Central bankers warn of recession risk from ‘debt trap’ to global economy June 24, 2018 The global economy risks falling into a “debt trap” in developed markets and particularly in China, according to a warning issued today by an influential central banking body. The Bank for International Settlements (BIS) said nations must tread a “narrow path” to avert disaster in the next slowdown, in its annual report on the state [...]
IBM report suggests that TSB testing was not rigorous enough before computer meltdown June 21, 2018 Experts brought in to fix computer systems meltdown at TSB did not find evidence of strong enough testing of a planned migration, according to an internal report published today. Consultants from IBM told the embattled bank’s board that it had not seen evidence of the kind of testing it would expect of the risky migration [...]
Bank of England must hold interest rates and wait for signs of a rebound says shadow MPC June 20, 2018 City economists are all but certain the Bank of England will not announce a rise in interest rates tomorrow, with City A.M.’s shadow monetary policy committee (MPC) voting unanimously to hold fire. The Bank’s top economists have made it clear that they see rising upward pressures on wages, a key component of domestically generated inflation, [...]
The City’s Brexit plans are “impossible” for the EU says former political head of the City of London Corporation June 20, 2018 The City of London’s Brexit plans are “impossible” and should be abandoned in favour of continued membership of the EU’s Single Market, according to the man who led the Square Mile’s top lobbying body in the run-up to the EU referendum. Mark Boleat, the policy director of the City of London Corporation until May last [...]
Explosive report published into Lloyds’s handling of HBos Reading fraud case June 19, 2018 Lloyds bank and consultancy giant KPMG came under renewed pressure today following the publication of a damning report into an historic fraud case at HBos’s Reading branch. The internal report by a Lloyds Banking Group employee, who has since departed the firm, details allegations of criminal misconduct by senior bank staff and auditors around the [...]
Bank of England to hold rates as weak economy spurs calls to boost business investment June 18, 2018 The Bank of England is expected to hold interest rates steady at its latest monetary policy meeting this week with debate raging among economists as to whether the UK economy is ready for another rate hike. The Bank’s monetary policy committee (MPC) meets this week before Thursday’s midday announcement, with doubts growing over whether interest [...]
NHS £20bn spending increase to require UK to ‘contribute a bit more’ says Prime Minister Theresa May June 17, 2018 The government will increase spending on the National Health Service (NHS) by more than £20bn by 2022, with firms and consumers “contributing a bit more”, likely through higher borrowing or tax rises. The increase in NHS England spending will be the equivalent of a 3.4 per cent increase per year in real terms, below the [...]
Bitcoin would ‘break the internet’ if used as the main retail payments network says Bank for International Settlements June 17, 2018 Cryptocurrencies like bitcoin and ethereum are a “poor substitute” for state-backed currencies and would break the internet if used in their current form at a national scale, according to a report published today by a powerful central banking body. The Bank for International Settlements (BIS) said that the lack of a central institution backing cryptocurrencies [...]
MPs to Lloyds Banking Group: ‘We will publish report on HBOS Reading fraud’ June 15, 2018 A cross-party group of MPs today said it will publish a report on an alleged cover-up by Lloyds executives of fraud at acquisition target HBOS at the height of the financial crisis. The All-Party Parliamentary Group on Fair Business Banking will put the report in the public domain within seven days of a letter sent [...]
European Central Bank announces end of quantitative easing June 14, 2018 The European Central Bank (ECB) today announced the end of its quantitative easing (QE) bond purchases, in a landmark moment in the Eurozone's drawn-out economic recovery. The ECB said it will reduce the pace of asset purchases from €30bn (£26.4bn) per month to €15bn from September to December, in a press released today after its [...]
