Report calls on Government and FCA to ‘consider consequences’ for BoE boss Andrew Bailey over LCF collapse February 1, 2021 The Treasury and Financial Conduct Authority (FCA) must consider what action to take against Bank of England Governor Andrew Bailey and two officials over their handling of LCF, the author of a report about the collapsed fund told MPs today.
The week ahead, 1-5 February: FTSE heavyweights front up to third lockdown January 31, 2021 After a turbulent opening to 2021, with new Covid-19 lockdowns around the world, spats over “vaccine nationalism”, and chaos on both Wall Street and Pennsylvania Avenue, a slew of FTSE heavyweights are set to update the market in what will be a crunch week for London’s indices. Despite a strong opening week, the FTSE 100 [...]
Bank of England revamps stress test to address virus fallout January 21, 2021 The Bank of England announced on Wednesday that it is tweaking stress tests in the UK banking sector to include fallout from the coronavirus pandemic. The BoE has set out a worst-case scenario for the economy which it will test British lenders against. The 2021 stress test will use periods when the economy is growing [...]
Bank of England’s Bailey expects ‘pronounced recovery’ for economy January 21, 2021 Bank of England Governor Andrew Bailey said yesterday he expected Britain’s economy would recover strongly as the country moves ahead with vaccinating its population against Covid-19. “I really do think that we are going to see a pronounced recovery in the economy as the vaccination programme, as it is doing now, rolls out,” Bailey said. [...]
Bank of England bosses reassess 2021 GDP and jobs numbers as UK economy faces ‘darkest hour’ January 12, 2021 Bank of England boss Andrew Bailey and his deputy Ben Broadbent have today both signalled the effects of the UK’s third Covid-19 lockdown. In separate speeches, Bailey and Broadbent spoke on the impact of the current nationwide lockdown, the furlough extension and consumer behaviour. The UK economy was facing its “darkest hour”, but Bailey also [...]
BoE’s Chief Wonk: Inflation spike could undermine recovery December 23, 2020 The Bank of England’s Chief Economist Andy Haldane has said that a “laser focus” is needed on inflation amid unprecedented public debt and fiscal stimulus. Haldane fears that markets would only forgive a brief period in which inflation tops the Bank’s 2 per cent target, with any entrenchment seeing yields rise and increasing the cost [...]
BoE’s Haldane: Bank must have ‘laser focus’ on inflation December 23, 2020 The Bank of England must have a “laser focus” on keeping inflation expectations in check once the COVID-19 crisis eases, the central bank’s Chief Economist, Andy Haldane, said in an interview with Bloomberg. “The last thing the world needs right now is a nasty inflation surprise,” Haldane said, echoing comments he made on Nov. 28. [...]
UK Q3 growth revised upwards to 16 per cent but recovery stalls in October December 22, 2020 The UK grew only 0.4 per cent in October as the reintroduction of restrictions across the country took their toll on the economic recovery. In the same release, the Office for National Statistics revised their estimate of GDP growth in Q3, however, to 16 per cent. Read more: UK borrowing hits third highest monthly level [...]
Andrew Bailey faces another tough year at Bank of England in 2021 December 22, 2020 Mark Carney must be thanking the gods he stepped down as Bank of England governor in early March. Since then, his successor Andrew Bailey has had to steer the historic institution through the worst economic downturn in 300 years, complete with a bout of market panic in the spring. Under Bailey’s leadership the Bank slashed [...]
Bank of England holds rates and says vaccines ‘reduce risks’ to economy December 17, 2020 The Bank of England has left interest rates on hold at 0.1 per cent and its bond-buying programme at £895bn, saying the arrival of vaccines is likely to boost the economy next year but warning new restrictions will weigh on growth in the winter. It comes after the Bank expanded its quantitative easing programme by [...]