@7layer: Re: @Tom 64: Really ....
I am well aware of that, quite a few economists (can't remember specifics, can't check it now as I am current making wardrobes) have stated that on a trade weighted analysis, sterling has been over valued for a while.
As a fellow commentard has pointed out, a Y% shift in GBP/name_of_currency DOES NOT necessarily translate into a Y% change in End-user pricing, business and economics is a bit more complex (and occasionally subtle/counter-intuitive than that).
Methinks the BoE was to 'wave a flag' for positivity and optimism, which in principle I think is a good thing, I think the actual rate change will achieve less than not much however.
Also do you genuinely believe that as over a few months the pound has dropped by not significant amount that the whole country is completely cattle-trucked and we'll all be digging up random roots from public parks and eating grass by the end of the year?
What do you think of the various French and German Ministers who have made interesting and pragmatic statements of late, why would they do that I wonder?
Ooi my former career was Risk Consulting (NOT H&S!!), one of my favourite topics is the law of unintended consequences, we have an 'interesting' few years ahead of us!
The housing market is already absurdly cream-crackered, principally because homes are seen as an easy way to generate wealth (whilst actually stuffing the lives of many folk that aren't in the market yet), rather than being somewhere to live. Of course actually building more houses would solve that problem eh?
I think it is bonkers that on the salary I had when working in London 9 years ago (about 65k), I wouldn't be able to get a mortgage now for the modest 3 bedroom council house I grew up in in east london, now THAT'S F'ING CRAZY!!!
Chill out my friend, life gods on, and I GENUINELY wish you and your family well.