Mark Carney, head of BoE, announced today there will be no increase in interest charges
Bank of England (BoE) have received many calls urging them to increase their interest rates back to 0.5 pc, since the inflation rose higher than expected.
It is expected the Monetary Policy Committee (MPC) will vote for it.
At present it is 0.25 pc.
Data from the Office of National Statistics (ONS) blamed rising prices as a “significant factor” for the slowed down retail sales in May.’
But isn’t it rather a fact of May’s £12bn Welfare cuts started on 1 April, 2017? Such massive cuts, on top of already hard-up people, bound to make them stop spending money on major items.
Signs already show a slow-down on household consumption and gross domestic products, housing market and new car registrations.
What does the Government expect?
The fact is the more you cut people’s money the less they spend which reduces orders to manufactures which reduces jobs.
It is as simple as that, but Cameron, Osborne and May will not accept the inevitable.
The result will be mass-unemployment like under Margaret Thatcher who ended up with five million but she, Cameron and May cover it up with all sort of fiddles to prove to voters a low unemployment figure.