are in a loosening phase in monetary policy this year."
Financial experts are warning to squeeze down the use of credit cards to make the total debt volume under control.
11th April, 2008
London (longdogfinance) April 11, 2008: Interest rates can fall because inflation is low, Prime Minister Gordon Brown commented on Tuesday, two days before MPC meet of the Bank of England."Because we've got low inflation we can take steps to cut interest rates," Brown said in an interview.
The government does not have the authority to change interest rates, having given up that responsibility to the Bank of England in 1997. However, pressure is mounting on policymakers to shore up the economy in the wake of the credit crunch.
An opinion poll on Tuesday showed Brown's popularity is at its lowest ebb since he took power in mid-2007.The increasing price rate, unavailability of credit and denials by major banks to unsecured credit has created frustration among the common mass. People are forecasting that British growth is lower higher than growth in other countries who are equally affected by credit crunch.
The BoE expects inflation to spike around 3 percent in 2008 and Governor Mervyn King has said policymakers face their toughest challenge since 1997 while trying to balance rising prices against prospects of weaker economic growth.
"It's getting pretty close to the line in a credit crunch hit economy" said Vicky Redwood, an economist at Capital Economics. "He (Brown) could say he is referring to the two cuts we have already seen and legitimately say we are in a loosening phase in monetary policy this year."
Financial experts are warning to squeeze down the use of credit cards to make the total debt volume under control.
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