The BoE has paid £200,000 to a PR firm, The Storytellers, to set out the BoE’s “mission statement”. Good God! Does the misapplication of state funds in the pursuit of total rot ever stop? For a small fee, I advise The Storytellers to change its name to The Tall Storytellers.
The BoE must be well informed and decisive at whatever task it undertakes. The two tasks publicly advised are: (i) regulation of banks (ii) advising HMG on interest rates in general.
I know that HMG will try to claim that the BoE can only be concerned with holding interest rates at a level which allows inflation to peak at 2.5%. That is now seen for what it is: a totally stupid target.
It was Brown who set this framework since he had craftily placed the regulation of banks in the hands of the ineffectual FCA. This allowed Brown to go whacking up HMG’s expenditure so that Brown could be prime minister. Very clever indeed. We have all been paying for Brown ever since.
Pelatro (PTRO) for which I paid 60p originally got down to 20p through the market reckoning that the story is delayed. Well, I rather think it is picking up pace now. This is a buy at up to 40p.
Distil (DIS), the spirits company, announce results this morning which are rather disappointing in appearance. But this remains a gamble which may pay off and buying at up to 2p looks fairly safe to me.