Bank of England independence must remain no matter the political weather May 16, 2022 When Gordon Brown summoned then-governor of the Bank of England Eddie George to his office at the Treasury in 1997, the man in charge at Threadneedle Street was accompanied by a young civil servant – one Andrew Bailey. At that meeting, George – and presumably Bailey – were surprised to be told that the newly [...]
Andrew Bailey faces House of Commons grilling amid cost of living crunch May 14, 2022 Bank of England Governor Andrew Bailey will face questions over his leadership on Monday following his policy towards the cost of living crunch.
Bank of England adds Brexit critic to rate setting committee May 13, 2022 The Bank of England (BoE) has appointed a strong critic of Brexit to its key rate setting monetary policy committee.
Ex Bank of England governor Mark Carney says climate crisis will ‘dwarf’ economic problems May 5, 2022 Following the Bank of England’s decision to raise interest rates, its former government has said the climate crisis will “dwarf” current economic hardship. Mark Carney, who is now as special envoy for climate action with the United Nations, called on the government to move away from polluting fossil fuels. He said the move away from [...]
New law to protect family savings set to be unveiled this week April 18, 2022 New laws to protect shoppers’ money in savings clubs are to be announced by the government this week. Savings clubs allow shoppers to pay for goods and services in instalments throughout the year, instead of in one go. These savings are currently not protected as they would be in a bank account by the Financial Services Compensation Scheme. However, [...]
Bank of England reveals it used to own hundreds of slaves April 16, 2022 Research by the Bank of England uncovered that the Threadneedle St institution owned 599 slaves in the late 18th century. A new exhibition – titled Slavery & the Bank – outlines how the names of slaves were found in an inventory from 1788. After a debtor defaulted in the 1770s, they handed over two plantations in [...]
Bank of England spent £50,000 on logo and website re-design April 6, 2022 The Bank of England’s (BoE) recent logo and website re-design cost £50,000, a freedom of information request has revealed. The nearly 330-year-old institution, which is funded by banks – not the taxpayer – made a bid to change its image last month, to better reflect the makeup of the country, but it came at a [...]
Average mortgage hits £235k as cost of living crunch threatens home ownership plans for many March 29, 2022 The total value of mortgages lent rocketed last month as buyers face more affordability roadblocks to home ownership. Some 70,933 mortgages were given the green light in February, compared to 73,841 in January, according to the Bank of England’s monthly money and credit figures. However, the total value lent rose (from £16.6bn to £16.7bn), meaning [...]
Price pinch: Most Brits financially struggling or worried as inflation rises and Ukraine war rages March 14, 2022 Almost 60 per cent of Brits either struggling financially, or concerned about money in the near future, due to Russia’s war in Ukraine and the cost of living crisis. The economic effect of the conflict has exacerbated the rise in energy and food, against the backdrop of increasing inflation, which is set to exceed the [...]
Nearly half of all Brits fear inflation may rise more than Bank of England prediction March 9, 2022 About two-fifths of people polled recently have a more pessimistic view about rising inflation than the Bank of England, it has been revealed. Despite the Bank’s prediction of a seven per cent spike in Spring, 39 per cent of respondents to a survey by HR software provider CIPHR thought it would be eight percent or [...]