Brexit prep has cut productivity of UK business, says Bank of England August 30, 2019 The Brexit process has cut the productivity of UK companies by between two and five per cent, research by the Bank of England has found. Much of this drop since the vote to leave the European Union in 2016 is due to falls in businesses’ productivity as managers dedicate several hours per week to Brexit [...]
UK economy on course to stagnate in third quarter, says Bank of England governor August 24, 2019 Bank of England governor Mark Carney has said that the UK’s economy is on course to stagnate in the third quarter. He also said that underlying growth looked muted even with Brexit volatility stripped out. Read more: UK will remain ‘energetic partner’ on world stage after Brexit, says Boris Carney said Britain’s economy was “currently [...]
Bank of England downgrades UK second quarter growth to zero as Brexit looms August 1, 2019 The Bank of England said UK growth ground to a standstill in the second quarter of the year due to the unwinding of Brexit stockpiling and car plant shutdowns as it chose to leave interest rates unchanged at 0.75 per cent today. In its latest gauge of the economy, released today, Threadneedle Street downgraded its [...]
UK inflation rate hits Bank of England target: Will Carney raise rates? June 19, 2019 The UK’s Consumer Prices Index (CPI) inflation rate fell to two per cent in May, in line with the Bank of England’s target, the latest figures show. CPI inflation dropped to within the target range set by Bank boss Mark Carney from 2.1 per cent in April, the Office for National Statistics (ONS) said today. [...]
Facebook confirms launch of own cryptocurrency June 19, 2019 | City Talk By Gary McFarlane from interactive investor. The social media giant announces its own cryptocurrency, called ‘Libra’ that aims to be ‘global money’. Facebook (NASDAQ:FB) has announced Libra coin, a cryptocurrency that aims to be global money and is set to launch in early 2020. A new app is joining the Facebook family called Calibra (https://calibra.com/), which will act as [...]
Bank of England calls ‘last orders’ on Libor as regulators push 2021 transition June 5, 2019 The Bank of England has called “last orders” on the scandal-hit Libor interest rates as regulators push for financial institutions to transition away from the benchmark by 2021. Deputy governor Dave Ramsden said good progress was being made and that getting on with the switch to alternative benchmark Sterling Overnight Index Average (Sonia) could be [...]
RBS GRG scandal: The baggage that could drag down Andrew Bailey’s quest to lead the Bank of England June 2, 2019 This summer, the Bank of England is expected to announce a successor to Mark Carney as governor. Among the runners in the contested race is Andrew Bailey, the financial watchdog chief who stands a solid chance of taking Carney's crown. While the boss of the Financial Conduct Authority (FCA) certainly has the credentials for the [...]
Ben Broadbent reappointed as Bank of England deputy May 31, 2019 Ben Broadbent has been reappointed to his role as deputy governor for monetary policy at the Bank of England by the government, the Treasury announced today. Read more: Bank of England: We'll hike interest rates after orderly Brexit It also announced the appointment of the Trades Union Congress (TUC) general secretary, Frances O’Grady, to the Bank’s [...]
Mortgage approvals rebound after delay on Brexit deadline May 31, 2019 Mortgage approvals for house purchases hit a three-month high in April, rebounding after Britain's March deadline for Brexit was postponed. The number of residential mortgages approved in April ticked up to roughly 66,300, nearing a two-year average and bouncing back from a fall in March, according to new data released this morning by the Bank [...]
Interest rates would be hiked if Britain achieves orderly Brexit, says Bank of England May 30, 2019 Deputy governor of the Bank of England Dave Ramsden has said interest rates would need to be hiked if Britain leaves the European Union in an orderly manner with a transition deal. Read more: Hammond may topple new PM to prevent no-deal Brexit Ramsden, speaking in Inverness, Scotland, said although he expected growth to pick [...]