The deputy governor of the Bank of England has admitted that they had underestimated the high level of the ongoing financial crisis.
Sir John Gieve said in an interview with the BBC that the Bank had relied too much on controlling interest rates and thought that the situation wouldn’t be as bad as it is currently played out.
“We need to develop new instruments, which sit somewhere between interest rates, which affect the whole economy…. and individual supervision and regulation of individual banks.”
The people who are supposed to be in charge of our finances obviously don’t have a clue about how to do to deal with the worsening recession in the UK. The City doesn’t know what to do…. the Bank of England doesn’t know what to to….. and obviously the government doesn’t know what to do. Meanwhile, people are being made redundant daily, getting their homes reposessed, some are seeing the value of their pensions fall making them worthless in retirement, and shares continue to tumble at an alarming rate. Who on earth is going to help us get out of this crisis?
Hope will help us.
It will get better after a while I think!