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 [...]
Analysts: Inflation in focus as BoE delivers monetary policy verdict March 18, 2021 The Bank of England is expected to focus on inflation when it publishes its latest monetary policy decisions at noon, according to analysts. Barret Kupelian, senior economist at PwC, said that vaccine rollouts, GDP data and positive Budget measures will “tilt the balance of risks to the UK economy towards the upside”. “As a result, [...]
BoE’s Bailey apologises to investors amid criticism over LCF collapse March 15, 2021 Bank of England governor Andrew Bailey has apologised for his role in failing investors of collapsed mini-bond firm London Capital & Finance. His apology came amid rising pressure about his responsibility in a series of scandals during his role as head of the Financial Conduct Authority. On Monday morning, Bailey told BBC Radio 4 that [...]
BoE boss Bailey expects a permanent shift to ‘hybrid working’ March 15, 2021 Bank of England governor Andrew Bailey today said that he expects working from home to stay, with a ‘hybrid’ model of home and workplace set to become the norm. Bailey told BBC Radio 4 that he predicts a permanent change as habits and practices are proved to be sustainable. “I would be very surprised if [...]
Bailey gives cautious endorsement of ‘coiled spring’ recovery and dampens inflation fears March 15, 2021 The Governor of the Bank of England has backed the economy to recover this year and cautiously endorsed his Chief Economist Andy Haldane’s prediction of a “coiled spring” recovery. Andrew Bailey told the BBC this morning that though current Bank forecasts predict a gradual recovery, there were welcome “risks to the upside.” Haldane has said [...]
Public’s inflation outlook holds at four-year low March 12, 2021 The public’s expectations for inflation over the next 12 months has held at their lowest level in more than four years, in sharp contrast to a recent rise in market expectations, Bank of England data has revealed. Average expectations for inflation over the next 12 months remained at 2.7 per cent – the joint-lowest reading since August 2016 alongside [...]
Pound sterling falls back to near $1.38 on US jobs data surprise March 5, 2021 Pound Sterling rises tempered by strong US economic figures