Since engaging with the Twittersphere back in early February 2009 I have been amazed at how far it has come and the amount of people I have conversed with. True, it took me a long time to get to grips with and to understand how it can be used properly for business purposes, but a bit of perseverance is now paying off.
Of course there have been many detractors, the piss-takers and technologically inept who continue to see social media as a waste of time.
Although the Bank of England’s’ Monetary Policy Committee, (MPC) have yet again decided to keep Base Rate on hold, the internal splits within the committee seem to remain with a 4 way split according to the minutes of the last meeting.
Whilst the debate rages on, recent research conducted by the BBC reflected the differences within the MPC. Of 22 economists who were asked “In which month do you think the MPC will raise interest rates?”, 14 said August, 4 plumped for May and 1 each reckoned on June, July, November and February.
Whilst the Bank of England’s’ Monetary Policy Committee, (MPC) has decided to keep Base Rate on hold at the historic low, the endless and sometimes tortuous debates around “to rise or not to rise” seem to be conducted in an ever-increasing cacophony of sound.
Among the many voices trying to shout out different things at once, recent reports that the UK economy has been “running out of steam” seem to have done enough in the short term at least, to convince the MPC to hold their nerve.
The other night I watched the excellent “Wonders of The Universe” with Prof. Brian Cox, (the thinking woman’s crumpet), and learnt a new term that I thought was apt; Entropy.
This is especially important, as I am sure you all know, in the 2nd Law of Thermodynamics that crudely speaking suggests that time moves on in one direction and change is inevitable. These processes reduce the state of order of the initial systems, and therefore entropy is an expression of disorder or randomness.
After another month of “will they or won’t they” and “they should, they really shouldn’t” economic and political discussion, the Bank of England’s’ Monetary Policy Committee, (MPC) have just about held firm yet again and decided to keep Base Rate on hold.
After the almost unprecedented 4 way split revealed in last month’s meeting minutes, it really looks like the Governor Mervyn King has a fight on his hands to keep any sense of unity and these public splits do the Bank no particular favours.
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