In a further sign the authorities are becoming concerned about the state of the economy, the Bank of England today announced a cut in interest rate to 0.25%, the lowest on record (HERE) along with an increase of £60Bn in quantitative easing or printing money. This is all in aid of avoiding the recession that the Brexiteers assures us we were not going to get. It also cut next year's growth forecast by 1.5% - the biggest downgrade ever.
And Sean O'Grady (HERE) of The Independent has written another piece which is amazing in it's chutzpah (HERE). He says he voted to leave and the record low interest rate is good for those with mortgages, which is true but only temporarily and when the cost of living rises and interest rates with it, they may not be quite as happy. But listen to this:
"I happen to think the Brexit campaigners were wrong not to fess up to the immediate harm a Leave vote would do to living standards and jobs". And, "the Bank of England has downgraded its GDP growth forecast (but this was probably going to be downgraded in any case, ironically enough because of the continuing economic stresses in the Eurozone and slower growth globally)".
So the downgrade was going to happen anyway - nothing to do with Brexit! When remainers suggested that leaving would damage living standards and jobs they were shouted down and accused of being scaremongers. Now Mr O'Grady says Brexiteers should have been honest and admitted it was true. It's a bit late for that.
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