Ex rate-setter urges BoE to raise interest by 3 per cent to stop inflation June 2, 2022 The Bank of England (BoE) needs to raise its interest rates by 3 per cent if it wants to stop inflation, according to former UK rate-setter Andrew Sentance. Previously an external member of the BoE’s monetary policy committee, Sentance argued that interest rates need to be increased fast to contain inflationary pressures, which last month [...]
Pound faces ‘existential crisis’ with Sterling’s struggles similar to currencies in emerging markets, BofA warns May 31, 2022 The pound is facing an “existential crisis,” the Bank of America warned today, saying that the British currency is facing struggles similar to those in emerging markets. “Whilst not wishing to over-exaggerate GBP’s predicament as some kind of ‘end of days’ scenario, we are concerned that the increasing politicisation of UK policy undermines the GBP [...]
The Bank’s climate warnings are too overblown to help May 25, 2022 What was it HSBC’s now-suspended banker Stuart Kirk said about alarmist climate warnings? “Unsubstantiated, shrill, partisan, self-serving, apocalyptic warnings are ALWAYS WRONG” was the title of the slide which has seen him taking some unexpected time in the garden, as he dared to offer the heretical view that reports of the world’s imminent demise may [...]
Sunak poised to give poorest households £5-7.5bn to deal with cost-of-living crunch, Deutsche Bank says May 22, 2022 Deutsche Bank has said it expects the UK’s Chancellor of the Exchequer Rishi Sunak will give £5-7.5bn in support to the UK’s poorest households to help them deal with the UK’s cost-of-living crisis. The chancellor could increase universal credit payments, give money to food banks, and help poor households pay for energy bills, in a [...]
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 [...]