News that the Bank of England Monetary Policy Committee is getting together for a bit of a chinwag always comes as a surprise. It’s never a nice surprise. I suddenly become very subdued, my eyebrows tense up and I begin to nervously rub my chin. What will they do? Will they increase the interest rate or keep it as it is? Will we be able to afford the mortgage payments or not.
Of course, we will be able to afford the mortgage payment. We wouldn’t be living here if we couldn’t. But even so, news that the committee is meeting to discuss the possibility of increasing the rate is always a bad thing.
It feels a little like a report card. As though someone has assessed all our financial committments and spending habits and made a decision accordingly. Have we behaved or are we about to be punished?
This time around it seems we’re safe although reports suggest that we’ll almost certainly be hit after the next meeting. Either way, there’ll still be that moment when I’m transported back to school waiting for my homework to be handed back.