Bank of England sees depositors lap up low savings rates June 23, 2014 Savers are ploughing ever more money into savings accounts despite falling interest rates, Bank of England figures show today. Interest rates are falling ever closer to the Bank’s 0.5 per cent base rate. The blue bars on this chart show rates edged up a touch in the second quarter of 2014, but the [...]
More Bank of England officials voice support for interest rate hike soon June 19, 2014 A Bank of England policymaker yesterday argued that the UK should not “hold back too long” before hiking interest rates, adding to a chorus of calls urging a tightening earlier than was previously expected. Monetary policy committee (MPC) member Ian McCafferty said that uncertainties about the level of slack in the economy should lead the Bank [...]
Bank of England paves way for interest rates hike June 18, 2014 Senior Bank of England officials lined up yesterday to suggest that a rise in interest rates would come sooner than markets expected. Fast economic growth and sharp drops in unemployment have boosted the chances of a hike in the coming months, despite moderate inflation. The Bank’s monetary policy committee (MPC) described the low odds many [...]
Here’s why new Bank of England staffer Kristin Forbes is defending inflation targeting June 18, 2014 In a mission to understand UK monetary policymaking, Kristin Forbes has already been asking important questions. Speaking before the Treasury Select Committee (TSC), Forbes told MPs that she had asked the Bank of England why its inflation mandate sees the central bank target a two percent inflation level. The answer Forbes received was "very vague", [...]
Bank of England hints at interest rate hike in committee minutes June 18, 2014 The minutes of the UK's interest-rate setting committee show signs that an interest rate hike could finally be approaching. Members of the Monetary Policy Committee (MPC) voted unanimously to hold policy at its 5 June meeting, keeping interest rates at their historic lows and the level of asset purchases unchanged. But the minutes yet again [...]
How Mark Carney’s move from Canada cost the Bank of England over £100k June 17, 2014 The Bank of England paid £102,816 to assist governor Mark Carney and his family in their move from Ottawa, Canada, to London, according to the Bank of England's latest annual report. The ex-Goldman Sachs staffer moved over to the UK with his wife Diana and four daughters last year. He even brought with him his [...]
More than 330 Bank of England staffers are paid £100k or more. Here’s how their salaries break down June 17, 2014 Central banking may be more lucrative than you think. According to the Bank of England's 2014 annual report, hundreds of staff are on six-figure salaries. The Bank's most well known names all seem to make the list. Bank governor Mark Carney is on annual salary of £320,000, with a total remuneration package of £586,010. Including [...]
Bank of England deputy governor says Bitcoin is an “interesting” payment tech June 11, 2014 Bitcoin is an "interesting" technology, says newly appointed Bank of England deputy governor Ben Broadbent. Speaking before the Treasury Select Committee (TSC), Broadbent said that "the payment technology is interesting" but that the idea that it is a proper currency is "much less clear". Now responsible for monetary policy, Broadbent said that the first lesson [...]
The Bank of England has come up with a new tool in the fight against cyber attacks June 10, 2014 The threat of cyber terrorism is increasingly perceived as one of the greatest risks to the financial sector, and the Bank of England is on it. The Bank's 2013 systemic risk survey saw a 10 per cent increase in concerns regarding operational risk (the highest since the survey began), with the risk of cyber terrorism [...]
Bank of England holds policy as investors await afternoon’s ECB statement June 5, 2014 They're still twiddling their thumbs over at the Bank of England. Policy has been left unchanged, with interest rates at their historic lows of 0.5 per cent, and asset purchases maintained at £375bn. No surprises there, with analysts widely forecasting we'd see nothing changed today. Minutes of the Monetary Policy Committee's last meeting revealed that [...]