Consumer credit borrowing exceeds repayments for first time since August June 29, 2021 Households borrowed more in consumer credit than they repaid in May for the first time since August, according to Bank of England data published on Tuesday. Net consumer credit was £280m in May, reversing a trend seen throughout the majority of the pandemic as households reined in spending whilst the economy was shuttered. The positive [...]
Bank of England reprimands Euroclear over malfunction June 25, 2021 The Bank of England has taken supervisory action against Euroclear UK and Ireland after its CREST financial markets system crashed, it announced on Friday. The malfunction resulted in the Bank of England delaying purchases of government bonds through its bond buying programme. “The outage was caused by an issue with messaging software which resulted in [...]
Bank expects inflation to breach target and shoot above three per cent June 24, 2021 Bank of England expects inflation to breach target and shoot above three per cent
City looks to Bank of England for clues on inflation battle plan June 24, 2021 City looks to Bank of England for clues on inflation battle plan
New £50 note featuring WW2 codebreaker Alan Turing enters circulation June 23, 2021 A new £50 banknote celebrating mathematician Alan Turing, whose codebreaking skills helped Britain win WW2, entered circulation today. Turing is best known for designing machines to decrypt coded messages during WW2, as well as making discoveries in developmental biology. “Placing him on this new banknote is a recognition of his contributions to our society, and [...]
BoE appoints former Citibank economist Catherine Mann to rate-setting panel June 22, 2021 Britain’s finance ministry has today named former Citibank economist Catherine Mann as the newest member of the Bank of England’s Monetary Policy Committee (MPC). Mann’s three-year stint on the nine-member panel, which sets interest rates and oversees the BoE’s £895bn bond-buying programme, will replace Gertjan Vlieghe on 1 September, who is stepping down after six [...]
BoE and BIS launch London banking hub for post-pandemic tech boom June 11, 2021 The Bank of England (BoE) and Bank for International Settlements (BIS) have launched a London coordination hub today, that seeks to coordinate central banks on technological innovation. The BIS Innovation Hub London Centre, the fourth new BIS Innovation Hub in two years, will help banks in the era of digital acceleration post-pandemic. “The UK is [...]
Haldane: Rishi ‘played a blinder’ but inflation fears are very real June 9, 2021 The threat of inflation is very real for chief economist at the Bank of England Andy Haldane, who this morning said the UK could “overshoot” its inflation target for longer than planned. Speaking on LBC this morning Haldane said there are “punchy pressures on prices” across the UK economy. A combination of high prices on [...]
Despite Bitcoin mania, the Bank of England is in no rush to ‘go crypto’ June 7, 2021 The Bank of England today published a summary of responses to a discussion paper on digital currency. The central bank said payments made with ‘stablecoin’ should be regulated in the same way as payments made by banks if they become widely used. Governor of the Bank of England, Andrew Bailey, clarified that “the prospect of [...]