Business Services Industry
Interest Rate Change in Britain May Signal Farewell to Easy Money.
Knight Ridder/Tribune Business News, November, 2003
Daily Mail, London Knight Ridder/Tribune Business News
Nov. 7--There have been few more widely-telegraphed changes in interest rates than the quarter-point rise to 3.75 percent unveiled by the Bank of England.
It is, nonetheless, a seminal event for the British economy. The Monetary Policy Committee is admitting that its hopes that the personal credit and housing markets would self-correct have been dashed. So it has had to prick the bubble. The shift in rates is a caution to lenders to be more careful and to borrowers to revisit their household finances.
In the Pre-Budget Report next month we can expect Gordon Brown to adjust expectations, too. The Chancellor will signal that the days of free public spending and borrowing are drawing...
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