from Zero Hedge
Earlier this month, the Bank of England altered the bank rate of interest for the first time since 2009, pushing it from 0.5% down to 0.25%, with a further cut to 0.1% expected later in the year, and an accompanying £70 billion programme of new quantitative easing.
This dramatic — if predictable — shift in British monetary policy (further detailed in a recent Mises Wire article), has already had a significant short-term impact, with sterling falling by 1.5% against the dollar within the first half-hour after BoE Governor Mark Carney’s announcement. However, in the days since, there have been ominous rumblings in certain corners of the British economy, which hint at possibly far more grave, long-term consequences of the decision.