MPC futile attempts.

5th March 2009 - The Bank of England cut interest rates to 0.5% and will start Quantitative Easing. Both seem pointless and futile to me. When are our leaders going to wake up to the fact that the world has changed. Essential Goods are inflating and will continue to inflate - Food is already at 9% and rising - Cutting interest rates might be fine for those with large Mortgages, but are they going to spend to kick start the economy? I doubt they will spend on discretionary goods so anybody working in industries involved with discretionary spending are going to find life tough.
Cutting interest rates and QE are just going to hit the exchange rate and cause imports to become more expensive.