Wall Street drifts after Bank of England hikes interest rates again June 23, 2023 Stocks drifted to a mixed finish on Wall Street on Thursday as central banks around the world keep cranking interest rates higher in their fight against inflation. The S&P 500 rose 16.20 points, or 0.4per cent , to 4,381.89, even though the majority of stocks fell. A rebound for technology stocks helped to overshadow losses [...]
UK pay still rising at three decade high in headache for Bank of England June 21, 2023 UK pay has risen at its fastest pace in over three decades for the fifth quarter in a row in a sign that the Bank of England may have to keep raising interest rates to get ahead of inflation, new figures out today show. Workers notched an average six per cent wage increase in the [...]
The Bank of England risked our economy by believing a Peter Pan myth on inflation June 21, 2023 The Bank of England is failing to predict or control the high rate of inflation because ultimately, no one believes in its ability to correctly predict the course of the economy, writes Paul Ormerod
The Bank of England needs trade unionists and social scientists to stop groupthink April 26, 2023 The Bank of England relies on models that aren't fit for purpose and is often guilty of groupthink. Welcoming social scientists and even trade unionists among its ranks could actually be beneficial, writes Paul Ormerod
Bank of England ratesetter: Mortgage pain will affect our decision on interest rates June 13, 2023 The Bank of England’s decision on the interest rate will be shaped by the severity of the coming mortgage shock on households, according to one Threadneedle Street ratesetter. Catherine Mann, who sits on the Bank’s monetary policy committee, said that households had been “very resilient” in the face of inflation so far but said there are [...]
Bank of England interest rate decision today on a knife edge, City economists predict August 3, 2023 As the City gears up for what everyone expects to be the Bank of England’s 14th straight interest rate rise at midday today, economists are split over how much more pain they think the group of rate setters will heap on the UK economy. Are the Monetary Policy Committee (MPC) poised to meet market expectations [...]
Bank of England lays out another round of changes to Solvency II to free up capital September 28, 2023 The Prudential Regulation Authority (PRA) has set out another round of reforms to the Solvency II regime in an attempt to unlock a wave of investment in the UK economy. The UK government set out its plans for a post-Brexit overhaul of the EU’s Solvency II rules in November last year, with a view to [...]
City banks’ risk management systems criticised by Bank of England January 10, 2023 The Prudential Regulation Authority (PRA) today criticised City banks’ approach to risk management despite “regular messaging” on the issue. In a letter sent to bank executives in the City, the Bank of England’s regulatory arm set out its priorities for the New Year. Top of the list for regulators was financial resilience, in particular “deficiencies [...]
FTSE 100 close: Bank of England interest hike piles more pain on markets June 22, 2023 The much scrutinised Bank of England’s interest rate hike by half a point to five percentage points today, piled the pressure on London markets. London opened far lower in anticipation of the rate hike and continued in the red following the announcement, which marked the 13th straight rise from the bank and took interest rates [...]
Why have the Bank of England and the IMF been so wrong on the UK economy? May 30, 2023 Recession? What recession? The Bank of England and the IMF have been wrong on the state of the UK economy, but it's not all their fault