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Ron Delnevo's Blog
Ron Delnevo's Blog
Blogs » Ron Delnevo's Blog

Monetary Policy Committee- Should I Join?

I am still debating in my own mind whether I can give up the time required to become a member of the Monetary Policy Committee at the Bank of England. That's the group of worthies who decide on the level of interest rates in the UK.

Why the doubts? Well, it is a full half day a month commitment (plus added time for travel and picnic lunches in the Governors private garden).I am a very busy man and I have to be careful as to how I fritter my hours away.

Of course, it is not simply a question of using valuable time.There is also the potential erosion of what Hercule Poirot termed  "the little grey matter" ( by which he meant his brain,not his aging mustache).Modestly, I would say I have more of that matter than most, but it is still a worry.After all, meeting every month for over 5 years to engage in 2 hours of mental contortions to come up with new ways of saying " No Change", cannot be easy on even the most agile brain.

However, despite my reservations,I have concluded that when the call comes ( Mark, my number is 07973 210154), I will make the required sacrifices to participate.

Why? Well, it seems that some of the current incumbents are in danger of losing the creativity required to devise an acceptable new version of "No Change" each month. Some of the aging members may even be toying with the idea that higher interest rates are required to boost returns on their own retirement savings. They clearly do not believe in my oft-tweeted motto, #RetireWhenYouDie!

Anyway, whatever the weaknesses of current incumbents, I stand ready, willing and able to boost their resolve.

LET US ALL BE VERY CLEAR.

THE DAYS OF LOW RISK INVESTMENTS EARNING ABOVE INFLATION RETURNS ARE GONE FOR GOOD. LOW INTEREST RATES ENSURE THAT MONEY IS INVESTED IN STOCK MARKETS AND DIRECTLY IN BUSINESSES,BOTH OF WHICH ACTIVITIES LEAD TO THE ECONOMIC GROWTH THAT ALL NATIONS REQUIRE FOR PROSPERITY.

So what I will be telling my new colleagues is that we must redouble our efforts to devise 60 or more new ways of saying "No Change". It will be hard work, but it will ensure that the majority of the 63 Million UK residents who so admire our creativity will have the maximum opportunity to enjoy a prosperous future.

That is certainly worth half a day a month.

I am open to suggestions as to how I spend the other 30.5 days.

 

Wednesday, 20th August 2014

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