Mark Carney: Bank scenario was not an ‘exam crisis’ December 4, 2018 Bank of England governor Mark Carney rebuffed his critics in front of an audience of MPs this morning after insisting that his recent doomsday scenario was not an “exam crisis”. The Threadneedle street boss said that criticism of the Bank’s decision to make a report on a worst-case scenario – which warned that the pound could fall [...]
UK banks can pat themselves on the back, but the system is still feeling the stress November 30, 2018 Breathe a sigh of relief: once again, all financial institutions have passed the Bank of England’s annual stress tests. But look beneath the surface, and suddenly the various allowances made this week start to undermine the good news. First, if the impact of the new accounting standard IFRS 9 that came into force in January was [...]
MPs grill Prime Minister Theresa May over risk of no-deal Brexit November 29, 2018 Prime Minister Theresa May asked MPs to “focus on the choice that lies in front of them” this morning, declining to speculate on what would happen if her Brexit deal is voted down by parliament next month. May’s draft withdrawal agreement will be put to a parliamentary vote on 11 December, with the UK facing [...]
Critics accuse Bank of England of using its forecasts to play with politics November 28, 2018 The Bank of England sparked a row today after publishing analysis of its ‘worst case Brexit scenario’ just 13 days ahead of a crucial Parliamentary vote on Theresa May’s deal. The controversy was sparked when governor Mark Carney unveiled the Bank’s latest ‘stress test’ assessment of the UK’s ability to withstand dramatic economic shocks, including [...]
Bank of England governor Mark Carney tries, and fails, to prevent Brexit analysis frenzy November 28, 2018 House prices plummeting 31 per cent. Unemployment shooting up to 9.5 per cent. GDP collapsing by 4.3 per cent amid a sharp recession. These were the scenarios the Bank of England used to conduct its mandated “stress test” for some of the UK’s biggest financial companies back in 2016. Last year, the wonks at Threadneedle Street [...]
Mark Carney says a no-deal Brexit would be the ‘worst outcome’ for the Bank of England November 20, 2018 Mark Carney today told the Treasury Select Committee that a "no-deal" Brexit would be the "worst outcome" for the Bank of England. The BoE governor said he expected May's draft withdrawal agreement to "support economic outcomes" and welcomed the transition period, which is due to end in 2020. The transition period begins on 29 March 2019 and lasts [...]
Bank of England: A British scientist will feature on the next £50 note November 2, 2018 The Bank of England told the public to “think science” when nominating new faces for the £50 note this morning. Figures such as Stephen Hawking and Dorothy Hodgkin are among the early frontrunners in the race to be on the new plastic note, which comes as part of a six-week process where the public can [...]
No-deal Brexit would hit house prices – but not as hard as the financial crisis, says Moody’s October 24, 2018 UK house prices could tumble in the event of a no-deal Brexit, but would not fall as far they did during the financial crisis a decade ago, rating agency Moody’s said. There would be “outright declines in house prices nationally” if Britain crashes out of the European Union without a deal next March, analysts said. [...]
Mark Carney told to clarify dramatic house price fall warning in case of ‘no-deal’ Brexit October 11, 2018 Bank of England governor Mark Carney needs to clarify whether house prices would be slashed by a third in a 'no deal' Brexit, the chair of the Treasury select committee has insisted. Nicky Morgan has written to Carney asking him to clear up exactly what he told the Cabinet on September 13 during a presentation [...]
Surveyors forecast fall in house prices as house buyers decline October 11, 2018 A renewed decline in the number of house buyers is piling further pressure on London’s strained property market, according to a closely followed survey out today. The Royal Institution of Chartered Surveyors (Rics) has said there was “caution” from buyers last month, as Bank of England governor Mark Carney reportedly warned prices could drop 35 [...]