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Category Archives: Money Supply
QE too?
Yesterday, the US Federal Reserve announced that it was introducing its second round of quantitative easing, by pumping $600bn (£373bn) into its economy by the end of June 2011. Will the Monetary Policy Committee of the Bank of England follow suit? The answer for the meantime is ‘no’. Today they decided to keep interest rates on hold at 0.5% for … Continue reading
Quantitative easing to expand by £25bn
The Bank of England’s Monetary Policy Committee has just confirmed that Bank Rate will remain at 0.5%, as it has since early March this year. However, the MPC decided to extend its asset purchase programme to the tune of an additional £25bn, to reach a total of £200bn. The Committee set the scene by noting that output has fallen … Continue reading
Consumers rediscover thrift
After racking up total debts of just under £1.5 trillion, UK consumers are cutting back and borrowing less. Figures from the Bank of England show that consumers repaid loans to the tune of £600m in July, which was the first net repayment since records began in 1993. In fact the 12-month growth rate of total net lending to individuals … Continue reading
Bank lending continues to fall
The Bank of England has just published its Trends in Lending report which seems to present nothing but bad news. It says that in the second quarter of 2009 total net lending to businesses fell across all the main industrial sectors. Gross lending (not allowing for any repayments) fell from £42.9bn in the first quarter of 2009 to £27.3bn in … Continue reading
A difficult position for a long time to come
“We will still find ourselves in a difficult position for a long time to come”, said Mervyn King, governor of the Bank of England, in the Bank’s latest quarterly inflation report. He noted that the economy is still in a deep recession and our financial system remains “fragile”. In fact the governor reported bad news and good news as … Continue reading
The economy is either getting better or getting worse
In my blog yesterday I listed some of the positive signs that the economy was showing in terms of house prices, house building and the service sector. Then later in the day the Monetary Policy Committee (MPC) announced that the UK recession “appears to have been deeper than previously thought.” Not only that, but the MPC thought it necessary … Continue reading
Angela Merkel slams central banks
Yesterday, the German chancellor, Angela Merkel, hit out at the leading central banks and their policies. Principally, she was gunning for the Bank of England, the US Federal Reserve and the European Central Bank (ECB). She was particularly upset about the policies of “quantitative easing” which is basically printing money to purchase existing government and corporate bonds with a view … Continue reading
Could this be the solution to the global financial crisis?
I have adapted the following from an email which I recently received. You might like to add your comments as to what is going on in the scenario below: It is August in a small town on the South Coast of France. Holiday season is in full swing, but it is raining so there is not too much business … Continue reading
