View Full Version : Why can't I borrow from the Bank of England?
The BoE scream about a rate of 0.5% and are now talking about a further quantative easing amount in the region of 75 BILLION!!!
Now what IŽd like to know is as a British citizen why am I paying 5.5% on a mortgage? Why canŽt I get some of this dosh? The 75 Billion is going to organisations to buy government bonnds in the vain hope this will stimulate growth in the economy, smells of the old boys network to me, how come we canŽt get any of this money?
Why should you claim anyway - you don't live in the UK ANYMORE? Your forfeit your rights to have any say in OUR affairs!
Anyway, I'm first in the queue! Oh sorry, move over Cameron.
Why should you claim anyway - you don't live in the UK ANYMORE? Your forfeit your rights to have any say in OUR affairs!
Anyway, I'm first in the queue! Oh sorry, move over Cameron.
Excuse me Mr Balcony Sir, room for a little un up front. Just need a cool Ł50 million to boost my own economy. Many thanks :)
Why should you claim anyway - you don't live in the UK ANYMORE? Your forfeit your rights to have any say in OUR affairs!
Anyway, I'm first in the queue! Oh sorry, move over Cameron.
But one of my properties in YOUR country has a UK mortgage on it, I unfortunately have to contribute to YOUR economy , carry a passport which shows I am a citizen of Your country and pay tax on my income in Your country, NOW WHERES MY DOSH!!!!
Angusjim
12-10-2011, 18:06
But one of my properties in YOUR country has a UK mortgage on it, I unfortunately have to contribute to YOUR economy , carry a passport which shows I am a citizen of Your country and pay tax on my income in Your country, NOW WHERES MY DOSH!!!!
Shaun its simples take everything out of the UK and put it into the booming economy in Spain where paying tax seems to be optional. :wink:
Can anyone answer my question? can you borrow from the Bank of England at 0.5%? AND IF NOY WHY NOT? If a company advertises a product but you are then charged upwards of 10 times the amount for that product youŽd be on watchdog next week !! But the old boys network just keeps onn going
Jimandsi
12-10-2011, 19:26
The BoE scream about a rate of 0.5% and are now talking about a further quantative easing amount in the region of 75 BILLION!!!
Now what IŽd like to know is as a British citizen why am I paying 5.5% on a mortgage? Why canŽt I get some of this dosh? The 75 Billion is going to organisations to buy government bonnds in the vain hope this will stimulate growth in the economy, smells of the old boys network to me, how come we canŽt get any of this money?
You seem to forget that most of the UK was borrowing money very cheaply for the last 15 years or so under those cowboys Blair, Brown and Darling.
That's basically what's caused the current problem we have in the UK - too many irresponsible borrowers, borrowing far too much, far too cheaply.
Put in far simpler terms - GREED.
captain beefheart
12-10-2011, 21:26
what happend to people saving up to buy things, agree with jimandsi to many people borrowing far too much.
You seem to forget that most of the UK was borrowing money very cheaply for the last 15 years or so under those cowboys Blair, Brown and Darling.
That's basically what's caused the current problem we have in the UK - too many irresponsible borrowers, borrowing far too much, far too cheaply.
Put in far simpler terms - GREED.
Too many irresponsible lenders, lending far too much, far too cheaply. Its human nature to avail of a perceived bargain. The banks did not stick to their directives regarding income/loan ratios and allowed developers to "roll over" loans from one building project to the next, instead of paying off each loan upon completion of each project. This combined with a complete lack of regulation at governmental and EU levels regarding lending to ordinary Joe Soaps and inter bank lending, led to a credit bubble bursting, the debris from which is plain to see.
I'm not sure if the OP is serious as to why he cant borrow from the Bank of England, but central banks don't lend to the public.
timmylish
12-10-2011, 22:46
Have to say I,m 99% behind Jimandsi on this one!
Can anyone answer my question? can you borrow from the Bank of England at 0.5%? AND IF NOY WHY NOT? If a company advertises a product but you are then charged upwards of 10 times the amount for that product youŽd be on watchdog next week !! But the old boys network just keeps onn going
No is the simple answer unless you are a bank or the Head of State i.e. Queen or King, if I remember my history lessons correctly.
The BoE acts as Banker to the Banks, primarily.
Since formation, the Bank of England has been the bankers of the government. Over time it's role has developed and today is also, as TIS says, banker to the bank. It doesn't offer personal accounts!
Jimandsi
13-10-2011, 14:09
Too many irresponsible lenders, lending far too much, far too cheaply. Its human nature to avail of a perceived bargain. The banks did not stick to their directives regarding income/loan ratios and allowed developers to "roll over" loans from one building project to the next, instead of paying off each loan upon completion of each project. This combined with a complete lack of regulation at governmental and EU levels regarding lending to ordinary Joe Soaps and inter bank lending, led to a credit bubble bursting, the debris from which is plain to see.
I'm not sure if the OP is serious as to why he cant borrow from the Bank of England, but central banks don't lend to the public.
Human nature or just plain must have it now greed ?
My parents always instilled into me that if I wanted something badly enough, then I must save for it and never borrow.
If I really had to borrow, then never take on a loan / mortgage etc. that I can't afford to pay back.
Seems straight forward logic to me.
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