Interest rates up by 0.75%

[soulman101]

Up to 3%, would have loved these rates in the 80s

[mickd1961]

This is plain stupidity.

They think this will reduce inflation but I don’t think it will.

World events, raw material and supply chain issues across the planet mean that prices will continue to rise sharply.

Don’t fall for this guff that interest rates will drop sharply over the next year from its present 10%, I reckon it’ll be at least this amount 12 months from now!

All this rate rise does is take even more out of people’s pockets and make life even harder.

As a business I’ve seen a drop of 25% to 30% a week in trade, if it drops by another 15% to 20% that’ll be me closing the doors and calling it a day.

This is a stupid decision at such an awful time.

[Titchfieldbaggie]

This is plain stupidity.

They think this will reduce inflation but I don’t think it will.

World events, raw material and supply chain issues across the planet mean that prices will continue to rise sharply.

Don’t fall for this guff that interest rates will drop sharply over the next year from its present 10%, I reckon it’ll be at least this amount 12 months from now!

All this rate rise does is take even more out of people’s pockets and make life even harder.

As a business I’ve seen a drop of 25% to 30% a week in trade, if it drops by another 15% to 20% that’ll be me closing the doors and calling it a day.

This is a stupid decision at such an awful time.

Totally agree with you Mick. The world's Central Banks were warned that excessive QE post pandemic would lead to inflation, but they ignored the advice. This is the only tool they have, historically, but in my humble opinion, they have got this spectacularly wrong. This is all about calming markets, in the short term, not for the good of people in the long term.

[Titchfieldbaggie]

Totally agree with you Mick. The world's Central Banks were warned that excessive QE post pandemic would lead to inflation, but they ignored the advice. This is the only tool they have, historically, but in my humble opinion, they have got this spectacularly wrong. This is all about calming markets, in the short term, not for the good of people in the long term.

Seems to have worked. FTSE up 2.53% at 15.00 hrs today. Short term thinking

[baggieal]

This is plain stupidity.

They think this will reduce inflation but I don’t think it will.

World events, raw material and supply chain issues across the planet mean that prices will continue to rise sharply.

Don’t fall for this guff that interest rates will drop sharply over the next year from its present 10%, I reckon it’ll be at least this amount 12 months from now!

All this rate rise does is take even more out of people’s pockets and make life even harder.

As a business I’ve seen a drop of 25% to 30% a week in trade, if it drops by another 15% to 20% that’ll be me closing the doors and calling it a day.

This is a stupid decision at such an awful time.

I agree. Two staff who have worked for us for 17 years had to be let go today and whilst we are fine the business will close if things get any worse. The consumer tap has been switched off so not working my balls off for the love of it!!

I now applaud those on benefits as opposed to those on the minimum wage. What’s the point in working if you are no better off!

To the illegal costing billions and pleading!!
F uck off as no sympathy from me when many are taxed to the hilt now and paying for this mess!!

Sunak - what a p rick!! But hey his Non Dom wife continues to avoid many taxes and the only pain is in her eyes watching her millions grow!!

[wbaliquidator]

I’ve said this before its global politics, USA is the driving forces – the Fed Yesterday increased their rate most of the world will have to follow. Inflation is an excuse
Higher interest rates - less demand, yes that is a recession.
Less demand – including less energy required this is then lowers the price of crude oil
Lower oil prices Russia suffers
Reason our petrol is high is due to the Dollar, oil in based on Dollars, USA are doing well out of this war their dollar is offsetting many of the issues we face. I don’t mind this, rather them then Putin.

Oil prices are declining thankfully even against the best efforts of the Arabs to restrict it. Supply and demand. If they had played ball and increased production things may have been less painful.

Blame Putin and the Arabs for this situation

[Omegstrat6]

Know so many companies cutting down on staff and overtime (so many have moved away from offering full time jobs over the past few years) at the moment as well as suppressing wages and this is only going to make the situation worse. As usual, it will be the poorer paid employees and small businesses that will suffer most. Such policies will surely gift the next GE to Labour as cannot see how they will turn things around but be nice to know what Starmer's alternative solutions might be.

[mickd1961]

Know so many companies cutting down on staff and overtime (so many have moved away from offering full time jobs over the past few years) at the moment as well as suppressing wages and this is only going to make the situation worse. As usual, it will be the poorer paid employees and small businesses that will suffer most. Such policies will surely gift the next GE to Labour as cannot see how they will turn things around but be nice to know what Starmer's alternative solutions might be.

Starmer will be constrained and controlled by the markets as well.

It’s now impossible to govern in a democracy.

[regis80]

This young darling Emily Carver the reason for the chaos of that mini budget with her think tank organisation. Where do they get these people from? The apprentice? Why have we got kids advising the gov?

https://youtu.be/BWFwvCKhEbg

[Omegstrat6]

Starmer will be constrained and controlled by the markets as well.

It’s now impossible to govern in a democracy.

Very true, and I understand that the UK, like most countries, is at the mercy of global events and international finance and trade, but surely the government could still instigate domestic policies that might be fairer to the population as a whole whilst also trying to generate growth?