“That’s a good one – could be worth a few bob”.
“Working from home again I see – and what’s this one called?” – “I call it… TABLET!”
“How wonderful it is that nobody need wait a single moment before starting to improve the world.”
Anne Frank 1929 – 1945
Annelies Marie “Anne” Frank, 1929 – 1945 was a German-born Jewish girl who authored a diary that chronicled her family’s life while concealed during the Nazi occupation of the Netherlands. The renowned diarist, Anne Frank, detailed daily existence from their secret refuge in an Amsterdam attic.
Frank kept and regularly wrote in a diary she had received as a birthday present in 1942.
After their arrest, the Frank family was sent to concentration camps. Anne Frank and her sister, Margot, were moved from Auschwitz to Bergen-Belsen concentration camp on November 1, 1944, where they both passed away, likely from typhus.
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Swiss central bank cuts rates by 0.25% in third reduction this year
The Swiss National Bank on Thursday 26th September 2024 took another step to loosen monetary policy this year, bringing its key interest rate down by 0.25% to 1.0%
The cut in interest rates occurs against a backdrop of muted domestic inflation and a surge in the Swiss franc’s value.
Notably, it marked the first instance of a major Western central bank lowering interest rates in March 2024.
Mervyn King’s perspective on interest rates and inflation – too low for too long
Lord Mervyn King, the former Governor of the Bank of England, has been a prominent voice in the ongoing debate about interest rates and inflation. His insights are particularly valuable given his extensive experience in central banking and economic policy
King has been critical of the Bank of England’s approach to interest rates in recent years. He argues that the central bank kept rates too low for too long, which he believes contributed significantly to the current high levels of inflation. According to King, the prolonged period of low interest rates created an environment where inflation could take root and grow unchecked. This, he suggests, was a misstep that central banks around the world are now grappling with.
In his recent comments, King has emphasised the need for a balanced approach to managing inflation. While he acknowledges that raising interest rates is a necessary tool to combat rising prices, he also warns against the potential negative impacts of aggressive rate hikes. King points out that rapid increases in interest rates can stifle economic growth, leading to higher unemployment and other economic challenges.
King’s perspective is that central banks should have acted more decisively when inflation first began to rise. By delaying action, they allowed inflation to become more entrenched, making it harder to control. He advocates for a more proactive stance in the future, where central banks are quicker to adjust interest rates in response to economic indicators.
As policymakers prepare for potential further rate hikes, King’s cautionary advice serves as a reminder of the delicate balance required in monetary policy. His insights underscore the importance of not only addressing inflation but also considering the broader economic implications of interest rate decisions.
In summary, Mervyn King calls for a nuanced approach to interest rates, one that carefully weighs the need to control inflation against the potential economic fallout of higher rates. His views highlight the complexities of monetary policy in today’s economic landscape
UK economic growth revised down to 0.5%
The UK’s economic growth for the period between April and June 2024 was lower than initially estimated, as reported by the ONS
The Gross Domestic Product (GDP), which quantifies the economic activity of companies, governments, and individuals within a country, increased by 0.5%, a revision from the preliminary figure of 0.6%.
Both the manufacturing and construction sectors experienced greater declines than initially calculated.
This information comes to light as the Labour government, which prioritises economic growth, gears up to present its first Budget at the end of October 2024.
The Office for National Statistics (ONS), the publisher of these statistics, noted a significant 3.1% decrease in the production of transport and related equipment during this quarter, following a sustained period of expansion, a stark contrast to the initially estimated 0.7% decrease.
The ONS indicated that this downturn could be attributed to factories scaling back production in anticipation of the transition towards electric vehicle manufacturing.
Additionally, the construction sector saw a downturn, continuing the trend of decreased new home construction.
However, the ONS said that the outlook was improving.