10:33 AM, 13th June 2023, About 9 months ago 13
Dear P118, I don’t want these words to come across as a rant. I just want some peace of mind that the BOE is right in their approach to the current financial situation and that they’re not profiteering like everyone else (banks not passing rates to savers to name but one).
When something doesn’t quite sit right we all get a nagging feeling and it’s normally due to either lack of understanding, it isn’t right and needs changing or a dodgy dinner.
Can anyone tell me why the BOE is getting away with strangling the economy? If we are in the middle of a crisis that is not a traditional recession, then why are the BOE getting away (WITHOUT REPRAOCH) with increasing interest rates month upon month?
The fuel crisis (a major factor in the rate of inflation) is almost at an end with prices coming down of their own accord. My uneducated take on this is that it’s not due to the intervention of the BOE. It’s been slow a slow process because the energy companies have dragged their feet whilst making massive profits – but it’s not a result of BOE increasing interest rates.
I know there are a lot of financial advisors, brokers, and economists out there who will have their own opinion which I’m happy to consider. At the start of the year, economists were predicting that interest rates would have peaked by now.
Like anything… if it’s been photoshopped, it isn’t real and I know I’m missing something but need to be told what.
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