Co-op Bank says it is on track to meet Bank of England targets May 20, 2015 The Co-operative Bank said in a first-quarter trading statement yesterday that its turnaround plan is on track. The bank is undergoing changes to de-risk its balance sheet and meet revised deleveraging targets as set by regulators after the Bank of England stress tests last year. The bank completed a £1.5bn residential mortgage securitisation earlier this [...]
Bank of England minutes: Policymakers vote 9-0 to keep rates on hold May 20, 2015 Minutes from the Bank of England's May meeting have shown little change, with the monetary policy committee again voting 9-0 to keep interest rates at 0.5 per cent. Two members felt the decision was "finely balanced", implying they're thinking about reversing their vote. All members agreed interest rates "were more likely than not" to rise over the [...]
As the Bank of England calls for ideas, these are the artists who could feature on the new £20 note (spoiler: it’s unlikely to be a woman) May 19, 2015 The Bank of England today put out a call for ideas as to who could feature on its next £20 note. The Bank said the note will "celebrate Britain's achievements in the visual arts" – and asked for the public's ideas as to who should feature. Mark Carney, the Bank's governor, said the note could [...]
Bank of England’s Andrew Bailey says HSBC right to eye move abroad May 15, 2015 A Bank of England official has said that HSBC, the country's biggest bank, is right to eye a move abroad. "We will obviously be in close contact with them because there are important issues for us," Andrew Bailey, chief executive of the Bank of England's prudential regulation authority, said. "It is entirely natural that as [...]
A tale of two economies: Why the Bank of England risks a sharp hike in interest rates May 13, 2015 We were offered two conflicting views of the UK economy yesterday, from the monthly Labour Market Statistics and the Bank of England’s quarterly Inflation Report. The Labour Market Statistics presented a picture of a booming economy and accelerating wage inflation. Unemployment has fallen by about 400,000 over the past year and the jobless rate [...]
Five key numbers from the Bank of England’s quarterly inflation report May 13, 2015 The Bank of England's quarterly inflation report, setting out its forecasts for economic growth and inflation, was published today offering the first insight into officials' thinking since they entered election purdah six weeks ago. Here are five key figures from the report: 1. Gross domestic product growth – 2.5 per cent: The Bank of England has [...]
Bank of England inflation report: UK growth expectations cut May 13, 2015 The Bank of England today slashed forecasts for how much its expects the economy will grow this year to 2.5 per cent, down from 2.9 per cent. Threadneedle Street also said it expects interest rates to remain close to historical lows for the foreseeable future, before rising some time in the second quarter of 2016. [...]
FTSE keeps rising as Bank of England holds interest rate at 0.5 per cent May 11, 2015 The FTSE 100 was the only European market to rise today, as investors continued to show their optimism at the outcome of the election and the Bank of England's decision to hold interest rates. By lunchtime, the FTSE was trading above 7,000 points for the second day in a row, 2.47 per cent up on [...]
Bank of England to reveal interest rate and inflation report – London Report May 10, 2015 THE BANK of England (BoE) will announce the latest Bank rate today, with economists expecting it to remain at its historic 0.5 per cent low. On Wednesday the BoE will announce its widely-watched inflation report. Employment and unemployment figures are also due that day and are expected to show a strong market. The corporate calendar [...]
Bank of England “clerical error” mis-states gilt purchases by £13bn May 7, 2015 Officials over at the Bank of England have admitted a clerical error meant data on the sale of UK government debt had mis-stated sales to the tune of £13.4bn. Figures out last week showed foreign investors were ignoring uncertainty surrounding the General Election, despite repeated warnings it could rile the markets, buying a record amount [...]