Bank Of England Leaves Rates On Hold
The Bank of England surprised nobody by leaving UK interest rates on hold at 0.5% today. Neither did they announce any further tinkering with the existing GBP200 billion quantitative easing measures.
As has become the pattern of late, with rates at a half percent the minutes of the meeting are now of more import than the actual announcement itself.
The currency markets were unmoved, with the pound in danger of slipping below 1.59 against the dollar on concerns about a leadership challenge to Gordon Brown, or Mr Magoo as I now call him.
A more insincere snake in the grass looking person than Geoff Hoon I can't imagine. Still if he ends up with egg all over his face a career in the grain trade surely beckons.
The reaction of those members of the Cabinet hastily interviewed on the BBC last night about a possible title challenge could hardly be called unequivocal support could it? David Milliband scurrying inside muttering something about having left the kettle on, whilst Alistair Darling did his familiar buttock-shifting squirm.
As has become the pattern of late, with rates at a half percent the minutes of the meeting are now of more import than the actual announcement itself.
The currency markets were unmoved, with the pound in danger of slipping below 1.59 against the dollar on concerns about a leadership challenge to Gordon Brown, or Mr Magoo as I now call him.
A more insincere snake in the grass looking person than Geoff Hoon I can't imagine. Still if he ends up with egg all over his face a career in the grain trade surely beckons.
The reaction of those members of the Cabinet hastily interviewed on the BBC last night about a possible title challenge could hardly be called unequivocal support could it? David Milliband scurrying inside muttering something about having left the kettle on, whilst Alistair Darling did his familiar buttock-shifting squirm.
