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Bank of England

UK parliament committee to quiz Sunak and Cameron over Greensill
World

UK parliament committee to quiz Sunak and Cameron over Greensill

  • Greensill's founder, Lex Greensill, Bank of England Governor Andrew Bailey and the chief executive of the Financial Conduct Authority, Nikhil Rathi, will also face questions about the collapse of the company and Cameron's actions.
  • A series of inquiries have been launched into what access lobbyists have had to Prime Minister Boris Johnson's government after questions were raised about Cameron's lobbying for funds.
Published 20 Apr, 2021 06:12pm
'Britcoin' not bitcoin? UK considers new digital currency
World

'Britcoin' not bitcoin? UK considers new digital currency

  • UK creates BoE-Treasury taskforce to look at 'digital pound'.
  • Sunak focused on boosting London's competitiveness after Brexit.
  • Britain will lift curbs on who can trade shares in London.
  • Britain will ease limit on off-exchange share trading.
Published 19 Apr, 2021 04:27pm
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
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