Strictly MPC
- 6 Dec 07, 12:11 PM
Ahead of today's Monetary Policy Committee (MPC) decision to , last night we assembled our own MPC to discuss the underlying issues amid signs the economy is slowing - falling house prices, fewer mortgages being approved, tumbling consumer confidence and shop windows full of price reductions.
Jeremy was joined by former chancellor Ken Clarke, and expert economists Dr Ruth Lea, Martin Wolf, Dr Irwin Stelzer and our own Stephanie Flanders.
At the end we asked them all to hold up cards to show how they would vote if they were on the MPC. Stephanie, being thoroughly independent, of course declined but she did predict there would be 'no change'. The others were split, two for a 0.25% cut, two for 'no change'.
Following what had been a extraordinarily enlightening and very detailed economic debate, some people thought the vote a bit of a stunt. We rather enjoyed it but what do you think? Did the cards work for you?
Comments Post your comment
The cards worked a treat!
I'm distressed to finf myself on the same side as Ken Clarke, but. considering the alternatives....
The FTSE's response? After being substantially up in anticipation, she's now down... Were they expecting a half-point?
Good thing for those with dollars to sell, eh?
Salaam, etc.
ed
Complain about this post
What a balanced panel (not), the only non-tory was Ken Clarke. Newsnight turning into Fox news. Where were the non-Friedmans?
Disappointing.
Complain about this post
KENNING KEN
How poignant to see Tobacco Baron Ken holding a "no change" sign. Is it anti "Change Brown" or just for showing to street beggars?
Complain about this post
We're Stuffed!
Salaaami
ed
"Though I can see no way to defend the economy, I recogniize the need to be concerned for the suffering that would be produced by its failure. But I ask if it is necessary for it to fail in order to
change: I am assuming that if it does not change it must sooner or later fail, and that a great deal that is more valuable will fail with it. As a deity the economy is a sort of egotistical French monarch, for it apparently can see no alternative to itself except chaos, and perhaps that is its chief weakness. For, of course, chaos
is not the only alternative to it. A better alternative is a better economy. But we will not conceive the possibility of a better economy, and therefore will not begin to change, until we quit deifying the present one."
-- Wendell Berry in "A Continuous Harmony"
(Three decades ago)
Complain about this post
Dear Father Christmas
I have just seen the most wonderful dress in Selfridges M/cr. It costs 拢600 and it's a Channel.
It's in teal blue it would go with my eyes. I have the legs and blonde hair. It is quite low cut - just enough for my 39" bust.
There was a big guy guarding it (was that you?)
Where would you wear a dress like that? It would have to be for a very special date. Candle lit romantic, it's perfect for a date with Jeremy - He's so handsome.
He'd die in Heaven.
Please can I have the dress (size 14)
The date and
Jeremy
I'll be good all year
Thank you
Santa
Complain about this post
I thought the voting was useful as it got the different people to give an overall view at the end of quite a complicated debate on the different factors. For this the cards werent entirely necessary though perhaps they ensured a clear answer but they werent something i found objectionable and perhaps made the debate more entertaining.
Complain about this post