Why bother?

The Bank of England's half percent cut in its base rate last week is irrelevant in the real world. It will have minimal impact on borrowers, deter savings and do nothing to help get bank credit moving.

When the history of the "credit crunch" is written I believe the Bank will carry a lot of blame. Less than six months ago, it was still talking about the risk of inflation and the possiblke need to increase interest rates. It did not provide sufficient help or liquidity to banks when they needed it last Autumn, and it has still only done so reluctantly. Like the Government it has reacted too little too late.

This whinge was prompted by the Governor's refusal yesterday to apologise for being slow to act: I agree fake apologies aren't worth having but if he hasn't recognised the need in this case then there is a real problem