The interest rate, the media attention is stupid

CommuterIE

A cut in the interest rate by 1% will save this country around €140,000,000 a year. This is small change however considering we are spending nearly €20,000,000,000 between what we take in revenue to our outgoings.

So why the **** are the media so focused on the interest rate???? Can they not focus on the real problem as above? In my view, which I don't take lightly, social welfare and associated schemes need to be cut drastically... but Labour won't do this, they'll gladly wait until our second bailout to say "the imf made us do this" pathetic shower of *****

later12

CommuterIE wrote: »

A cut in the interest rate by 1% will save this country around €140,000,000 a year.

It's about €150m/ annum I think, which is €1.5 billion over a decade. When one considers that a broader rate reduction had been anticipated... which would have saved €4 billion over ten years I think that is worthy of attention. Especially when one considers the effect that €4bn itself just adds to the cumulative debt burden.

RATM

The media really are beating a stick on this one though, they'd be much better off addressing the real malaise in the system, of which some of them are included. A 1% reduction in the bailout is a token amount off a 5.8% rate.

Dannyboy83

The OP is correct.

I think the heavy focus on the CTR by the opposition, is because it means they don't have to focus on the real issues.