Bailey warns worker shortages could produce sticky inflation September 8, 2021 The governor of the Bank of England, Andrew Bailey, has signalled he is pessimistic about the current worker shortages crippling the UK economy ending soon. Giving evidence to the Treasury Committee, Bailey said the main problem in the economy is now “getting jobs filled.” Responding to questions on whether inflation will persist for longer than [...]
Bank of England denies it’s U-turned on return to work policy September 7, 2021 The Bank England today said it has not abandoned plans to bring staff back to the office. Threadneedle Street came under fire after reports surfaced that staff had been told they could continue working from home for the time being. However, the Bank of England said today it had not U-turned on its return to [...]
Bank of England hawk Saunders suggests interest rates will rise in 2022 September 7, 2021 Your mortgage rate looks more likely to rise next year, according to one Bank of England rate-setter. The Bank of England may need to increase interest rates next year if the UK’s GDP recovery momentum holds and inflation becomes stickier, policymaker Michael Saunders said today. Saunders, who in August voted for an early stop to the BoE’s [...]
Another Goldman banker or a much needed hawkish voice: Who is Huw Pill? September 2, 2021 Much has been made over whether the corridors of the Bank of England will resemble a Goldman Sachs office following the appointment of Huw Pill as the Old Lady’s new chief economist. It does follow a string of high-profile appointments at the Bank in recent years from the pool of Goldman alumni. Mark Carney, who [...]
Huw Pill succeeds Andy Haldane as Bank of England’s chief economist September 1, 2021 The Bank of England has appointed Huw Pill as its new chief economist, ending a prolonged search for Andy Haldane’s successor, it announced today. Pill joins the Bank of England from Harvard Business School, where he has been a senior lecturer since 2018. Prior to teaching, he was Goldman Sachs’ chief European economist and has [...]
Digital Rupee: Trial confirmed as worldwide interest in digital currency grows August 27, 2021 The Reserve Bank of India has announced the start of trials for an electronic rupee amid growing international interest in digital currency. Yesterday, central bank governor Shaktikanta Das confirmed that trials could begin as early as December. “I think by the end of the year, we should be able to – we would be in [...]
Bank of England’s MPC meeting: Who will take Haldane’s hawkish reins? August 3, 2021 A big hole has been left at the table of the latest round of the Bank of England’s monetary policy committee meetings – they are the first since chief economist Andy Haldane departed the Old Lady after over 30 years of service. Much of the focus on Thursday’s MPC policy announcements will be on whether [...]
BoE deputy governor moves to quash inflation fears July 22, 2021 The deputy governor of monetary policy at the Bank of England moved to temper fears that the UK economy is facing a period of persistently higher inflation today. In a speech, Ben Broadbent said that he was “not convinced that the current inflation in retail goods prices should in and of itself mean higher inflation [...]
Bank of England Andrew Bailey concedes shortcomings in diversity July 21, 2021 Governor Andrew Bailey has promised to do more to address systemic racial inequality after a review found “material disparities” persist at the Bank of England. Staff from ethnic minority backgrounds were less likely to be promoted, received smaller bonuses and were afforded fewer opportunities for career development and progression than their white colleagues, according to the [...]
Haldane: Covid vaccine programme a model for successful innovation policy July 21, 2021 The former chief economist at the Bank of England has praised the UK’s Covid vaccination programme for being a model of successful innovation policy. In a foreword to a policy paper published by think tank Policy Exchange, Andy Haldane said the vaccine initiative “involved a clear mission, project management by Government… all underpinned by large-scale [...]