We’re on the cusp of a blockchain revolution October 4, 2018 Earlier this year, Bank of England governor Mark Carney scrutinised blockchain technology, describing it as an inadequate currency platform set for a “brutal reckoning”. His views come as no surprise for someone deeply ingrained into the traditions of the financial system and the institutions that have set the industry’s tone for centuries. Read more: Up [...]
How London can fend off the European hotspots vying for its fintech crown October 1, 2018 Flash back to the immediate aftermath of the Brexit vote. “London has committed suicide as a leading fintech centre,” tweeted Traxpay, a German payments platform. Catchy advertising urged startups to “keep calm and move to Berlin”. Read more: Meet the startups in the Treasury-backed Tech Nation fintech accelerator Over two years later, and it’s French [...]
Patchy regulation prevents the world from reaping the full benefits of the markets September 25, 2018 Ten years ago today, the world woke to the news that yet another bank had collapsed. Washington Mutual was the latest casualty in what became the worst financial crisis since the Great Depression. Those events have cast a long shadow. Governments, businesses, and households have had to tackle the legacy of that crisis. As [...]
The Bank of England’s own data negates Carney’s overhyped house price warning September 19, 2018 No one can tell them quite like Mark Carney, the governor of the Bank of England. He appears to have briefed the cabinet last week that house prices could fall by 35 per cent in the event of a no-deal Brexit. To be fair, the Bank did try to qualify this figure by saying that [...]
Mark Carney says Chequers-style Brexit could ‘bounce’ UK economy by £16bn September 15, 2018 Bank of England (BoE) governor Mark Carney has said the UK economy could enjoy a £16bn "bounce" if Britain negotiates a trade deal along the lines of Theresa May's Chequers proposal. Details have emerged from a leaked cabinet meeting in which the Bank of England boss revealed he thought May's plan, which seeks a free trade area [...]
Bank of England boss Mark Carney warns house prices could fall by a third in a no-deal Brexit September 13, 2018 The governor of the Bank of England Mark Carney said house prices could crash 35 per cent over three years in the event of a no-deal Brexit in a briefing to cabinet today. Carney said if the UK crashed out of the European Union without a deal, a sharp rise in mortgage rates could torpedo [...]
Bank of England holds monetary policy unchanged amid “greater uncertainty”on Brexit September 13, 2018 The Bank of England today left monetary policy unchanged amid “greater uncertainty” in markets on the Brexit process and a worsening global trade outlook. The Bank's monetary policy committee (MPC) raised its main interest rate, bank rate, on 2 August, in only the second increase in the decade since the financial crisis began, but minutes [...]
Government to unveil new set of no deal Brexit papers today September 13, 2018 Brexit secretary Dominic Raab is poised to unveil a further 28 ‘technical notices’ advising the country how to prepare for a no deal scenario. The notices, due to be published this afternoon after a special "no deal" Cabinet meeting which Bank of England governor Mark Carney was seen joining, will offer detail on a number of critical [...]
Bank of England governor Mark Carney readies for grilling from newly formed Treasury Select Committee September 8, 2015 Bank of England boss Mark Carney will be among the first witnesses to appear before the newly-formed Treasury Select Committee tomorrow. Carney and other policymakers from the Old Lady will be quizzed about financial stability and the economic outlook for the UK. Conservative MP and committee chair Andrew Tyrie has said he will ask questions [...]
Andrew Tyrie asks Mark Carney to clarify Bank of England monetary policy committee conflict of interest rules August 25, 2015 The chairman of an influential parliamentary committee has asked Bank of England governor Mark Carney to reconsider rules surrounding membership of the Bank’s monetary policy committee (MPC). Andrew Tyrie, who chairs the Treasury Select Committee, wrote to Carney today about the appointment of Gertjan Vlieghe, a senior economist at the hedge fund Brevan Howard, to [...]