Bank of England hints economic pain felt by many to be a long, drawn-out affair | Ed Conway

[Streetwalker]

Did a job in Montevideo a few years back, couldn't believe it was actually a town in Argentina just over the river. Here's me thinking it was some manky ole pie in a tin

It is .  

[Nick]

An ex City banker I was building a house for last year  reckons it will get to double didgits before it starts coming down and everyone will breath a huge sigh of relief and be grateful to be paying 5% for the rest of their lives .Which is about the average historical rate , the low rates of the past few years  were not sustainable for growth  .

We will see if he was right but I reckon its not too far off what we will see . I reckon its all my fault anyway , as me and Mrs SW are coming up to retirement we decided a few months back to test the water so to speak and  put the house on the market . As sure as night follows day within a week there were  reports of a falling housing market , interest rate hikes and nobody being able to afford a  Fray Bentos steak and Kidney pie  let alone  mortgage . Of course it will make the new gaff cheaper but we have to get rid of this one first
The other times we moved house was in 81, 90 and 09.  Looks like I might have to knock the rust off the tools again

Did a job in Montevideo a few years back, couldn't believe it was actually a town in Argentina just over the river. Here's me thinking it was some manky ole pie in a tin

[Streetwalker]

Where are you moving too ?

I like it where I am and enjoy the pottering necessary to stop the roof from falling in, but Herself is getting itchy feet so I like to keep my options open

Her indoors wants a bungalow by the sea and we have looked everywhere from Dorset to the Thames basin . Well when I say we have looked I mean she has looked and Ive gone with her . Im pretty relaxed about it and don't really care much but I think being near to grandkids (sussex) will come into it 

[patman post]

I won't argue with you Pat. If you say that the UK is being ravaged by forest fires and that under the wise guidance of the EU  Spain, Romania, Portugal, France , and Italy have escaped untouched then I will accept your word for ir ?.

You touch on a fair point — will those countries currently being ravaged by forest fires manage to maintain their growth...?

[Borchester]

An ex City banker I was building a house for last year  reckons it will get to double didgits before it starts coming down and everyone will breath a huge sigh of relief and be grateful to be paying 5% for the rest of their lives .Which is about the average historical rate , the low rates of the past few years  were not sustainable for growth  .

We will see if he was right but I reckon its not too far off what we will see . I reckon its all my fault anyway , as me and Mrs SW are coming up to retirement we decided a few months back to test the water so to speak and  put the house on the market . As sure as night follows day within a week there were  reports of a falling housing market , interest rate hikes and nobody being able to afford a  Fray Bentos steak and Kidney pie  let alone  mortgage . Of course it will make the new gaff cheaper but we have to get rid of this one first
The other times we moved house was in 81, 90 and 09.  Looks like I might have to knock the rust off the tools again

Where are you moving too ?

I like it where I am and enjoy the pottering necessary to stop the roof from falling in, but Herself is getting itchy feet so I like to keep my options open

[Borchester]

Life's a pain, innit?

Now, chancellor Jeremy Hunt, has said Britain is stuck in a "low-growth trap".

He said this after the Bank of England reported it was concerned that inflation was becoming embedded in the economy, requiring interest rates to be kept "sufficiently restrictive for sufficiently long" to ease price rises.

Wonder what's causing the UK to be more affected by such woes than other G7 members — Covid, war in Ukraine, global warming...?

I won't argue with you Pat. If you say that the UK is being ravaged by forest fires and that under the wise guidance of the EU  Spain, Romania, Portugal, France , and Italy have escaped untouched then I will accept your word for ir ?.

[Streetwalker]

"Only a few months ago financial markets were betting that the Bank Rate - the official borrowing level set at Threadneedle Street - would be down to 4% by 2024 and 3.7% by 2025. Far higher than the post-financial crisis period but a fall all the same.

Now, those same markets think rates will still be at 5.9% in 2024 and at 5% by 2025. And rather than challenging those assumptions, the Bank has come as close as possible to reinforcing them."

This is Bank of Englandese for they don't know hay from a bull's arse what will happen to interest rates, so no change there

An ex City banker I was building a house for last year  reckons it will get to double didgits before it starts coming down and everyone will breath a huge sigh of relief and be grateful to be paying 5% for the rest of their lives .Which is about the average historical rate , the low rates of the past few years  were not sustainable for growth  .

We will see if he was right but I reckon its not too far off what we will see . I reckon its all my fault anyway , as me and Mrs SW are coming up to retirement we decided a few months back to test the water so to speak and  put the house on the market . As sure as night follows day within a week there were  reports of a falling housing market , interest rate hikes and nobody being able to afford a  Fray Bentos steak and Kidney pie  let alone  mortgage . Of course it will make the new gaff cheaper but we have to get rid of this one first
The other times we moved house was in 81, 90 and 09.   Looks like I might have to knock the rust off the tools again 

[patman post]

Life's a pain, innit?

Now, chancellor Jeremy Hunt, has said Britain is stuck in a "low-growth trap". 

He said this after the Bank of England reported it was concerned that inflation was becoming embedded in the economy, requiring interest rates to be kept "sufficiently restrictive for sufficiently long" to ease price rises.

Wonder what's causing the UK to be more affected by such woes than other G7 members — Covid, war in Ukraine, global warming...?

[Borchester]

Bank of England hints economic pain felt by many to be a long, drawn-out affair | Ed Conway

Higher for longer.

Source: Bank of England hints economic pain felt by many to be a long, drawn-out affair | Ed Conway

"Only a few months ago financial markets were betting that the Bank Rate - the official borrowing level set at Threadneedle Street - would be down to 4% by 2024 and 3.7% by 2025. Far higher than the post-financial crisis period but a fall all the same.

Now, those same markets think rates will still be at 5.9% in 2024 and at 5% by 2025. And rather than challenging those assumptions, the Bank has come as close as possible to reinforcing them."

This is Bank of Englandese for they don't know hay from a bull's arse what will happen to interest rates, so no change there

[SKY News]

Bank of England hints economic pain felt by many to be a long, drawn-out affair | Ed Conway

Higher for longer.

Source: Bank of England hints economic pain felt by many to be a long, drawn-out affair | Ed Conway