Last quote by Philip Shaw
Philip Shaw quotes
Partly it's a case of once bitten, twice shy. But there's also a great level of uncertainty which means the Bank can't give clarity about when it might start to raise rates.
It's been another immensely volatile week.
We do not consider this to be a sign that consumer spending is beginning to peter out. One reason is that the past two months' figures probably represent a correction to a run of strong outturns.
The problem is, given the depth of the crisis, they're unlikely to make a material, positive impact for quite some time. There is absolutely no quick fix to the problem.