In banking, the crises may change, but the names remain the same
From Richardson to Trichet to Volcker, central bankers are remarkable for their longevity
In the preface to the 10th printing of Summer Lightning, PG Wodehouse noted that a certain critic had remarked nastily of his last novel that it contained “all the old Wodehouse characters under different names”. This time, Wodehouse wrote, “with my superior intelligence, [...]
Credit is toff economics, demand just for the proles | Simon Jenkins
As the rest of the world comes out of recession by stimulating spending, we remain in snobbish thrall to the bankers
Guess what? Britain has an economic policy that works, one that is small but perfectly formed. It is not the £175bn that the chancellor, Alistair Darling, has hurled at banks, apparently with no effect whatsoever. [...]
Pound falls on manufacturing woes and credit crisis
Fears of recession revived as CIPS survey shows output dropping again and Bank of England finds lenders rationing mortgages
The pound suffered another knock today as a slew of economic figures showed the British economy is still starved of credit and the manufacturing sector is sliding back towards recession after its recent recovery.
An already-weak sterling fell [...]
PM preparing to force other banks to drop their rates
Yesterday interest rates were dropped by 1% to 2% by the Bank of England, yet other banks and mortgage lenders have failed to lower their rates with some showing at least three time the amount of the rate that stands today. Gordon Brown pledges to force these banks into lowering their rates back down to [...]
