Unexpected economic reversal indicates UK is ‘perilously close to a recession’ June 13, 2022 An unexpected reversal in the UK economy indicates the country is “perilously close to a recession,” according to City economists. Gross domestic product (GDP) in the UK fell 0.3 per cent in April, marking the second month in a row the economy has shrunk, according to figures published today by the Office for National Statistics [...]
More Brits than ever dissatisfied with Bank of England’s performance June 11, 2022 More people in the UK than ever are dissatisfied with the Bank of England’s efforts to tame the cost of living, a closely watched survey published today reveals. Just one in four Brits are happy with governor Andrew Bailey and co’s performance, the weakest level since records began in 1999, according to data from pollsters [...]
Cutting taxes without reshaping state is ‘challenging’ task, former BoE chief economist says June 8, 2022 The scope to cut taxes without worsening the standard of public services delivered by the state is limited, according to one of the UK’s top economic wonks. Professor Sir Charlie Bean, 68, told Nick Ferrari’s LBC breakfast show today that it will be “challenging… to sustain significantly lower taxes” without reshaping “what the state does”. [...]
Insurers need more data to properly model climate risk, Bank of England insurance chief says June 8, 2022 The UK’s insurance sector lacks “comprehensive and high quality data” it needs to properly evaluate climate risk, the head of the Bank of England’s (BoE’s) insurance division has said. Speaking at the Association of British Insurers’ (ABI’s) climate summit 2022, Stefan Claus, the head of the BoE’s general insurance division, said insurers are struggling to [...]
Ex rate-setter urges BoE to raise interest by 3 per cent to stop inflation June 2, 2022 The Bank of England (BoE) needs to raise its interest rates by 3 per cent if it wants to stop inflation, according to former UK rate-setter Andrew Sentance. Previously an external member of the BoE’s monetary policy committee, Sentance argued that interest rates need to be increased fast to contain inflationary pressures, which last month [...]
Pound faces ‘existential crisis’ with Sterling’s struggles similar to currencies in emerging markets, BofA warns May 31, 2022 The pound is facing an “existential crisis,” the Bank of America warned today, saying that the British currency is facing struggles similar to those in emerging markets. “Whilst not wishing to over-exaggerate GBP’s predicament as some kind of ‘end of days’ scenario, we are concerned that the increasing politicisation of UK policy undermines the GBP [...]
The Bank’s climate warnings are too overblown to help May 25, 2022 What was it HSBC’s now-suspended banker Stuart Kirk said about alarmist climate warnings? “Unsubstantiated, shrill, partisan, self-serving, apocalyptic warnings are ALWAYS WRONG” was the title of the slide which has seen him taking some unexpected time in the garden, as he dared to offer the heretical view that reports of the world’s imminent demise may [...]
Sunak poised to give poorest households £5-7.5bn to deal with cost-of-living crunch, Deutsche Bank says May 22, 2022 Deutsche Bank has said it expects the UK’s Chancellor of the Exchequer Rishi Sunak will give £5-7.5bn in support to the UK’s poorest households to help them deal with the UK’s cost-of-living crisis. The chancellor could increase universal credit payments, give money to food banks, and help poor households pay for energy bills, in a [...]
Bank of England independence must remain no matter the political weather May 16, 2022 When Gordon Brown summoned then-governor of the Bank of England Eddie George to his office at the Treasury in 1997, the man in charge at Threadneedle Street was accompanied by a young civil servant – one Andrew Bailey. At that meeting, George – and presumably Bailey – were surprised to be told that the newly [...]
Andrew Bailey faces House of Commons grilling amid cost of living crunch May 14, 2022 Bank of England Governor Andrew Bailey will face questions over his leadership on Monday following his policy towards the cost of living crunch.