New directors join Bank of England court from Experian, TalkTalk and Drax July 21, 2014 Three business heavyweights were yesterday hired as non-executive directors on the court of the Bank of England, the Treasury has announced. Controversial Experian chairman Don Roberts has been given one of the positions. He faced a shareholder rebellion earlier this month, as a series of investors objected to his move from chief executive to chairman of the credit data [...]
Bank of England hits out at BIS report warning over low interest rates July 16, 2014 Recent international warnings on low interest rates from the Bank of International Settlements (BIS) were criticised yesterday by UK policymakers, who suggested the central bank hub was operating in a bubble secluded from political reality. Bank of England governor Mark Carney said that the report had been written in “the vacuum of Basel”, [...]
Bank of England keeps interest rates on hold: Why this could be last meeting without dissent July 10, 2014 The Bank of England's interest-rate setting committee is twiddling its thumbs again this month, voting to keep policy on hold. Interest rates remain unchanged at their historic 0.5 per cent lows, and there's no change to asset purchases either. Central bank watchers weren't expecting much this month, despite a small shakeup to the committee that [...]
Bank of England’s Minouche Shafik defends record July 9, 2014 Incoming deputy governor at the Bank of England, Minouche Shafik, was yesterday forced to defend her record, insisting she does have enough experience for the job. The ex-International Monetary Fund (IMF) troubleshooter faced a grilling from MPs for lacking policymaking experience. But she told the Treasury Select Committee that she worked closely with troubled nations [...]
Mark Carney cancels cricket but Bank of England isn’t short on cake July 7, 2014 Mark Carney may have caused a stir by banishing the traditional Bank of England summer cricket match this year, but by all accounts staff had a great day out, replete with face-painting, wheel-barrow races, the Wimbledon final on a big screen and a bake-off. The governor, described by one tweeter as a “very [...]
Mark Carney makes first key cut as Bank of England governor July 6, 2014 Mark Carney has made his first cut since he walked through the door at Threadneedle Street in July. Not to interest rates – although they remain at their historic lows of 0.5 per cent – but to one of a large selection of cakes at this year's Bank of England summer party. The Bank governor [...]
Mark Carney’s Bank of England snubs staffer: Cancels cricket fun at staff party July 4, 2014 Just weeks after one colleague celebrated his love of cricket in a public speech, Mark Carney's Bank of England has confirmed that it has axed all cricket-related hijinks at its staff summer party. There will no cricket match at the central bank's summer, as first reported by Bloomberg. The move is a stark tone change [...]
Life insurers bear brunt of Bank of England’s increasing budget July 2, 2014 Finance firms will stump up £246.8m this year to pay for their regulation from the Bank of England’s prudential regulation authority (PRA), the watchdog said yesterday. The budget represents a four per cent annual rise. Life insurers face the biggest increase, with their bill up nine per cent to £39.4m. The PRA is charging them [...]
Bank of England sets its sights on landlords’ buy-to-let mortgages July 1, 2014 Buy-to-let mortgages could be the next financial product to face tough new limits, the Bank of England revealed yesterday, as the restrictions announced last week only cover owner-occupier loans. A housing boom and bust could hit landlords just as it would any other home owner, risking a serious blow to banks and the financial system. [...]
Bank of England’s new interest rate norm not the same as the old – Mark Carney June 27, 2014 Mark Carney, the governor of the Bank of England, today suggested that interest rates may be heading for a "new normal" of 2.5 per cent, rather than the historical five per cent. Carney was decidedly vague regarding when this norm might be reached, suggesting 2017 as a possible date. He stressed that a mid-term norm [...]