The times they are a changing (again!)

Welcome to the first CIOBS Academy blog of November. I hope you are all well.

As we move into the new month, The USA has a new president and of course here in the U.K. the Bank of England's Monetary Policy Committee has made a one-and-a-half percentage point cut in UK interest rates to 3%, the lowest level since 1955.

Do any of you out there remember 1955?

I can certainly remember interest rates of 13% in the middle 80's, yes, the 1980's just case you ask.

The interest rate cut today follows an emergency cut in rates last month from 5% to 4.5%.

The cut was followed by the European Central Bank lowering its eurozone interest rates from 3.75% to 3.25%.

So what is Mr. Brown saying about all these goings on then? Well Unfortunately Gordon was unavailable for comment and more importantly Raymond is on holiday this week!

The great man will return next week and Gordon's movements will be well documented in the press.

Talking of next week, I am out and about, starting in Airdrie on Monday, the Isle of Man Wednesday and Thursday and the week ends with the annual CIOBS graduation ceremony which takes place at the Bute Hall, Glasgow University on Saturday 14th November.

Michael (Forever Young)