Another day, another desperate throw of the dice (14)

Bank [of England] cuts interest rates to 2%

I trust readers are already familiar with the concept of "pushing a piece of string"? The government seems to have worked out how to bully banks into passing on rate cuts, but they still haven't realised that even if they do, there is a no benefit to 'the economy' as a whole (see Krugman on Japan and the Liquidity Trap, written in 1999).

John Band summarises which groups gain and which groups lose from this sort of madness.