Mark Carney on interest rate rises, Eurozone weakness and the 2015 general election October 13, 2014 Is Bank of England governor Mark Carney on a media blitz? He’s already taken the opportunity to tell bank chiefs to face up to new laws which make them legally responsible for any wrongdoing. And, while attending the annual meeting of the International Monetary Fund in Washington, he’s also given interviews to CNBC and CNN making clear that eurozone weakness and [...]
Mark Carney says bank chiefs should put up with new jail threat law October 13, 2014 Bank of England governor Mark Carney yesterday brushed off the concerns of bankers who are quitting the industry over plans that could see senior executives sent to jail. “If you are the chairman or the head of the risk committee, you have a responsibility for the activities of that institution,” said Carney, speaking in the [...]
Mark Carney wants power to limit your mortgage if house price boom threatens banks October 2, 2014 The Bank of England wants major new powers to cap mortgage loans, yesterday arguing it may need to rein in the housing market if the price boom starts to endanger banks. Officials want the ability to cap the loan-to-value (LTV) ratio of mortgages, as well as the debt to income ratios of some borrowers. The demands [...]
Mark Carney: Bank of England will get tough on the insurance industry September 25, 2014 The Bank of England is cracking down on malpractice in the insurance industry, governor Mark Carney said today. In a speech this afternoon, Carney indicated regulators will come down hard on insurance companies that give a distorted view of risk to decrease the amount of capital they are expected to hold. A new regime, known [...]
Mark Carney drops interest rate rise hint as “many of the conditions for the economy to normalise [are] now met” September 25, 2014 Interest rates will be rising soon. In a speech this afternoon mainly focused on the insurance industry, Mark Carney reiterated the Bank of England's stance on interest rates, and indicated that they will be rising before long. The Bank governor would not give a precise time scale, but saw the pieces falling in to place: [...]
Pound continues to fall despite Mark Carney’s speech September 9, 2014 After falling almost 1.4 per cent yesterday, the pound continued to slide today despite Mark Carney indicating there would be no interest rate hike this year. Speaking to the Trade Union's congress, Carney said there was still slack in the labour market and that he saw an interest rate rise as coming next spring, rather [...]
So much for talk of a 2014 rate hike: Mark Carney says he “expects spring 2015 interest rate rise” at TUC speech September 9, 2014 Mark Carney has all but ruled out an interest rate hike this year. In a speech to the Trades Union Congress (TUC) this morning, the Bank of England governor said inflation lower than the Bank's two per cent target, slack in the labour market and downward pressure from strong sterling mean the current inflation environment [...]
Mark Carney to discuss wages in speech at Trades Union Congress September 9, 2014 Mark Carney will discuss his plans for real wages in an address to the Trades Union Congress (TUC) later today. The prospect of an interest rate rise continues to shadow the governor, and members of the TUC are expected to tell Carney to reject a hike until real wages show signs of strengthening. The Canadian [...]
Bank of England’s Martin Weale and Ian McCafferty vote against Mark Carney on interest rate hike August 20, 2014 Two policymakers finally split from the Bank of England’s unprecedented unanimity this month, voting for what would be the first interest rate hike in six years. The Bank’s two most hawkish monetary policy committee (MPC) members, Martin Weale and Ian McCafferty voted for a modest increase in interest rates. The change would have brought the [...]
MPs to grill Bank’s Mark Carney on Osborne interest rate pact claim August 18, 2014 Bank of England governor Mark Carney will be quizzed by MPs next month over whether he has faced any political pressure to keep interest rates at their historic low. Carney and chancellor George Osborne have been hit by suggestions this week that they struck a deal to keep rates low until after the election. Mark [...]