Signs of rising unemployment already apparent, says BoE’s Haskel July 1, 2020 Bank of England interest rate-setter Jonathan Haskel said that indicators of rising unemployment in the UK caused by the coronavirus crisis “are already revealing themselves.” In a speech given today, Haskel said there was a risk that Britain’s economy would be harder hit by the pandemic than the central bank has predicted. “I believe the [...]
UK economic outlook less grim but ‘considerable’ risks remain, says BoE’s Haldane June 30, 2020 The UK’s economic outlook has improved slightly since May but the risk of high and persistent unemployment remains, the Bank of England’s chief economist Andy Haldane said today. “Looking ahead, risks to the economy remain considerable and two-sided,” Haldane said in a speech delivered online. “Although these risks are in my view slightly more evenly [...]
Bank of England tells lenders to push ahead with climate risk analysis June 29, 2020 The Bank of England and UK financial regulator today told banks and insurers to press ahead with analysing the impact of climate change on their operations. The Climate Financial Risk Forum (CFRF) — established by the BoE and Financial Conduct Authority (FCA) last year — published a guide setting out how financial firms can analyse [...]
UK debt office plays down risk of failed gilt auctions June 24, 2020 Britain is unlikely to struggle to sell bonds at future debt auctions, the head of the UK’s Debt Management Office said on Wednesday, after the Bank of England’s governor said market turmoil in March had risked causing difficulties. Speaking at a hearing of the Treasury select committee, Sir Robert Stheeman said it was “not obvious” [...]
BoE’s Bailey: Jobs data could scupper UK economy’s coronavirus recovery June 18, 2020 The UK economy is recovering slightly quicker than the Bank of England expected a month ago as the coronavirus lockdown is eased, but news from the labour market is mostly negative, Bank of England governor Andrew Bailey said. “As partial lifting of the measures takes place, we see signs of some activity returning,” Bailey said [...]
City reacts to Bank of England’s £100bn stimulus June 18, 2020 The Bank of England (BoE) this morning held interest rates at a record low and said it will expand its bond-buying programme by £100bn to help to steer the British economy through the coronavirus crisis. Economists had almost unanimously predicted that the Bank would keep the main interest rate steady and focus on expanding quantitative [...]
Bank of England holds rates, boosts stimulus by £100bn June 18, 2020 The Bank of England has held interest rates at a record low and will expand its bond-buying programme by £100bn to help to steer the British economy through the “unprecedented” crisis caused by coronavirus. At its June meeting, the BoE’s Monetary Policy Committee (MPC) voted unanimously to keep the main interest rate at a record [...]
Bank of England lookahead: Bailey set to ramp up QE but avoid negative rates June 17, 2020 The Bank of England is widely expected to boost its asset purchase programme by at least £100bn tomorrow, as the central bank ramps up quantitative easing to shore up the UK economy. Governor Andrew Bailey is set to bolster UK stimulus at the Bank’s Monetary Policy Committee (MPC) tomorrow, economists predicted. The expansion of quantitative [...]
We must be ready for further stimulus, says Bank of England’s Andrew Bailey June 12, 2020 The Bank of England and other policymakers must be ready to take further action to help the UK’s economy because of the risk of the coronavirus shutdown causing long-term damage, governor Andrew Bailey has said. “We are still very much in the midst of this,” Bailey told broadcasters today. His comments come after new data [...]
Covid-19 recession will be ‘different’ to others, says BoE’s Andrew Bailey June 10, 2020 The recession triggered by the coronavirus pandemic will be “different” to others, but some early signs of recovery are already apparent, Bank of England governor Andrew Bailey said. Speaking at a panel discussion today, Bailey said he could already see some signs of economic recovery as lockdown restrictions are lifted in the UK, but warned [...]