More interest rate drops still to come and maybe even Zero percent.

I am writing this Blog entry while the Governor of the Bank of England is getting a grilling from journalists who are all asking him how could the Bank of England get it so wrong ? 

They have also not ruled out interest rates going to 0%.

The Monetary Policy Commitee now say they should have cuts earlier and harder. I just hope its not too late for the entire economy; the least the committee can do is resign and get somebody in from the real economy, not the well heeled “jobs for the boys” city bubble!

The Financial Services industry is on it’s knees and for many employees in this sector it is too late; it has just been reported that unemployment went up 170,000 in the last quarter and will continue to rise.

Rate drops are good but they need to be passed on to Mortgages and Credit Cards, there is not enough evidence of this to make a difference yet.

Trumpo expects the Base rate to be down to 2% at the start of the new year which should be the kick start the country needs.

I look forward to another US Bailout of General Motors which looks like its going bust and is to big for the US Govt to not step in, the 100,000’s jobs around the world linked to this probable bailout maybe saved, we just need the credit market to make the cars accessible and affordable and their just might be a ray of hope of stability next year for those in the motor industry. 

I just hope that the manufacturing and retail industries can hold out and don’t collapse like the financial services and property industries.

I will continue to be positive, we have great hard working people in the country and we will get through this.

Your tired Trumpo.

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