Belfast Telegraph

Our intrepid Sammy takes fight to London

By David Elliot

So it turns out the best rationale of this column fell flat on its face yesterday.

Although we thought the much talked-about ratchet-up in quantitative easing was unlikely given the ruddy health of the UK's leading share index, it turns out Mervyn King and his cohorts have their eye on the temperature of the business on the street.

Good on them - but they need to be wary of two things.

Firstly, and we're trying not to be repetitive here but you can't ignore it, forcing more money into the system could very well drive inflation back up and that's dangerous, particularly when it's just been brought under some semblance of control.

Secondly, Sammy. The Finance Minister has decided to go straight to the top in an effort to make sure there's enough cash available for our struggling businesses.

Not only has he contacted the governor of the Bank of England but he's also written to the chancellor George Osborne to find out how much cash is being made available to local firms.

You've got to admire his gall and we can only hope the good people of Threadneedle Street have been stirred into action on this busy week of banking.

On a more global basis, the storm seems to be passing with Greece close to agreeing further austerity measures which mean it should be able to get hold of further bailout money to pay off its bond holders.

Greece knows as well as any struggling business that access to finance is key to keeping its economy running. Maybe Athens should consider sending Sammy in to strike a loan deal?

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