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Bank of England

Sterling rises against dollar

Sterling rises against dollar

LONDON: Sterling hit a one-week high against the dollar on Wednesday, supported by the speed of Britain’s vaccine...
Updated 15 Apr, 2021 10:07am
Sterling falls
Business & Finance

Sterling falls

LONDON: The British pound held near a two-month low against the dollar and nursed losses against the euro on Tuesday...
Updated 14 Apr, 2021 10:11am
Bank of England's Haldane to quit this year
Business & Finance

Bank of England's Haldane to quit this year

  • Haldane - who has struck the most upbeat tone among BoE policymakers about Britain's prospects for a rapid recovery from the COVID pandemic - will step down from the BoE's Monetary Policy Committee (MPC) after its June meeting and start his role at the RSA in September.
Published 13 Apr, 2021 06:46pm
BoE's Tenreyro says removing policy support too early could be costly
Business & Finance

BoE's Tenreyro says removing policy support too early could be costly

  • "One lesson that we learned from the financial crisis is that withdrawing policy support too early can be very costly," Tenreyro said in an online discussion hosted by Swedish think tank SNS.
  • "Withdrawing it too early ... can lead to scarring effects on the labour market that would be very costly and slow down growth going forward," she added.
Published 12 Apr, 2021 09:03pm
UK appoints former Bank of Canada deputy Wilkins to BoE role
Business & Finance

UK appoints former Bank of Canada deputy Wilkins to BoE role

  • "Carolyn has a respected track record built over 20 years at the Bank of Canada and her extensive experience in international financial regulation will be a real asset to the FPC," British finance minister Rishi Sunak said.
  • The FPC sets capital ratios for British banks and insurers and regulates aspects of mortgage lending, as well as broader financial risks. Its remit does not extend to monetary policy or financial misconduct.
Published 08 Apr, 2021 06:59pm
BoE's Vlieghe says economy will need help even with swift rebound
Business & Finance

BoE's Vlieghe says economy will need help even with swift rebound

  • Vlieghe said in an interview published on Monday that the yardstick for Britain's economic revival should not be just a few quarters of fast growth, but a full recovery of its labour market, too.
  • "My main message is don't think of the Bank Rate being linked to short-term growth in the economy, as that's not enough," he told TheBusinessDesk.com, a regional business news website.
Published 29 Mar, 2021 08:22pm
UK consumers cut their borrowing at record annual pace in Feb
World

UK consumers cut their borrowing at record annual pace in Feb

  • UK consumer lending falls at fastest rate since records began.
  • Built-up household savings point to fuel for economic recovery.
  • Mortgage approvals drop before new budget measures announced.
  • Household finances survey shows strain but improvement.
Published 29 Mar, 2021 07:20pm
Bank of England seeks to contain banking glitches, cyber attacks
Business & Finance

Bank of England seeks to contain banking glitches, cyber attacks

  • At a time when Brexit is focusing minds on the future of financial services, this is an area of regulatory policy that provides an opportunity for UK financial services to gain competitive advantage on the global stage.
  • "The speed at which vulnerabilities are remediated should be commensurate with the potential impact that a disruption would cause, and will be an area of supervisory focus," the BoE said.
Published 29 Mar, 2021 06:26pm
What's a liquid asset? Bank of England will say in July
Business & Finance

What's a liquid asset? Bank of England will say in July

  • To support that international work, the Financial Policy Committee will set out in the next Financial Stability Report its view on how a liquidity classification could be developed and an approach for how more consistent and complete swing pricing could be developed in order to promote financial stability.
  • Swing pricing refers to a charge imposed on investors who want cash back in times of stress.
Published 26 Mar, 2021 08:07pm
UK inflation rate unexpectedly drops in February
Markets

UK inflation rate unexpectedly drops in February

  • Wednesday's data from the Office for National Statistics showed that producer prices - which tend to feed through into consumer prices later - were 2.6% higher than the year before in February.
Published 24 Mar, 2021 12:21pm
Jump in UK inflation to put focus on BoE policy splits
World

Jump in UK inflation to put focus on BoE policy splits

  • Economists see UK inflation at 2.5% by late 2021 from 0.7% now.
  • Oil and one-off effects will lift UK prices through the year.
  • Soft jobs market to keep BoE away from raising rates this year.
  • BoE officials divided over how fast labour slack will dry up.
  • BoE's Haldane fears past deflationary forces poised to reverse.
Published 22 Mar, 2021 08:16pm
BoE's Haldane expects rapid UK recovery soon
Business & Finance

BoE's Haldane expects rapid UK recovery soon

  • "As I've been saying for months - drawing on the economics of coiled springs, and crouching tigers, and 'Chicken Lickens' - I do think more likely than not we are (set) for a rapid-fire recovery. That is coming, and I think that is coming soon," he said.
Published 18 Mar, 2021 07:58pm
UK 10-year gilt yield hits highest since last year's ‘dash for cash’
Markets

UK 10-year gilt yield hits highest since last year's ‘dash for cash’

  • Ten-year gilt yields edged up by almost 2 basis points to 0.843% .
  • Earlier on Monday, Bank of England Governor Andrew Bailey said he was more optimistic about the economy, "with a large dose of caution," and the rise in rates in financial markets was consistent with recovery prospects.
Published 15 Mar, 2021 06:04pm
UK draws record demand for inflation-linked bond
Markets

UK draws record demand for inflation-linked bond

  • Investors submitted 2.832 billion pounds ($3.93 billion) of bids for the 800 million pounds on offer of an index-linked bond maturing in August 2031 .
  • That gave a bid-to-cover ratio of 3.54, the highest for any index-linked bonds since such auctions began in 1998.
Published 10 Mar, 2021 06:23pm
Sterling reaches two-week high vs euro on BoE governor's cautious optimism
Markets

Sterling reaches two-week high vs euro on BoE governor's cautious optimism

  • More than 22 million people have had the first dose of a COVID-19 vaccine in the UK. Traders expect the swift inoculation programme will help the economy rebound from its biggest contraction in 300 years.
  • In early London trading, the pound rose to a two-week high against the euro at 85.57 pence. It was flat at 85.76 pence at 1227 GMT.
Updated 09 Mar, 2021 09:33pm
Bank of England should push back against growth risks: Haskel
Business & Finance

Bank of England should push back against growth risks: Haskel

  • Commercial banks should follow BoE advice to make sure they are ready to implement negative interest rates, although the central bank does not yet know if they will be needed later this year, Haskel added.
  • Risk management considerations dictate that policy should lean strongly against downside risks to the outlook and I remain open to the possibility that the economy might need further support to return inflation to the target sustainably.
Published 05 Mar, 2021 09:05pm