Thanks to the FT for this.
George Osborne – less than two weeks ago – on irresponsible politicians (i.e. Vince Cable) who call on the Bank of England to slash interest rates:
I do not think that it is particular sensible either for politicians speaking from the frontbench to call on the Bank to cut or increase interest rates. Indeed, I make it a practice not to comment on them.
But… from George Osborne’s article in the Telegraph 29th October:
The government should do nothing that makes it more difficult for the Bank of England to cut interest rates. It must be for the independent MPC to make its judgment, but it is a statement of fact that, with interest rates still at 4.5 per cent, there is plenty of scope to stimulate demand with lower rates.
And there is more. Here’s Osborne on the BBC World at One a couple of days ago.
Martha Kearney: And there are also pressures for immediate interest rate cuts which in themselves won’t help sterling but do you think there is a case for bringing forward an announcement on that?
George Osborne: Well I’ve always taken the view that either the chancellor of the exchequer or the person who wants to be the chancellor of the exchequer shouldn’t try and speculate on interest rate movements. I mean that is a very important principle to my mind of an independent central bank. Of course, you know, everyone in the country wants to see interest rates come down but that has got to be a, the timing of that and the approach that the Bank of England takes to interest rates must be something left to an independent Monetary Policy Committee.
And here’s wee Gideon (extreme right) in his youth. The worrying thing is that they allowed someone who appears to be such a complete simpleton access to a shotgun.
Hat tip to The Daily Pundit
Sorry, Bob, but he HASN’T called for interest rates to be lowered. He’s made a statement of fact about the room available to cut interest rates, and about it being the MPC’s job to decide interest rate levels.
He clearly has a view (something generally you seem to wish to deny him) about interest rate levels, but his comment is VERY different from Vince Cable’s.
His response to Martha Kearney appears both measured and sensible. Don’t worry, though, I don’t expect you to admit it.
Oh, and he’s clearly had some proper teaching in how to deal with a shotgun!
Are they all related ?
indeed, I make it a practice not to comment on them.
…there is plenty of scope to stimulate demand with lower rates.
Yes, I see what you mean Fergus. Do you do headstands as well as somersaults?
By the way… do you think the others had told him it was a fancy dress do?
Isn’t number 3 in that pic Eric Estrada from 70s TV Cop Show CHIPS? Osborne is obviously on his way to an audition for the part of Prince Regent in Blackadder 3.If that pic isn’t used in every Labour election poster in 2010 I’ll be asking questions.
George seems to be the odd one out, he is using an over under while the rest have side by sides. Apart from being the only one with his trousers tucked into his socks, that is.
He might have lost his voice to a degree but he has not lost the plot yet Bob. He is clearly saying he does not want actions taken that would make it hard for the Bank of England to adjust interest rates as it sees fit.
I would like him to start saying to the government what other actions he does not want taken. Right now your lot are getting too easy a ride, even if it will eventually stick you all on your collective, re-distributive arses.
No Bob, but I can read, and understand English.
“There is…scope…to cut interest rates”. Statement (as John Cleese might have put it) of the bleedin’ obvious. The whole quote, is, of course, a request that the government not continue cocking things up so badly that the Bank has only a one-way option – to raise rates.
Big government borrowing will inevitably lead to pressure to raise interest rates, regardless of the state of the real economy. QED.
Sadly, Fergus, you might be able to read it, but you are unable to comprehend it. If you are not going to “comment on them” it is advisable to…. errrm…. not comment on them. As you say, stating the art of the bleedin’ obvious!
No, it’s you who can’t comprehend. Re-read the second sentence of my second paragraph and try very hard to understand it. It is aimed at the government not the BoE.
This is getting a bit circular Fergus, but, not commenting on them (interest rates) seems to me to mean…. not commenting on them. irrespective of who he is ‘calling upon’.
And isn’t number 4 the ugly one out of The Monkees?