Bank of England fires chief currency dealer Martin Mallett after forex scandal probe November 12, 2014 A senior figure at the Bank of England has been fired for serious misconduct after failing to follow internal policies. BoE chief currency dealer Martin Mallet, who has worked at the Bank for 30 years, was suspended in March. Following a disciplinary procedure, he was dismissed yesterday. The BoE made clear this was in relation [...]
Bank of England expected to cut UK growth outlook November 10, 2014 The Bank of England (BoE) is expected to lower its growth and inflation forecasts for the UK on Wednesday, signalling a delayed rate hike. Wednesday sees the release of the BoE’s quarterly Inflation Report, which sets out the Bank’s estimates for GDP growth and inflation. August’s edition predicted growth of 3.5 per cent in 2014, [...]
Bank of England leaves interest rate at 0.5 per cent for 68th month in a row November 6, 2014 The Bank of England's monetary policy committee (MPC) leaft interest rates unchanged again this month, making it the 68th month in a row rates have been at a historic low of 0.5 per cent. The Bank also left its quantitative easing programme at £375bn, even though across the pond, the Fed wound its programme to [...]
Bank of England offers lender of last resort access to non-banks for first time in over a century November 5, 2014 The Bank of England (BoE) made an unprecedented move yesterday as it allowed certain non-bank organisations to access its account facilities – expanding its so called lender-of-last-resort access. For at least a century, only commercial banks and building societies had the privilege of keeping accounts with the BoE. Commercial banks such as Halifax and NatWest can [...]
Bank of England widens access to back-stop loans November 5, 2014 The Bank of England has today widened access to its “back-stop” loans to include broker-dealers and central counterparties (CCPs) for the first time. The inclusion of these two groups within the Sterling Monetary Framework is “designed to recognise the important role” they play in the financial services industry and the wider economy, the Bank [...]
Barclays share price leaps and bank shares rise as Bank of England recommends raising leverage ratio for UK banks October 31, 2014 The Bank of England (BoE) has revealed proposals to increase the leverage ratio of UK banks to ensure they have a larger safety net to fall back on in the event of another financial crisis. The tough new measures will force banks to keep capital of up to 4.95p for every £1 they lend by [...]
Bank of England deputy governor Minouche Shafik: Finance is stronger now October 27, 2014 Huge fines and revelations about some bankers’ bad behaviour in years gone by is obscuring recent progress made in cleaning up the industry, Bank of England deputy governor Minouche Shafik said last night. Shafik has launched a nine-month review into fixed income, currency and commodities markets, looking at every aspect from the way securities are [...]
More should be done to punish traders trying to manipulate financial markets, says Bank of England’s Minouche Shafik October 27, 2014 Minouche Shafik, deputy governor of the Bank of England (BoE), said today that more could be done to punish traders who attempt to manipulate financial markets. Her suggestion was made during a speech at LSE – the first she has given since being appointed deputy governor. During it, she focussed on the results [...]
UK needs to raise interest rates now, says Bank of England policymaker Ian McCafferty October 26, 2014 A senior Bank of England (BoE) policymaker has said the UK should begin raising interest rates now, despite low inflation. Ian McCafferty is one of just two members of the bank's Monetary Policy Committee (MPC) to have voted in favour of rate hikes since August. The seven other members warned against a “premature” tightening [...]
BoE’s Ben Broadbent: Low interest rates on government debt are down to savings glut October 23, 2014 Interest rates are not low due to central bank policy, but due to economic factors, Bank of England official Ben Broadbent said yesterday. Broadbent is referring to the interest on government debt as opposed to the interest rate set by the Bank. “I read a lot of economic commentary that says interest rates are low [...]