>> We took these steps because the economic outlook has changed markedly.>> For the worst, that is. A day after the Bank of England cut rates and set out plans to pump cash into the economy, economists are trying to work out if anything it did will have much impact.
The bank trying to soften the blow from June's shocked vote for Brexit. But rates were already low, and money printing has been tried before. Reuter's chief desk editor for economics, markets and politics, Jeremy Gaunt.>> The problem is if you get a situation where people are depressed and businesses are in a downturn, they don't want to borrow, anyway.
So, encouraging people to borrow by giving them cheap money is one thing, but actually getting them to do it is another.>> The news is unlikely to put people in the mood for borrowing. On Friday, a closely watched survey of recruitment firms showed a slump in job placements.
Major mortgage lender Halifax said house prices were falling faster than expected. And car giant Nissan said Brexit might make it rethink UK investment. Even so, the Central Bank says it isn't 2008 all over again.>> The Bank of England's Mark Carney said today that he doesn't expect this to be like the financial crisis.
What they're looking at is a small slow down, gentle slowdown, and then slow growth for at least a year afterwards.>> The bank already saying a further rate cut is likely. That still leaves the government under pressure to match monetary moves with fiscal stimulus. But Prime Minister Theresa May says it will be some months before she sets out her plans.
For critics, the silence is far from golden.