Emeritus Prof Christopher May on Nostr: (again) I know I keep saying this, but... the effective recession in Q3/2024 is ...
(again) I know I keep saying this, but...
the effective recession in Q3/2024 is hardly the fault of Rachel Reeves of Labour, although admittedly it makes their work much harder.
We need to be clear:
this recession was
ENGINEERED BY THE BANK OF ENGLAND!
Interest rate policy take between 18-24 months to feed through to the 'real economy'; and that's about how long the BOE's sado-monetarists have had the policy off high interest rates to depress economic activity, to reduce inflation!
the effective recession in Q3/2024 is hardly the fault of Rachel Reeves of Labour, although admittedly it makes their work much harder.
We need to be clear:
this recession was
ENGINEERED BY THE BANK OF ENGLAND!
Interest rate policy take between 18-24 months to feed through to the 'real economy'; and that's about how long the BOE's sado-monetarists have had the policy off high interest rates to depress economic activity, to reduce inflation!