Rate cuts: the losers and bankers of a failed system

The whole financial system has failed us.

Bankers not content with stealing £500bn in the financial crisis have just been handed billions more by their boss at the Bank of England in a desperate attempt to prop up the economy.

We have the lowest level of home ownership for 30 years – to the point of ‘national emergency’.

The economy is regressing.

House prices are falling.

The pound is collapsing.

Foreign companies are queuing up to grab our cut-price industrial crown jewels.

As well as printing more money to hand to bankers this week, the head of the BoE Mark Carney also announced a cut in interest rates from 0.5% to 0.25% - tantalisingly close to zero.

People will borrow more and spend more, is the idea.

This time the bankers won’t keep the money for themselves. This time it’ll be different.

The economy will be saved!

Listen to Simon Lambert and Rachel Rickard Straus pull this argument to pieces as they explain the corruption and the social and financial divides that now define Britain.

Of course, there are other winners from the Bank Rate cut.

A few borrowers with tracker mortgages will pay less.

Also under the microscope:

Banks’ complaints procedures are still useless – don’t they just fob you off to the ombudsman at the first opportunity?

PPI refunds are still on the agenda – some people seem to have forgotten that banks just added it to loans without asking.

And cars. Thank heavens for classics and even the duff ones. They’ll always be there for a little light relief. Unless you’re not interested.

With Georgie Frost.

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