Minutes of the MPC’s September meeting highlighted rising unemployment, weak domestic demand, banks’ balance sheets, weak bank lending, high levels of public debt and global imbalances as factors which threaten recovery.
“There had been some promising indications from asset markets,” the MPC noted in the minutes, “but the lesson from previous financial crises was that they were not resolved quickly, and that there could be false dawns.”
The committee voted 9-0 in favour of leaving interest rates on hold at 0.5pc and its quantitative easing (QE) target unchanged at £175bn. Sterling rose against both the euro and the dollar after the minutes were published.
The unanimous vote was in contrast to the September meeting of the MPC, when Mervyn King, the governor, along with two other colleagues voted in favour of extending QE by £75bn to £200bn. They were outvoted by a majority of six who preferred a smaller £50bn extension to £175bn.
I have long been of the opinion that we're heading into a lovely double-dip recession thanks entirely to the snot-munching fucktard and his delusions of adequacy. It doesn't matter who wins the next election, we are so utterly cunted it's going to take a fucking decade to pick up the pieces.
If we're lucky.