Bank of England governor Mark Carney has said the Bank will not consider raising interest rates until the jobless rate has fallen to 7% or below.

Mr Carney said he expected this would require the creation of about 750,000 jobs and could take three years.

www.bbc.co.uk/news/business-23588958

Millions of hard pressed workers (still having to pay off loony Labour's debt) will be so pleased with this announcement that they will now pray daily for the unemployment rate to remain HIGH to keep their mortgage rates down !

(It will also help with cheap labour making the manufacturing economy grow again - and help build Britain back to where it was pre Loonies !)

From your logic it will help depress the wages of the same millions of hard-pressed workers who should be delighted.

Jim wrote:
From your logic it will help depress the wages of the same millions of hard-pressed workers who should be delighted.

... but at least those people already have a job, Jim - so will be able to continue to pay their (low interest) mortgages.

If mortgage / interest rates revert to previous highs then no amount of wage increase would keep-up ...

You are the real loonie!

voodoo economics.

7% ? Oz interest rates under socialist Labor..4.25%

fancy people having debt in a mortgage. shame on them.

hedda wrote:
7% ? Oz interest rates under socialist Labor..4.25%

fancy people having debt in a mortgage. shame on them.

Got it wrong, AGAIN, hedda !

The 7% is the unemployment rate - the bank interest rate is 0.5% (it was 5% when Labour left office).

hedda wrote:
fancy people having debt in a mortgage

The cheapest way to borrow (in the UK) is by domestic mortgage.

Many have no mortgage - but these people are not making (what is usually) their main asset work.

By leveraging/gearing up on one's domres, equity can easily be raised for investment in tax beneficial ISA's, Goverment Bonds and some Blue Chip insurance instruments.

And even a punt on the stock market.

JDWetherspoon (the 900 unit pub chain) has had a 63% increase in its share price, in the last 12 months.

Better than earning about 2% in the bank!

7% unemployment still way above Oz rates under a spend spend socialist govt.

2 years has been plenty of time to reverse whatever the Tories believe is the cause. The problem is they simply cannot. Having created a welfare dependent society from Maggie's time beginning with sell off of assets ( continued under Noo Labour/Blair) there is little that can be done.

All the right wing press can do is pander to the ITKs of the world and let them think the ommlette can be unscrambled and the 'dolers' will disappear one day when in fact, they will massively increase as technology rolls on.

as always : Shameless is a lifestyle guide !

hedda wrote:
7% unemployment still way above Oz rates under a spend spend socialist govt.

... for now. Wait till the credit card bill arrives (but Labour will be gone by then) - leaving someone else the debt (as they always do)

2 years has been plenty of time to reverse whatever the Tories believe is the cause.

2 years to reverse the 3 term Labour government ?

Its alot harder to earn money than it is to borrow it and flush it down the toilet, hedda !