Can you hear that?.......its the sound of belts being tightened countrywide.
The much tipped increase in interest rates came to pass today, with at least one more to come this year if commentators are to be believed.
The ECB appointed inflation busting superhero JC Trichet again championed the cause of price stability above all else, maintaining that low inflation takes supremacy over and above the need for growth. Appeals for clemency from the peripheral EU countries fell on deaf ears.
He will retire this year but the the incoming Italian ECB chief is cut from the same cloth it seems. In contrast the Bank of England kept its rate steady at 0.50% for the umpteenth month in a row.
The 0.25% increase will cost homeowners on trackers about €15 extra per month per €100k owed.
FS
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