Today is the day the Bank of England embarked on its first auction to buy debt off financial institutions in return for that new cash it is generating to the tune of £150 billion.
The great quantitative easing experiment has begun and we can only keep our fingers crossed that it works. The reality is that this is the biggest economic event since the end of World War Two, and nobody knows whether it will achieve the desired result, and if it will quite what the side effects of the medicine will be.
There is much talk of inflationary pressures building up in the system, but perhaps a price worth paying in the medium term if it saves jobs and the descent into depression.
Elsewhere some positive news from Dorchester.
Here was one of the few Woolworths stores which closed down in December that actually made some money. It has reopened today under the new guise of Wellworths under the auspices of a landlord led consortium who are relying on the know how of the old store manageress to make it a profitable going concern.
There has been much joyful excitement on the news this evening about the return of Pick n' Mix. If all else fails, at least the economy in Dorchester can rely on the sale of cola bottles and chocolate mice to keep it going. There is also much talk about Wellworths marking a new chapter in the return to a new local economy embodied by farmers markets and grow your won. Perhaps more Wellworths coming to a high street near you?
1 year ago