Cyprus-Forum.com

[Raymanoff]

Actualy watched SKYNEWS last night, there should be announcement at 12:00 UK TIME from central bank regarding interest rates etc

[Raymanoff]

yup, here you go:
The Bank of England has decided to hold the base rate of interest at 5%.

The Bank's Monetary Policy Committee chose to hold the rate for the fourth month in succession despite extremely slow growth in the spring and late summer.

It appears that concerns over inflation prevailed in the MPC's decision-making.

The move was widely expected, with nine out ten members of the Sky News Money Panel predicting the freeze.

The Bank's quarterly inflation report is due on Wednesday, and may offer further clues on the future path of interest rates.

The minutes of today's decision will not be released until August 20, but will be keenly awaited for details of MPC voting patterns.

It was revealed that one member of the nine-strong committee called for a hike at July's meeting, raising the fear of a potential rate rise.

Michael Coogan, director-general of the Council of Mortgage Lenders, said of today's decision: "Holding the Bank rate is better than raising rates...but a reduction would have been a welcome recognition of the current financial strains on households already struggling with hikes in other living costs."

Retailers joined in the call for a cut.

Stephen Robertson, director-general of the British Retail Consortium, said: "To avoid turning the slowdown into a slump, as soon as conditions allow, the Bank's next rate move should be down."

[saravakos]

Wont be getting any better before the end of 09. No-one can get loans out here except the rich...the rich are getting richer picking up repossessed homes, while your common folk are suffering and losing their homes. The only positive for me as a 1st time buyer is - hopefully - i'll be able to get my 1st home.

[Z4]

The whole country is in a f*****g mess!

[Johnson&Johnson]

for once i am inclined to agree

i feel immense and sweet relief at having escaped from NuLabour's Proto-Facist Dystopian Nightmare State

[Raymanoff]

my mansion in UK is now worth 3.2mil thats 800.000 less than it was 1 year ago... bastards.

[Oracle]

my mansion in UK is now worth 3.2mil thats 800.000 less than it was 1 year ago... bastards.

Poor Ray ... hardly enough to buy dog food with once you pay Capital Gains Tax ......

[Raymanoff]

I think i will buy a yacht... no price hikes... just a steady and slow depreciation... will live in Limassol Marina, etc... i think 80footer / 3 decks would do

[pantheman]

yes but you forget - there is massive oversupply here and more being added to the market every month with all the new construction going on.

also we have a credit bubble in cyprus which is comparable to that in the UK - think about it, every man and his dog here is in debt up to their eyeballs for that mini cooper and 2-bedroom rabbit hutch concrete apartment

we are in deep sh~t my friend.

JJ, what do you suggest we all do, shrival up and die?

Come on Mr doom and gloom merchant, we have seen this before and we will see it again. It is a natural 10 years cycle value to stop things over heating.

All you need to do is batton down the hatches , becareful with your spending and it will pass.

[Z4]

yes but you forget - there is massive oversupply here and more being added to the market every month with all the new construction going on.

also we have a credit bubble in cyprus which is comparable to that in the UK - think about it, every man and his dog here is in debt up to their eyeballs for that mini cooper and 2-bedroom rabbit hutch concrete apartment

we are in deep sh~t my friend.

JJ, what do you suggest we all do, shrival up and die?

Come on Mr doom and gloom merchant, we have seen this before and we will see it again. It is a natural 10 years cycle value to stop things over heating.

All you need to do is batton down the hatches , becareful with your spending and it will pass.

Good point. Move on as there is nothing you can do.