| The coming storm on 18:49 - May 5 with 3561 views | Lohengrin |
I’m genuinely puzzled by what this is supposed to achieve? The reason interest rates are traditionally set higher is in the attempt to slow down an overheating economic model but the exponential rise in energy costs is already having that effect, and then some. | |
| An idea isn't responsible for those who believe in it. |
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| The coming storm on 19:15 - May 5 with 3527 views | Lorax |
Rising inflation = interest rate rises and it nearly always has. Yet much of this inflation is coming on the back of poor government action in trying to get energy costs down. They could take green levies and VAT off fuel to start with, that'd bring the price down by 24%. That might help slow down inflation. Of course it might make no difference at all!
That is the problem though for many people, the government is doing nothing substantial to help, they are just tinkering around the edges hoping people will fall for their blather. 5 off a litre did next to nothing. | | | |
| The coming storm on 19:48 - May 5 with 3505 views | JACKMANANDBOY |
I agree, the Bank of England stated that external factors are responsible for inflation, supply chain and fuel issues. This is not the wages/price spirals we saw in the last part of the last century.
It would seem to make sense to support business and the economy at this time, raising rates may not help? | |
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| The coming storm on 20:19 - May 5 with 3473 views | felixstowe_jack |
The high inflation rate has very little to do with the Government. It has been caused by Global shortages since the pandemic as well as further shortages caused by the Russian invasion of Ukraine.
Inflation is higher in the EU and USA. It is a world problem. | |
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| The coming storm on 20:29 - May 5 with 3457 views | Lorax |
Yes I know and that is not the issue. Raising interest rates isn't going to work to stem price rises in the current scenario because the triggers are external to the UK. That's why I said the government had a poor response to it.
They can't control the external factors so they need to control the internal factors and a large chunk of our fuel and energy bills are green levies and VAT. | | | |
| The coming storm on 20:37 - May 5 with 3449 views | felixstowe_jack |
The Bank of England sets interest rates not the Government.
The BOE is independent from the government. | |
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| The coming storm on 20:42 - May 5 with 3438 views | Dr_Winston |
The BoE is independent in the same way as Belarus. | |
| Pain or damage don't end the world. Or despair, or f*cking beatings. The world ends when you're dead. Until then, you got more punishment in store. Stand it like a man... and give some back. |
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| The coming storm on 20:53 - May 5 with 3419 views | 73__73 |
Just chill out. Worrying about something that may not even happen. | |
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| The coming storm on 21:03 - May 5 with 3406 views | ExiledJack |
Most countries will try to raise interest rates in line with the US. Failing to do so will devalue the currency in comparison, which means inflation due to the dominance of the dollar in global trade.
The US Federal Reserve is determined to bring inflation down to 2% through rate rises. They accept in doing so unemployment will rise and it could cause a recession. A recession is pretty much guaranteed with this path but there’s no way they’d admit that publicly.
The trouble for other countries is that their economies are already suffering, and of course rate rises will make things worse. The US is relatively well insulated from the impacts of the Ukraine war, and can go a lot further with rate rises before their economy hits the brakes.
Today’s increase by the BOE captures the problem, despite it the pound fell against the dollar as markets do not have faith the BOE will keep pace with the Fed.
It’s certainly time to tighten our belts. | | | |
| The coming storm on 21:03 - May 5 with 3405 views | Flynnidine_Zidownes |
I’m honestly more worried about the very real chance of a nuclear warhead falling on my head. | | | |
| The coming storm on 21:14 - May 5 with 3393 views | Whiterockin |
Most are going to be struggling to keep a roof over their's. | | | |
| The coming storm on 21:30 - May 5 with 3366 views | Lorax |
Yes, exactly the point, the government has done next to nothing. Sunak took 5p off a litre of fuel which did nothing to help.
If Inflation carries on rising and interest rates continue to climb then people will struggle with mortgages and loans when they are already struggling with other everyday costs.
The government needs to act before very many people are pushed over the brink. If inflation hits 10% and interest rates rise further EVERYTHING gets a lot more expensive for all of us. Some of us are fairly well protected. For example, we are still locked into a fixed rate mortgage for 8 more years, it's 0.5% higher than SVR but right now it's looking a great move! | | | |
| The coming storm on 22:42 - May 5 with 3314 views | Treforys_Jack |
Some sort of sturdy headwear will do the trick. | | | |
| The coming storm on 23:30 - May 5 with 3292 views | majorraglan |
Global shortages are definitely a significant factor, but our energy costs aren’t helping. In terms of petrol and diesel we are being seriously overcharged; it doesn’t help that a number of acquisitions and take overs have been allowed to take place over the last few years which has significantly reduced competition, if we had more competition then prices would reduce as would inflationary pressures.
Inflation is higher in the States and across the EU, but in the latter it’s a variable picture. The overall rate is 7.8% against 7% here, however France has an inflation rate of 4.8% and I suspect their capacity to generate cheap electricity is a significant factor. We definitely need to look at our security of energy supplies, we’ve procrastinated for far too long on and we need to move forward and quickly. I’ve no issue with going green, but it has to be part of a wider package of measures. We need a phased reduction in our dependency on gas and a significant move towards increased electricity generation because by 2030 all new cars will electric. | | | |
| The coming storm on 06:51 - May 6 with 3233 views | felixstowe_jack |
You forget to mention the £150 rebate to most people or the interest free loan if £400 in the late Summer or the NI cut in July to everyone earning less thsn £30,000. | |
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| The coming storm on 06:57 - May 6 with 3228 views | felixstowe_jack |
France has just had a Presidential election so has kept most of the inflationary measures under control until Macron was reelected expect to see them rises over the next couple of months. As to France's nuclear power the UK is currently exporting around 9% of UK generation of electricity to France via the two interconnect cables seems it is cheaper for France to import electricity from the UK that to generate it for themselves. | |
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| The coming storm on 07:29 - May 6 with 3196 views | trampie |
The UK is a net importer of electricity, we have been buying 3 times more electricity off France than they buy off us. | |
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| The coming storm on 08:13 - May 6 with 3170 views | pikeypaul |
Green levies need to go immediately.
But we know that will make the woke lefties throw a tantrum.
The hypocrites want it both ways, pay a fortune for the Green policies and lower bills.
The thing is Starmer and his like have no answers and do not dare
criticise the Green policies.
BOJO needs to stop taking orders from that bitch of a wife he has, the people of 🇬🇧 voted him in to power not her. [Post edited 6 May 2022 9:03]
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| The coming storm on 10:51 - May 6 with 3106 views | Lorax |
The £150 is gone very quickly. Gas and electricity never mind petrol and food. When I bought my current car it cost me 48 to fill it up, now it costs me 66, that's £72 more every 4 weeks, £936 per year at the current price. We are in a fixed tariff for Gas and Electricity but even so it is £41 per month more than last year, £492 per year. The experts said food would cost around £271 per year more just this year. The loan is interest free but it is still a loan, you have to ay it back at time when bills may be even higher again.
So gas, electricity, food and petrol for us is a minimum £1,699 more this year, the 150 is just tinkering at the edges and those costs are going to rise. They expect inflation to hit 10% and it's roughly 7% now.
With my return to full time work and my wife working full time, we can afford it but there are very many people who can't. OAP's, single parent families, part timers, zero hours.... | | | |
| The coming storm on 10:58 - May 6 with 3093 views | KeithHaynes |
Back around the mid nineties when mortgage rates soared and the govt were the fixers of interest rates the country was again on its backside. They moved the responsibility to the BOE.
Another way of relinquishing responsibility.
And time usually forgets.
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| The coming storm on 14:30 - May 6 with 3014 views | Kilkennyjack |
Green offers the uk energy security.
Maybe a tidal lagoon in Swansea might work ?
Oh …. Ffs mun … 🤓 | |
| Beware of the Risen People
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| The coming storm on 16:10 - May 6 with 2977 views | Lorax |
Green does not mean energy security unless there is lots of capacity which right now there is not. Green subsidies were putting prices up beyond what is affordable for many people before the pandemic and the war in Ukraine, we are in strange times and the government needs to help people.
We will still need nuclear power for back up when the wind isn't blowing on very cloudy days.
I still hope the lagoon will happen. We have a large tidal range and could generate quite a bit f power. If all new cars will be electric come 2030 we will need to produce lot, lot more electricity. | | | |
| The coming storm on 07:31 - May 8 with 2853 views | felixstowe_jack |
Perhaps Drakeford will use his powers to raise income tax in Wales to fund the Swansea Lagoon. | |
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| The coming storm on 09:31 - May 8 with 2807 views | Lorax |
There'll be a tidal lagoon closer to Cardiff first!
Kilky thinks green means energy security, well it's an expensive road and we simply cannot afford it the way things are at the moment. There is a hell of a lot of investment and building to be done before we even start on the road to being energy secure, it'll take decades, we probably won't get there in my lifetime. | | | |
| The coming storm on 13:47 - May 8 with 2759 views | Ebo |
That is a total insult / drop in the water for people facing these problems. Windfall tax on the energy companies is needed and needed now. | |
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