Carney wants to end the RPI figures? Is this true?

[The Masked Tulip 41,318]

Been reading on some US financial sites that Carney wants to get rid of the RPI. Speculation that inflation is far higher than Carney or BOE is admitting and hence getting rid of the RPI will enable them to keep the plates spinning longer, hide the real inflation.

If true this could very rapidly lead to a currency crisis and some kind of collapse. BREXIT will be blamed but it will be decades of mismanagement, incompetence and the usual brown envelope corruption.

[Dipsy 3,223]

I thought they didn't bother reporting RPI anymore, don't know about getting rid altogether - I've a shed load of RPI linked NS & I certificates, what they going to link them to?

[201p 4,000]

Well we've seen this before. When the FED ended the reporting of M3 money supply.

And also during the 1990s during the Clinton Administration, the CPI methodology changed. 

We don't need RPI, when we have CPI.

[swiss_democracy_for_all 14,742]

This is what they did in Argentina during the botox woman era. Way to go Carney if true, copying policy of failed state that has defaulted on it's debts and impoverished it's citizens multiple times.

[The Masked Tulip 41,318]

RPI includes mortgages and council tax. CPI does not. If they begin going up then there would be pressure on the BOE to raise interest rates - chicken and egg. So get rid of RPI and you can hide those rising costs which are inflationary.

 

[Bkkandrew 5,429]

Why not simply abandon the whole sorry pretense and, instead of the Bank of England producing any of its array of fictional stats, simply reprint random year’s figures of an obscure sports Argus.

[Frank Hovis 36,018]

RPI is no longer an approved measure as of 1 - 2 years' ago.

I don't wish to brag but was up at the BoE this morning discussing with them the replacement interest rate measure for LIBOR which is ending in 2021.

[ccc 12,162]

1 minute ago, Frank Hovis said:

RPI is no longer an approved measure as of 1 - 2 years' ago.

I don't wish to brag but was up at the BoE this morning discussing with them the replacement interest rate measure for LIBOR which is ending in 2021.

Its ok that would be nothing to brag about in the first place. 

[twocents 11,948]

.

Quote

 

https://www.investopedia.com/terms/r/rpi.asp

RPI was first calculated for June 1947, largely replacing the previous Interim Index of Retail Prices. It was once the principal official measure of inflation. However, the CPI now largely serves that purpose in practice.

The UK government still uses RPI for some purposes, such as figuring the amounts payable on index-linked securities, including index-linked gilts and social housing rent increases. British employers also use it as a starting point in wage negotiation. However, since 2003, it has no longer been used to set the inflation target for the Bank of England's Monetary Policy Committee, and since April 2011, it has no longer been used as the basis for the indexation of the pensions of former public sector employees. Since 2016, the UK state pension has been indexed by the highest of the increase in average earnings, CPI or a rate of 2.5 percent.

 

If it's used for BoE pension increases and if it's higher than cpi then I expect they'll probably retain it but only for in-house purposes.

 

 

[One percent 46,318]

1 minute ago, Frank Hovis said:

RPI is no longer an approved measure as of 1 - 2 years' ago.

I don't wish to brag but was up at the BoE this morning discussing with them the replacement interest rate measure for LIBOR which is ending in 2021.

So, what you are saying frank is that you are to blame for the financial mess?  

kidding, I hope you told them it straight. 

[The Masked Tulip 41,318]

2 minutes ago, Frank Hovis said:

RPI is no longer an approved measure as of 1 - 2 years' ago.

I don't wish to brag but was up at the BoE this morning discussing with them the replacement interest rate measure for LIBOR which is ending in 2021.

I feel kinda proud that Carney is posting on here but I also still wish to say cnut. 🤣

[Bus Stop Boxer 9,840]

32 minutes ago, The Masked Tulip said:

Been reading on some US financial sites that Carney wants to get rid of the RPI. Speculation that inflation is far higher than Carney or BOE is admitting and hence getting rid of the RPI will enable them to keep the plates spinning longer, hide the real inflation.

If true this could very rapidly lead to a currency crisis and some kind of collapse. BREXIT will be blamed but it will be decades of mismanagement, incompetence and the usual brown envelope corruption.

One of the reasons i voted for Brexit was that TPB wouldn't be able to resist pulling the chain with cover in place.

It will now also be done out of pure spite i'm sure. 

[SpectrumFX 6,670]

49 minutes ago, The Masked Tulip said:

Been reading on some US financial sites that Carney wants to get rid of the RPI. Speculation that inflation is far higher than Carney or BOE is admitting and hence getting rid of the RPI will enable them to keep the plates spinning longer, hide the real inflation.

If true this could very rapidly lead to a currency crisis and some kind of collapse. BREXIT will be blamed but it will be decades of mismanagement, incompetence and the usual brown envelope corruption.

I'll be happy for them to stop calculating it, as it'll stop me spending my dotage forever calculating the gap in my deferred civil service pension caused by their back fucking dated switch to CPI from RPI.

Robbing fucking bastards.