“Mann International”–Business International-(BoE Prints More Pounds)
(NewDesignWorld Press Release Center) -- May 30th, 2009, New York, UK- “Mann International”: Further debasement for the once-Great British Pound.
“Mann International” believes that the surprise decision by the Bank of England to print another £50 billion to provide a further push for the UK’s ailing economy is ill-conceived and likely to lead to serious inflationary problems for Europe’s second largest economy.
The firm is convinced that the aim of the measure – namely to get more credit flowing to businesses and consumers – is fundamentally flawed. A “Mann International” source who wished to remain anonymous said that it was unlikely that debt-burdened consumers would be keen to take on mortgages when interest rates were likely to head upwards very swiftly once foreign investors refused to buy gilts at current low yields.
He continued adding that once higher oil prices fed into inflation numbers, the UK would face a perfect storm comprised of a weakening currency, falling asset values, higher inflation and rising prices for everyday items such as food and fuel.
Many commentators expect Britain to end up approaching the IMF as conditions deteriorate and although “Mann International” has not formally stated that they believe this to be likely scenario, they declined to rule it out.
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