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<blockquote data-quote="binky" data-source="post: 547708" data-attributes="member: 490"><p>I remember the day interest rates hit 16%, fortunately that was only for about 2 days. The only good thing about inflation, provided wages kept up, was that it undermined the value of your debt. Now it seems the Bank of England regards pay keeping up with inflation as something to be punished. I could understand that if everyone was out buying Range Rovers and loading debt on credit cards to but Gucci handbags, but as todays inflation pressures come from outside the UK (plus Brexit), I really don't see how they justify this blunt tool the hurts working people who are striving for a (better) life. Causing a recession helps nothing that I can think of for the vast majority of people in the UK. The only sensible explanation I have heard was some economist on the TV pinting out what the banks are really doing is expecting far more defaults on loans and mortgages, so they charge us all money to cover their losses - thanks banks, who bailed you out in 2008?</p></blockquote><p></p>
[QUOTE="binky, post: 547708, member: 490"] I remember the day interest rates hit 16%, fortunately that was only for about 2 days. The only good thing about inflation, provided wages kept up, was that it undermined the value of your debt. Now it seems the Bank of England regards pay keeping up with inflation as something to be punished. I could understand that if everyone was out buying Range Rovers and loading debt on credit cards to but Gucci handbags, but as todays inflation pressures come from outside the UK (plus Brexit), I really don't see how they justify this blunt tool the hurts working people who are striving for a (better) life. Causing a recession helps nothing that I can think of for the vast majority of people in the UK. The only sensible explanation I have heard was some economist on the TV pinting out what the banks are really doing is expecting far more defaults on loans and mortgages, so they charge us all money to cover their losses - thanks banks, who bailed you out in 2008? [/QUOTE]
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