17th February 2011
"Households should start preparing for interest rate rises, the Bank of England Governor, Mervyn King, said on Wednesday, as he warned that the "squeeze on living standards is going to happen one way or another"."
diogenesxz comments: "Translation of Mr King's remarks for those who are not fluent in the cant of central bankers: "Everyone's living standards will be squeezed, but savers and those on fixed incomes will suffer most from the inflation we have created. Well, when I say "everyone", I exclude, of course, the demi-gods of the great banking industry, who are entitled to bonuses all round, as well as myself and my colleagues whose future pensions are inflation-proofed"."
shaunrc999 thinks: "Yes just keep kicking the can down the road, worked so well for those who have tried it…..Oh."
BigMammaJamma writes: "10 months in and interest rates set to go through the roof. I hope Cam's big society comes with a very big soup hall…"
simonarmitage writes: "Strange world we live in. When Brent Crude is at $104 and WTI Crude under $85 (and has fallen back in recent days). I'd suggest that the Brent price has little to do with Iranian warships and far more to do with financial positions…"
eadavvar writes: "It is simple to blame petrol prices on taxes or the fickle price of crude oil, however, someone should point out that most oil companies(with the exception of BP) reported HUGE net profits in 2010; Chrevron tripled its profits during the second quarter of 2010. Occidental increased its earnings by 61%. So, if after taxes and cost of crude oil is accounted for, there is still so much profit, then someone is being fleeced. And while I am on the subject, if I owned the oil fields(or had a vested interest in them), the refineries and the distribution system,(directly or indirectly), not only I would not worry about rising crude oil prices, I would push to increase them by bidding high rather than low on future orders. Who would know? Just a thought."
"Britain's benchmark stock index erased early gains on Thursday after flirting with the 6,100 mark, halting its recent rally as miners weighed, while shares in BAE Systems slid as the defence contractor warned over its outlook."