Andrew Bailey faces another tough year at Bank of England in 2021 December 22, 2020 Mark Carney must be thanking the gods he stepped down as Bank of England governor in early March. Since then, his successor Andrew Bailey has had to steer the historic institution through the worst economic downturn in 300 years, complete with a bout of market panic in the spring. Under Bailey’s leadership the Bank slashed [...]
Bank of England holds rates and says vaccines ‘reduce risks’ to economy December 17, 2020 The Bank of England has left interest rates on hold at 0.1 per cent and its bond-buying programme at £895bn, saying the arrival of vaccines is likely to boost the economy next year but warning new restrictions will weigh on growth in the winter. It comes after the Bank expanded its quantitative easing programme by [...]
Bank of England set to hold policy amid Brexit and lockdown uncertainty December 16, 2020 The Bank of England is set to leave interest rates on hold when it announces monetary policy tomorrow, according to analysts, after expanding its bond-buying programme sharply last month. Economists said there was little reason for the Bank to act. The latest lockdown measures have not been as damaging as feared, while the BoE asset-purchase [...]
Analysts call BoE’s move to allow dividend payouts ‘concerning’ December 11, 2020 Analysts are divided over the Bank of England’s decision to allow lenders to resume dividend payments to their shareholders. Yesterday, regulators gave the green light for banks to resume handouts after it was determined that banks were in a strong enough financial position to handle Covid and a possible no-deal Brexit. The announcement cheered banks [...]
Hush money: Bank of England pressured to find ‘missing’ £50bn in cash December 4, 2020 The Bank of England must launch an investigation to find £50bn of “missing” banknotes that have been “stashed” around the country, the government’s spending committee has warned. In a rare exchange with Threadneedle Street, the Public Accounts Committee (PAC) today called on the Bank to “get a better handle on the national currency it controls”. [...]
BoE’s Haldane sees inflation risks as economies bounce back November 29, 2020 Bank of England chief economist Andy Haldane said inflation could rise by more than expected as progress on Covid-19 vaccines and huge amounts of stimulus raised the chances of a swift economic bounce-back. “As the economic recovery gathers pace next year, it will be important central banks remain squarely focussed on their core medium-term price stability mandates,” Haldane said in a speech [...]
BoE boss says Rishi Sunak right to spend big on Covid November 26, 2020 Bank of England governor Andrew Bailey backed chancellor Rishi Sunak’s approach to the public finances, saying he is right to throw the might of the state behind the coronavirus suppression effort. “It is absolutely sensible that public resources, resources of the state, are being used to cushion the huge impact of this absolutely unprecedented shock,” [...]
BoE’s Andy Haldane: Digital currencies could cut risk and boost lending November 18, 2020 Digital currencies could reduce risk in the financial system and aid monetary policy with interest rates close to rock bottom, Bank of England chief economist Andy Haldane has said. Haldane also told The City UK’s annual conference that new technological infrastructure should be considered to help small and medium-sized businesses better access finance after years [...]
BoE governor Andrew Bailey: Vaccine ‘a big step forward’ for UK economy November 17, 2020 Bank of England governor Andrew Bailey has called the development of seemingly effective coronavirus vaccines “a big step forward” for the economy that could help lower uncertainty and get firms investing again. Speaking at lobby group The City UK’s conference, Bailey said both coronavirus and Brexit had “increased uncertainty” and “restrained investment”. He also said [...]
BoE’s Cunliffe: ‘Not our job’ to protect banks from digital currencies November 13, 2020 Bank of England deputy governor Jon Cunliffe has said it is not the bank’s job to protect other banks from the impact of future digital currencies. Speaking an on online seminar today, Cunliffe said: “Our job is not to protect bank business models. Banks will have to adjust. Our job is to ensure that if [...]