BANK FACES CUT STORM.PRESSURE is mounting on the Bank of England Bank of England, central bank and note-issuing institution of Great Britain. Popularly known as the Old Lady of Threadneedle Street, its main office stands on the street of that name in London. for an emergency cut in interest rates after a round of gloomy gloom·y adj. gloom·i·er, gloom·i·est 1. Partially or totally dark, especially dismal and dreary: a damp, gloomy day. 2. reports on the economy. Latest figures show that 14 per cent of credit card customers are behind with repayments - double last year. Some 300 firms went into receivership receivership In law, state of being in the hands of a receiver, a person appointed by the court to administer, conserve, rehabilitate, or liquidate the assets of an insolvent corporation for the protection or relief of creditors. in the last three months from July to September - up by 37. And only four in 10 homeowners think their houses will be worth more in a year's time, say Barclays. Official figures due out this week are also expected to show a sharp slowdown in Britain's rate of growth and a slackening in high street sales. The Bank's Monetary Policy Committee, which cut rates by 0.25 to 7.25 per cent earlier this month, is not due to meet again until November. But experts want a 0.75 per cent cut now to stop Britain sliding into a slump. Roger Lyons Roger Lyons (born 1942-09-14) was the General Secretary of the MSF trade union from 1992 and re-elected leader of the union in 1997. When the union merged with the Amalgamated Engineering and Electrical Union to form Amicus in 2002 he subsequently became one of the Joint General of the Manufacturing, Science and Finance Union, said: "The Monetary Policy Committee has become a laughing stock laughing stock Noun a person or thing that is treated with ridicule laughing stock noun figure of fun, target, victim, butt, fair game, Aunt Sally Brit. . "The Committee's hawks and doves have been behaving like ostriches, burying their heads in the sand, ignoring the advice of unions, employers and economic commentators that industry needed interest rate cuts and not increases." |
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