Sterling slips against US dollar as cautious investors await BoE meeting April 30, 2021 The pound stumbled against the dollar today as traders remained cautious ahead of the Bank of England’s policy meeting next week. Sterling was down 0.2 per cent at $1.392, while holding its ground versus the euro. It brings yesterday’s nine-day high to an end, which followed a slump in the dollar after the Fed waved [...]
UK set for ‘very rapid growth’ over next quarters, says BoE’s Broadbent April 25, 2021 Bank of England deputy governor Ben Broadbent said that the UK would see “very rapid growth” over the next couple of quarters as people rush to spend after lockdown. In an interview with the Telegraph, he said that the economy would see a boost simply from people saving less after the pandemic, let alone spending [...]
COP26: Is the City ready for its leading role in the fight against climate change? April 10, 2021 Windows were smashed at Barclays headquarters this week by climate activists who urged the bank to cut its climate destructive investments. Last week campaigners painted the Bank of England (BoE) black in a bid to raise the alarm on the institution’s funding of Big Oil. Where money goes within the City is under more scrutiny [...]
Bank of England targeted by Extinction Rebellion activists April 1, 2021 Climate activist group Extinction Rebellion has this morning targeted the Bank of England, spraying the building with fake oil. The demonstrators were protesting investments in fossil fuels, accusing the Bank of “funding destruction in a climate crisis”. Activists, some dressed as jesters, sprayed the dye at the building, known as “the Old Lady of Threadneedle [...]
Stamp duty holiday extension boosts mortgage lending to five-year high but approvals slip March 29, 2021 The stamp duty holiday extension boosted net mortgage borrowing to its highest level since March 2016, according to new Bank of England data. Net mortgage lending hit £6.2bn in February, with mortgage approvals for house purchase reaching 87,700. Andrew Montlake, managing director at mortgage broker Coreco, said the stamp duty extension was pivotal in fuelling [...]
BoE demands lenders seek its approval before relocating jobs to the EU March 29, 2021 The Bank of England is demanding that lenders seek its approval before relocating UK jobs or operations to the EU. The move comes after the BoE became concerned that European regulators are asking for more to move than is necessary for financial stability post-Brexit, the Financial Times first reported. The BoE reportedly heard of several [...]
Covid: UK bank lending surged £29.3bn since March, surpassing EU March 29, 2021 UK bank lending has surged by eight per cent to keep businesses afloat since the pandemic began, surpassing EU lending, according to a new study by UHY released this morning. Banks have offered around £29.3bn in businesses loans over the past year, as lending in the EU increased by an average of 5.3 per cent. [...]
BoE to circulate new £50 note celebrating WW2 code breaker Alan Turing March 25, 2021 A new £50 banknote celebrating mathematician Alan Turing, whose code-breaking skills helped Britain win WW2, will go into circulation in June. The new £50 note features an image of Turing, some of his mathematical formulae and technical drawings for the machines used to break the Enigma code. It also carries a quote by Turing about [...]
FTSE 100 recovers after Bank of England holds interest rates March 18, 2021 London stocks recovered this afternoon after suffering a drop following the Bank of England’s decision to hold interest rates indicated the pace of Britain’s economic recovery from the Covid-19 pandemic. The BoE kept its stimulus programme unchanged this afternoon ahead of an expected recovery in Britain’s economy later this year, helped by the fast rollout [...]
BoE keeps rates steady and dampens expectations of imminent change March 18, 2021 The Bank of England has held interest rates at 0.1 per cent and its bond-buying programme at £895bn, thereby diminishing expectations of changes in the immediate future, with the next announcement not until 6 May. The BoE’s Monetary Policy Committee (MPC) voted unanimously to keep rates at record-low levels. Analysts expected today’s decisions to be [...]