Sterling jumps after Bank of England Governor Mark Carney says interest rate hike “moving closer” July 14, 2015 The pound jumped to $1.56 this morning after Bank of England boss Mark Carney said an interest rate rise is "moving closer" as he appeared before the newly-formed Treasury Select Committee. "The point at which interest rates may begin to rise is moving closer with the performance of the economy, consistent growth above trend, a [...]
BoE says mortgage demand rose “significantly” in the second quarter July 13, 2015 The Bank of England's credit conditions survey, released today, has shown mortgage demand rose "significantly" in the second quarter, having fallen in the three previous quarters, and is set to rise again in the third quarter. The survey also showed demand for loans to big and small companies increased in the three months to mid-June [...]
Bank of England asks insurers to imagine terrorist attacks and hurricanes in stress test July 10, 2015 It's rather more dramatic than the stress tests banks were asked to endure: insurers have been told to envisage "worst case" scenarios as UK regulators analyse how the industry could cope with disasters including floods and terrorist attacks. The disasters are part of a series of stress tests put together by the Bank of England’s [...]
Bank of England holds interest rates as MPC minutes trial ends July 9, 2015 The Bank of England has finished an internal trial of new procedures and from now on will publish details of monetary policy decisions on the same day as they are made. In a much expected move, the nine-strong monetary policy committee held rates at 0.5 per cent today. They have been unchanged since March [...]
Bank of England to trim protection for deposits as pound stays strong July 3, 2015 Savers will lose out when regulators trim the amount of customers' deposits guaranteed by the UK government, thanks to the pound's appreciation against the euro. The Bank of England's Prudential Regulation Authority (PRA) has said the amount covered by the guarantee schemes will fall by £10,000 to £75,000 from 31 December. A rosier economic picture, as [...]
Bank of England is making plans to “protect” the UK from Greece, says governor Mark Carney July 1, 2015 The Bank of England (BoE) is drawing up plans to protect the UK's financial system from the crisis unfolding in Greece, according to governor Mark Carney. Read more: Mark Carney voices concern about Greek crisis in Bank of England Financial Stability Report In an interview with Sky News, he said the central bank was [...]
Mark Carney voices concern about Greek crisis in Bank of England Financial Stability Report July 1, 2015 The Bank of England was unable to give a stable outlook for the UK’s financial stability due to the ongoing Greek crisis, in its financial stability report today, saying the risks in relation to Greece and its financial needs “were particularly acute”. Mark Carney, the Bank's governor, warned the outlook for financial stability has worsened, [...]
Bank of England monetary policy committee could split over timing of first interest rate rise June 24, 2015 One of the MPC’s nine members, Dr Martin Weale, has indicated that the Bank of England should be prepared to raise the cost of borrowing as early as August. The comments indicate the monetary policy committee could soon face a split over when to raise interest rates from the historic low of 0.5 per cent they [...]
Is the UK going to solve its productivity puzzle? Deputy governor of the Bank of England Jon Cunliffe says yes June 22, 2015 The productivity puzzle may soon be solved, according to a high-ranking official at the Bank of England. Read more: Osborne uses speech to lay out government plans to tackle the productivity puzzle Jon Cunliffe, the deputy governor for financial stability, said that surplus labour in the jobs market was drying up, meaning companies would have to [...]
Cyclist dies after being hit by tipper truck outside Bank of England June 22, 2015 A female cyclist died during the morning rush hour after being hit by a tipper truck outside the Bank of England. The junction was closed to all traffic after the cyclist was hit just before 9am. Twitter users posted photographs of the scene. One user called the scene "horribly familiar". https://twitter.com/Londonnatter/status/612900792685735936 After paramedics were on [...]