Pound jumps against dollar as Bank of England minutes reveal interest rate vote dissent August 20, 2014 Two members of the Bank of England's rate-setting monetary policy committee (MPC) voted in favour of raising interest rates by 25 basis points to 0.75 per cent during the August meeting, minutes published today showed. This is the first time since 2011 the committee has been split on interest rates. The vote took economists by [...]
Bank of England flags dismal wages as holding back interest rate hike August 13, 2014 The Bank of England’s inflation report, released yesterday, showed off Threadneedle Street’s increasing focus on wage growth – one of the last indicators lagging behind the economic recovery, and holding off an increase in interest rates. The Bank has slashed its forecast for the average rise in earnings this year. In the last report, the [...]
Scottish independence: Carney says Bank of England has contingency plan if Scots vote yes August 13, 2014 Tha Bank of England is ready for the consequences of a Scottish yes vote and will not abandon the nation, its governor Mark Carney has said. Scottish first minister (and figurehead of the "Yes" campaign), Alex Salmond, has shown his determination to stick with the pound, despite the three main Westminster parties indicating they would [...]
Scottish independence currency contingency plans in place, says Bank of England’s Mark Carney August 13, 2014 Contingency plans have been made by the Bank of England ahead of the Scottish referendum in response to uncertainties over the country’s currency if it becomes independent. Bank of England governor Mark Carney said the body had "a wide range of tools and plans" to deal with any financial issues arising from the referendum, regardless [...]
Bank of England’s regulatory tweaks to be norm says Haldane August 5, 2014 THE WORLD faces more business cycles in financial services, not fewer, meaning the Bank of England could have to become more involved in the market, its new chief economist Andy Haldane warned yesterday. As banks have shrunk, much of their work has moved to pension funds, insurers and mutual funds, which Haldane believes may mean more and [...]
Bank of England’s Spencer Dale heads to BP after 25-year stint August 4, 2014 The Bank of England announced yesterday that Spencer Dale, the Bank’s financial stability chief and former chief economist, will step down from the central bank after a quarter of a century to become chief economist at oil giant BP. Dale, who has worked at the Bank in a variety of roles since finishing university in [...]
Payback time but Bank of England’s bonus clawbacks are rife with pitfalls July 30, 2014 Quite literally, yesterday it was payback time for Britain’s banking industry. Regulators’ demands that lenders must force staff to hand back bonuses awarded as long as seven years earlier delivers a belated sense of justice for those clamouring for more robust post-crisis retribution. The Bank of England’s timing could hardly have been better, coming [...]
Bank of England’s bonus clawback plan could hit misbehaving bankers seven years after payment July 30, 2014 Bankers who break the rules may have to hand back their bonuses even seven years after an indiscretion, under new plans revealed by the Bank of England. Not only could the unruly face having their bonuses re-appropriated, but the prospect of jail lies in wait too and having spent the money will not affect the [...]
Lloyds ripped off Bank of England by fiddling Libor rates July 28, 2014 Lloyds was hit by £226m in fines and settlements yesterday as the bank admitted its staff fiddled Libor and the influential repurchase agreements rate benchmark in the years before the financial crisis. Of that, £7.75m is going to the Bank of England as compensation for fees it dodged in the crash by manipulating the repo [...]
Bank of England’s new contracts set to end bailouts for giant banks July 24, 2014 Investors in banks will have explicitly to recognise that they could be bailed in to prop up failing lenders, under new rules published by the Bank of England yesterday. The new contracts are part of a series of sweeping changes being introduced in a bid to make sure investors pay up when a bank goes [...]