Seesawing stocks give BoE another excuse to procrastinate – Financial Times


This week the markets have provided another one, in the shape of roller-coaster share prices, and so the era of financial repression continues a little longer. A look at ancient history — those days before 2008 — suggests that central banks that are too slow to raise interest rates eventually have to raise them further to choke off inflation. As the Society of Motor Manufacturers and Traders points out, the whole market has been damaged by the government’s capitulation to the green lobby on diesel cars, whose buyers are being made to feel like enemies of the people.

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