Close Brothers: How the motor finance scandal reshaped one of ‘Europe’s least cost-efficient lenders’
Mark Carney warns trade war could ‘shipwreck’ global economy July 2, 2019 Bank of England governor Mark Carney today warned that a trade war could “shipwreck” the global economy. Speaking in Bournemouth today Carney said financial markets had recently experienced a “profound transformation” driven by growing concerns over the impact of rising trade tensions and policy uncertainty. Read more: No-deal Brexit would cost UK £90bn, warns Philip [...]
RBS GRG scandal: The baggage that could drag down Andrew Bailey’s quest to lead the Bank of England June 2, 2019 This summer, the Bank of England is expected to announce a successor to Mark Carney as governor. Among the runners in the contested race is Andrew Bailey, the financial watchdog chief who stands a solid chance of taking Carney's crown. While the boss of the Financial Conduct Authority (FCA) certainly has the credentials for the [...]
Interest rates would be hiked if Britain achieves orderly Brexit, says Bank of England May 30, 2019 Deputy governor of the Bank of England Dave Ramsden has said interest rates would need to be hiked if Britain leaves the European Union in an orderly manner with a transition deal. Read more: Hammond may topple new PM to prevent no-deal Brexit Ramsden, speaking in Inverness, Scotland, said although he expected growth to pick [...]
Editor’s Notes: Harmony is in short supply in the EU as challenges loom large May 10, 2019 Faced with some major non-Brexit challenges of their own, the leaders of the EU27 and the heads of the EU’s powerful institutions are meeting in Sibiu, Romania for a summit. What’s emerged so far is the Sibiu Declaration, a beautifully vague and vacuous document committing the EU to a range of platitudinous positions such as: [...]
Bank of England experts to be sent to emerging economies to promote regulation May 9, 2019 Experts from the Bank of England will be sent to 30 countries to help improve financial regulations for emerging economies, the government has announced. International Development Secretary Rory Stewart unveiled the plan in his first speech since taking on the job last week. The government will pump £6.1million into the scheme following pilots last April [...]
Fix Brexit, unlock investment – and maybe we can all work a little less May 7, 2019 Did you enjoy your day off yesterday? Nice, wasn’t it, coming so soon after the extended Easter break? Plus there’s another bank holiday in just three weeks from now. Happy days. Square Mile workaholics aside, most of us would prefer to have a little more leisure and a little less time in the office – and [...]
Bank of England upgrades UK growth forecast as household spending boosts economy May 2, 2019 The Bank of England once again voted to keep interest rates on hold today, as it painted a picture of an economy propped up by household spending as Brexit uncertainty continues. Read more: City A.M.'s shadow MPC votes to hold interest rates despite recent growth Threadneedle Street also upgraded Britain's 2019 economic growth forecast to 1.5 [...]
Climate change protesters target Bank of England MPC meeting May 2, 2019 Climate activists protested outside the Bank of England this morning calling for the institution to go green, ahead of the release of its inflation report this afternoon. Demonstrators from Positive Money and Fossil Free London urged the central bank to make its quantitative easing programme environmentally friendly by stopping asset purchases in high-carbon sectors and [...]
Climate change protesters to target Bank of England on Thursday with ‘green QE’ demands April 29, 2019 Climate change protesters have announced that they will target the City’s Bank of England on Thursday, with demands that future stimulus bond buying is done with green goals in mind. Read more: Businesses must tackle climate change or 'fail to exist', Carney warns The protests, organised by campaign groups Positive Money and Fossil Free London, will [...]
The new Bank of England chief will have plenty to keep them busy April 26, 2019 There was a time when running the Bank of England was a family affair. The inaugural governor Sir John Houblon (1694-1697) was followed a few years later by his younger brother Abraham Houblon, who took charge of the Old Lady from 1703 to 1705. There have been 116 governors since Houblon Jnr, and all of them [...]