Quantitively Easy

On the same day as the Bank of England announced a reduction in interest rates from 1% to half a percent – an all time low – it also delivered on the government’s plan for “quantitive easing”, by printing an extra £75,000,000,000 (that’s seventy five billion of our English pounds) to reflate our flattened economy.

Clearly a huge degree of conficence in this move, which has been condemned as daft by many; Bank of England Governor Mervyn King was quoted as saying that he didn’t know how long this move would take to have an effect, and that quantitive easing would “eventually work”.

But just in case it doesn’t work ‘eventually’, Chancellor Alistair Darling has given the Bank permission to print a further £75,000,000,000 to bring ‘eventually’ just that little bit closer.  Brilliant.

(read the BBC News story by clicking this link)

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