On LBC at about 13.50 today:
Political economist @RichardJMurphy: In my opinion, there should have been no interest rate rises at all@ShelaghFogarty pic.twitter.com/DJ1m3wlfku
— LBC (@LBC) August 2, 2022
Given I am on antibiotics and not feeling anything like 100% I think that was OK, and in fact my second conversation with Shelagh on air in less than an hour.
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Well done Richard – do rest, the fatigue part of Covid is totally vile.
I know
I am only working intermittently
I’m not ‘wrong’ after Covid but I’m not always right either so I can understand
I hope you get better soon
Well done too Richard but look after yourself.
this’ll get you raging over your cornflakes no doubt, Richard:
https://www.theguardian.com/business/2022/aug/03/inflation-will-soar-to-astronomical-levels-over-next-year-thinktank-warns
“Stephen Millard, the institute’s (NIESR) deputy director, said the economy would contract for three consecutive quarters, shrinking the 1% by the spring of next year.
He added there will be “no respite” for British households and businesses from “astronomical inflation” in the short term and “we will need interest rates up at the 3% mark if we are to bring it down”
Seems like NIESR haven’t got the memo on interest rate increases driving up fixed costs and therefore adding to inflationary and other pressures.
See my thread, just out
I do not agree with the NIESR
Get well soon
Interest rates had room to go to 0.5% from negative territory when the last of the lockdowns ended, the window was very short but the transient team decided to sit on their hands and now we are a full 100 basis points above that. Just look at those retail sales numbers in Germany the other day. Worst in history