The MPC has done it again

  • Story by: Gemma Westacott
  • Magazine: FTAdviser
  • Published Friday , May 09, 2008

Boo! Hiss! The MPC has done it again – gone and buried its head in the sand.

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Yes, I know that yesterday’s decision to keep the base rate at 5 per cent was prompted by the Bank of England’s rising blood pressure over the recent pick up in inflation.

But surely controlling the possibility of a slowdown in economic activity should be the more pressing issue?

Of course, escalating oil and food prices are placing increasing pressure on UK consumers, but does the MPC honestly believe that it can control such matters simply through its rate policy?

Increasing food and oil prices are the result of global supply and demand and the weak US dollar!

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