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....• Sir Howard Davies, the first chairman of the UK’s Financial Services Authority (1997-2003), is chairman of the Royal Bank of Scotland. He was director of the London School of Economics (2003-11) and served as deputy governor of the Bank of England and director general of the Confederation of British Industry. ... [Read full article on Guardian ]
Wednesday 26th of April 2017 07:08:45 AM
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....Her remarks illustrate for the first time the scale of the problem that could be facing Deutsche Bank, which only last month committed to moving to a new London head office in 2023. The Bank of England has given financial firms a deadline of 14 July to explain how they are planning for the UK’s departure from the EU and warned them to be ready for all possible outcomes, including a hard Brexit. ... [Read full article on Guardian ]
Wednesday 26th of April 2017 06:03:42 PM
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. Despite being an Old Lady, few real senior women seem to find the Bank of England's company congenial. ... [Read full article on BBC ]
Friday 28th of April 2017 04:25:28 PM
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.... Last week, the International Monetary Fund was forced to admit yet again that it had been too gloomy on the consequences of the Brexit vote as it revised up its UK growth forecast for the second time in three months. Writing in the Guardian, Andrew Sentance, a former member of the Bank of England’s monetary policy committee, said support for the UK from a strong global economy was being offset by domestic pressures. ... [Read full article on Guardian ]
Tuesday 25th of April 2017 10:38:58 AM
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....Sir John Vickers, who was asked to construct a safety plan for Britain's banks in the wake of the financial crisis, has warned regulators over hasty bank asset sales. Parliament is investigating whether UK banks have the capital means to keep going during a shock and Sir John and the Bank of England gave evidence. ... [Read full article on BBC ]
Friday 28th of April 2017 02:26:12 PM
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....Taylor Wimpey reported profits of £733m in the year to December, up 22% on the year. Ground rents that double every 10 years have become hugely attractive to specialist investors, because they imply an interest rate of 7% a year when the Bank of England base rate is just 0. ... [Read full article on Guardian ]
Thursday 27th of April 2017 11:35:12 AM
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.... None of this 0. 25% Bank of England rate in our day. ... [Read full article on Guardian ]
Monday 24th of April 2017 10:30:16 AM
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....Foster + Partners is known for the restoration of the Reichstag in Germany, which includes a glass dome from where visitors can peer into the parliamentary chamber, and has been shortlisted for the revamp of the Palace of Westminster. The company recently designed Bloomberg’s vast new European headquarters in the City of London, which is bigger than the nearby Bank of England. ... [Read full article on Guardian ]
Monday 24th of April 2017 03:20:53 PM
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.... This related to the conduct of Tim Main, who worked with Staley at US bank JP Morgan and was then recruited to Barclays in a senior role last June. He had not offered to resign, Staley said, in the face the regulatory investigation into himself and the bank by the Financial Conduct Authority and the Bank of England’s Prudential Regulation Authority. ... [Read full article on Guardian ]
Friday 28th of April 2017 08:27:59 AM
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.... It added that the Brexit vote had also increased instability in the UK as “highlighted by the snap election called for June 2017”. Economists at Barclays said GDP growth had come in weaker than the Bank of England had expected and strengthened the case for keeping interest rates at their record low of 0. ... [Read full article on Guardian ]
Friday 28th of April 2017 02:33:56 PM
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....Horta-Osório is facing speculation that he will leave once the taxpayer stake has been completely sold but he said he was happy at the bank, which is in the throes of taking over credit card company MBNA. The Bank of England has warned about the rapid growth in consumer borrowing as Britons rack up debt on credit cards, car purchase schemes and personal loans but Horta-Osório said this was not a problem for Lloyds, which also owns Lombard vehicle finance. ... [Read full article on Guardian ]
Thursday 27th of April 2017 06:33:22 AM
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.... It then acted as a strong safeguard against bankers’ many attempts to water down the implementation of rules. He also helped to improve scrutiny of the Bank of England, another shortcoming exposed by the crash. ... [Read full article on Guardian ]
Tuesday 25th of April 2017 06:18:25 PM
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.... After that date no retailers are obliged to accept them, though that doesn’t mean they become worthless overnight. As the Bank of England is keen to point out, its notes retain their face value “for all time”. ... [Read full article on Guardian ]
Saturday 29th of April 2017 06:00:22 AM
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....” Stagnant wage growth will further squeeze property. She adds: “If the Bank of England pushes up base rates to combat rising inflation, the impact on the property market could be significant. ... [Read full article on Daily Express ]
Wednesday 26th of April 2017 12:01:00 AM
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.... He has issued a written apology for becoming too personally involved in the whistleblowing case, which related to the conduct of Tim Main, who worked with Staley at US bank JP Morgan and was then recruited to Barclays in a senior role last June. Both the Financial Conduct Authority and the Bank of England’s Prudential Regulation Authority are investigating the matter. ... [Read full article on Guardian ]
Thursday 27th of April 2017 06:37:05 PM
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....3%. That is above the Bank of England’s 2% target and the highest since the autumn of 2013. ... [Read full article on Guardian ]
Saturday 29th of April 2017 03:00:02 PM
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Latest Finance News related to Bank Of England

Still got a paper fiver in your wallet? Well you should spend it now! image
Source : Guardian [Read Article] Saturday 29th of April 2017 06:00:22 AM
.... After that date no retailers are obliged to accept them, though that doesn’t mean they become worthless overnight. As the Bank of England is keen to point out, its notes retain their face value “for all time”. ...
No Bank balance image
Source : BBC [Read Article] Friday 28th of April 2017 04:25:28 PM
. Despite being an Old Lady, few real senior women seem to find the Bank of England's company congenial. ...
UK GDP growth slower than expected as inflation bites image
Source : Guardian [Read Article] Friday 28th of April 2017 02:33:56 PM
.... It added that the Brexit vote had also increased instability in the UK as “highlighted by the snap election called for June 2017”. Economists at Barclays said GDP growth had come in weaker than the Bank of England had expected and strengthened the case for keeping interest rates at their record low of 0. ...
'Fire sale' risk with Bank capital approach, says Vickers image
Source : BBC [Read Article] Friday 28th of April 2017 02:26:12 PM
....Sir John Vickers, who was asked to construct a safety plan for Britain's banks in the wake of the financial crisis, has warned regulators over hasty bank asset sales. Parliament is investigating whether UK banks have the capital means to keep going during a shock and Sir John and the Bank of England gave evidence. ...
Barclays chief admits he 'made a mistake' over whistleblowing case image
Source : Guardian [Read Article] Friday 28th of April 2017 08:27:59 AM
.... This related to the conduct of Tim Main, who worked with Staley at US bank JP Morgan and was then recruited to Barclays in a senior role last June. He had not offered to resign, Staley said, in the face the regulatory investigation into himself and the bank by the Financial Conduct Authority and the Bank of England’s Prudential Regulation Authority. ...
Barclays boss faces shareholder revolt over whistleblowing case image
Source : Guardian [Read Article] Thursday 27th of April 2017 06:37:05 PM
.... He has issued a written apology for becoming too personally involved in the whistleblowing case, which related to the conduct of Tim Main, who worked with Staley at US bank JP Morgan and was then recruited to Barclays in a senior role last June. Both the Financial Conduct Authority and the Bank of England’s Prudential Regulation Authority are investigating the matter. ...
Taylor Wimpey to pay up to £130m to settle ground rent scandal image
Source : Guardian [Read Article] Thursday 27th of April 2017 11:35:12 AM
....Taylor Wimpey reported profits of £733m in the year to December, up 22% on the year. Ground rents that double every 10 years have become hugely attractive to specialist investors, because they imply an interest rate of 7% a year when the Bank of England base rate is just 0. ...
Lloyds profits double to £1.3bn despite PPI and fraud payouts image
Source : Guardian [Read Article] Thursday 27th of April 2017 06:33:22 AM
....Horta-Osório is facing speculation that he will leave once the taxpayer stake has been completely sold but he said he was happy at the bank, which is in the throes of taking over credit card company MBNA. The Bank of England has warned about the rapid growth in consumer borrowing as Britons rack up debt on credit cards, car purchase schemes and personal loans but Horta-Osório said this was not a problem for Lloyds, which also owns Lombard vehicle finance. ...
Deutsche Bank: 4,000 jobs at risk of being moved out of UK after Brexit image
Source : Guardian [Read Article] Wednesday 26th of April 2017 06:03:42 PM
....Her remarks illustrate for the first time the scale of the problem that could be facing Deutsche Bank, which only last month committed to moving to a new London head office in 2023. The Bank of England has given financial firms a deadline of 14 July to explain how they are planning for the UK’s departure from the EU and warned them to be ready for all possible outcomes, including a hard Brexit. ...
Will London survive as a financial centre after Brexit? image
Source : Guardian [Read Article] Wednesday 26th of April 2017 07:08:45 AM
....• Sir Howard Davies, the first chairman of the UK’s Financial Services Authority (1997-2003), is chairman of the Royal Bank of Scotland. He was director of the London School of Economics (2003-11) and served as deputy governor of the Bank of England and director general of the Confederation of British Industry. ...
Millions rethink their investment plans and move away from buy-to-let property image
Source : Daily Express [Read Article] Wednesday 26th of April 2017 12:01:00 AM
....” Stagnant wage growth will further squeeze property. She adds: “If the Bank of England pushes up base rates to combat rising inflation, the impact on the property market could be significant. ...
Andrew Tyrie, scourge of bankers, deserves new City role | Nils Pratley image
Source : Guardian [Read Article] Tuesday 25th of April 2017 06:18:25 PM
.... It then acted as a strong safeguard against bankers’ many attempts to water down the implementation of rules. He also helped to improve scrutiny of the Bank of England, another shortcoming exposed by the crash. ...
Andrew Tyrie to stand down as Conservative MP after 20 years image
Source : Guardian [Read Article] Tuesday 25th of April 2017 05:33:38 PM
....In his seven-year stint overseeing the all-group, Tyrie had tart exchanges with Osborne over his failure to provide a detailed breakdown of the winners and losers from budget decisions and – as chair of the liaison committee – nettled Cameron with questions over the government’s bombing campaign in Syria. Chilcot was grilled over his report into Blair’s decision to go to war in Iraq, while Carney, the governor of the Bank of England, was taken to task last year over his comments during the EU referendum. ...
Brexit economy: living standards are falling as the snap election looms image
Source : Guardian [Read Article] Tuesday 25th of April 2017 10:38:58 AM
.... Last week, the International Monetary Fund was forced to admit yet again that it had been too gloomy on the consequences of the Brexit vote as it revised up its UK growth forecast for the second time in three months. Writing in the Guardian, Andrew Sentance, a former member of the Bank of England’s monetary policy committee, said support for the UK from a strong global economy was being offset by domestic pressures. ...
Foster + Partners plans redundancies after Brexit uncertainty image
Source : Guardian [Read Article] Monday 24th of April 2017 03:20:53 PM
....Foster + Partners is known for the restoration of the Reichstag in Germany, which includes a glass dome from where visitors can peer into the parliamentary chamber, and has been shortlisted for the revamp of the Palace of Westminster. The company recently designed Bloomberg’s vast new European headquarters in the City of London, which is bigger than the nearby Bank of England. ...
Low rates, tight margins: the mortgage market looks worryingly familiar image
.... And in the latest mortgage figures, it is clear that it is first-timers and remortgagers who are snapping up ultra-low deals while home movers and buy-to-let landlords sit on their hands. From inside 10 Downing Street, this appears to show how the government and interest-rate setters at the Bank of England can work together to produce a change for the better. ...
A hasty election before Britain sees the hard truth of Brexit image
Source : Guardian [Read Article] Sunday 23rd of April 2017 05:59:05 AM
.... But it is pretty obvious that, notwithstanding the denials, the Conservative party machine had been cranking up for some time. Nearly 20 years ago, Gordon Brown and his team were geared up to announce operational independence for the Bank of England if elected, but the chancellor-to-be did not finalise the decision until the weekend before. ...
Buy-to-let slump puts first-time buyers in the driver’s seat image
Source : Guardian [Read Article] Saturday 22nd of April 2017 05:59:06 AM
....4bn, down 19% on the year before, almost entirely due to landlords withdrawing from the market. A double whammy of tighter Bank of England lending rules, which have forced banks and building societies to insist on greater rental cover and higher deposits, plus new taxes on rental income, has made buy-to-let far less financially attractive. ...
UK bank launches cheapest ever mortgage rate at 0.89% but there's a MAJOR catch image
....It comes after it became cheaper for banks to borrow money and amid news that home buying has slowed on last year. Interest rates have not increased for eight years and it's a case of when not if the Bank of England will raise the base rate. ...
UK retail surge since Brexit vote comes to an end image
Source : Guardian [Read Article] Friday 21st of April 2017 01:11:30 PM
....“Retail sales only account for about a third of household spending, and the recent evidence on other areas of spending has been more encouraging. For example, the Bank of England’s agents’ score of consumer services turnover has held steady at a fairly high level,” she said. ...
Record low rate signals mortgage battle image
Source : BBC [Read Article] Friday 21st of April 2017 09:48:53 AM
....Rachel Springall, of financial information service Moneyfacts, said that conditions meant the deal would be most attractive to homeowners with access to a large deposit or equity, and who are applying for a large loan. Meanwhile, the CML has called on the Bank of England to relax the requirements of affordability tests for those applying for a mortgage owing to less activity in the UK housing market than previously predicted. ...
George Osborne: history will not be kind to a man whose flaws led to Brexit image
.... As shadow chancellor, he had two main lines of attack: Labour had failed to regulate the City properly and had borrowed too much. The first charge was justified, and Osborne responded by giving far more power to the Bank of England to ensure there was no repeat of the reckless lending seen before 2007. ...
Financial watchdog to investigate car finance market image
Source : BBC [Read Article] Wednesday 19th of April 2017 10:47:47 AM
....The plan has been set out in the annual business plan for the financial watchdog. That follows a report by the the Bank of England's financial policy committee this month, which highlights the risks form the rapid growth in consumer credit. ...
Brexit, PPI and high cost credit are top priorities for City watchdog image
Source : Guardian [Read Article] Tuesday 18th of April 2017 05:32:29 PM
....“The UK’s withdrawal from the European Union will have important implications for the FCA over the coming years. We are liaising closely with the Treasury and the Bank of England to ensure a smooth transfer of EU rules and legislation into the domestic framework. ...
IMF ratchets up UK economic growth forecast to 2% image
Source : Guardian [Read Article] Tuesday 18th of April 2017 01:00:29 PM
....5% this year. It signaled, however, that the end of the Bank of England’s ultra-low monetary policy was coming to an end, predicting a “less gradual normalisation” of interest rates than six months ago. ...
Libor rigging: chancellor urged inquiry into Bank of England allegations image
. John McDonnell, the shadow chancellor, is calling on Philip Hammond to hold an urgent public inquiry into whether Bank of England officials colluded in the rigging of the Libor rate. ...
Batten down the hatches! Rising inflation and low wage growth are pinching the consumer image
.... Credit card providers are the major beneficiaries, charging an average APR of 18. 48 per cent, according to The Money Charity, more than 70 times the Bank of England’s base rate of 0. ...
Higher interest rates. Great idea. Here’s why it won’t happen image
Source : Guardian [Read Article] Saturday 15th of April 2017 04:00:06 PM
....They argue that higher interest rates will restore a lost balance in the economy – taking it back to the way it was before the financial crisis, when things were so much better. And why wouldn’t they? Plenty of mainstream economists express the same concerns, including policymakers at the Bank of England, the International Monetary Fund, the OECD and the World Bank. ...
Average UK house price falls £1,000 since start of year image
Source : Guardian [Read Article] Saturday 15th of April 2017 07:01:18 AM
....6% rise in February. Bank of England figures showed mortgage approvals fell for the first time in six months in February. ...
Banks cracking down on lending after borrowing binge, survey finds image
Source : Guardian [Read Article] Thursday 13th of April 2017 12:53:17 PM
Surveyors get gloomy as property market stagnates image
Source : BBC [Read Article] Wednesday 12th of April 2017 11:19:32 PM
....However, both Nationwide and the Halifax have said that house price inflation is moderating. Separate figures from the Bank of England suggested that lenders are offering fewer loans. ...
Employment is high, skills are in demand. So why is pay still not rising? | Larry Elliott image
....A tightening labour market is normally associated with upward pressure on earnings, but wage pressure actually seems to be abating. Earnings growth is running at half the 4% expected by the Bank of England a couple of years back. ...
UK wage growth slows as higher inflation starts to bite image
Source : BBC [Read Article] Wednesday 12th of April 2017 08:39:51 AM
....On Tuesday, figures showed inflation was running at 2. 3%, above the Bank of England's 2% target. ...
NS&I launches new market-leading investment bond with rate of 2.2 per cent image
Source : Daily Express [Read Article] Wednesday 12th of April 2017 12:01:00 AM
....The provider, which previously offered popular pensioner bonds, has more than 25 million customers. Savers have suffered paltry rates in recent years, with further cuts made following the Bank of England base rate falling to 0. ...
Inflation rates puts squeeze on savers as UK is in the midst of a 'silent savings crisis' image
....8billion a year, the equivalent of taking almost £95 out of each saver’s pocket every year. Despite this, experts said the Bank of England is unlikely to hike base rates from today’s 0. ...
Student loan interest rate set to rise by a third after UK inflation surge image
....1%, plus 3%. As a result current students and a sizeable number of graduates will see the interest rate on their student loan jump to more than 24 times the official Bank of England base rate. ...
'Scant reward for savers!': New Government NS&I bond blasted by critics image
Source : Daily Express [Read Article] Tuesday 11th of April 2017 03:54:00 PM
.... "This could cut off access for those savers most in need of improved rates, including elderly pensioners who do not wish to use the internet. "It comes after the Bank of England cut interest rates to 0. ...
Barclays whistleblower case sparks calls for more protection image
Source : Guardian [Read Article] Tuesday 11th of April 2017 11:59:31 AM
....Jes Staley is being investigated by financial regulators and faces a significant cut to his pay after admitting trying to unmask a whistleblower who made allegations about a long-term associate he had brought to the bank. Public Concern at Work (PCaW), a charity for whistleblowers, said there was “much work to be done” while GoodCorporation said the Barclays saga would be a “real test” for the Financial Conduct Authority (FCA) and the Bank of England’s Prudential Regulation Authority. ...
UK inflation rate remains at 2.3% image
Source : BBC [Read Article] Tuesday 11th of April 2017 08:32:36 AM
....Inflation has been accelerating in recent months, partly as a result of the fall in the pound after the Brexit vote, which has raised import prices. Although the inflation rate remained unchanged from February, it remains above the Bank of England's target of 2% and is the highest since September 2013. ...
UK retail sales fall again as rising living costs bite image
Source : Guardian [Read Article] Monday 10th of April 2017 11:01:12 PM
....Meanwhile, wage growth is widely expected to slow, leaving people worse off in real terms. As a result, the Bank of England and other forecasters expect weaker consumer spending to drag on economic growth this year. ...
Under-fire Barclays chief is probably guilty of behaving like a chump image
Source : Guardian [Read Article] Monday 10th of April 2017 11:01:12 PM
....We know that Barclays chief executive Jes Staley committed a “serious offence” when he tried to unmask a whistleblower, and that the poor thing will now have to get by on just his basic salary of nearly £10,000 a day when his bonus is slashed as punishment. What we don’t know is if the Financial Conduct Authority and the Bank of England’s Prudential Regulation Authority will go further once their investigations are concluded. ...
BBC to air recording that implicates Bank of England in Libor scandal image
Source : Guardian [Read Article] Monday 10th of April 2017 06:45:56 PM
. The Bank of England has found itself under the spotlight again over the fixing of a key interest rate during the credit crunch after new details emerged of bankers discussing Threadneedle Street’s alleged involvement in the setting of Libor. ...
New fiver is not so indestructible - if you know how image
Source : BBC [Read Article] Monday 10th of April 2017 11:31:24 AM
. When the Bank of England issued the new plastic fiver last year, it promised it would be "much more durable". ...
The secret recording implicating the Bank of England in Libor rigging image
. A secret recording that implicates the Bank of England in Libor rigging has been uncovered by the BBC. ...
Bank of England implicated in Libor recording image
Source : BBC [Read Article] Monday 10th of April 2017 08:50:52 AM
. A secret recording that implicates the Bank of England in Libor rigging has been uncovered by the BBC. ...
Libor: Bank of England implicated in secret recording image
Source : BBC [Read Article] Sunday 9th of April 2017 11:01:47 PM
. A secret recording that implicates the Bank of England in Libor rigging has been uncovered by BBC Panorama. ...
Price rises and pay figures to underline Brexit strain on Britons image
Source : Guardian [Read Article] Sunday 9th of April 2017 11:01:21 PM
....Fresh details on price rises and wage growth this week are expected to underline the rising pressures on UK household budgets as the pound’s sharp fall since the Brexit vote continues to stoke inflation. The Bank of England has warned the economy’s main engine of growth, consumer spending, will lose momentum this year as rising living costs eat into people’s budgets. ...
The Guardian view on productivity: Britain must solve the puzzle | Editorial image
....Britain certainly has companies that are highly productive. What’s more, as Andy Haldane, the Bank of England’s chief economist, noted recently, they can be found in every sector and in every region. ...
Outlook for City after Brexit 'has improved' image
Source : BBC [Read Article] Sunday 9th of April 2017 09:30:14 AM
....That would minimise disruption to "business and consumers in this country - and in Europe," he said. On Friday, the Bank of England governor warned of sector-wide consequences if the UK left without a trade deal. ...
Small towns seethe at bank closures, but others are plotting a new future image
....Blomfield says he hasn’t been into a bank branch for nearly three years, and only then because he had to to get a mortgage. This week the online-only bank he founded in 2015, Monzo, obtained a full licence from the Bank of England after two years of intense scrutiny by regulators. ...
Are the wheels about to fall off the credit gravy train? image
Source : Guardian [Read Article] Saturday 8th of April 2017 03:00:05 PM
....In Threadneedle Street, the alarm bells are ringing. The Bank of England is concerned that consumer spending is underpinned by rising credit card debt, personal loans and car finance deals. ...
Post-Brexit-vote surge for UK economy comes to an end image
Source : Guardian [Read Article] Friday 7th of April 2017 04:34:17 PM
.... Consumption is expected to moderate further this year as increasing inflation erodes households’ purchasing power,” said James Warren, research fellow at the thinktank. As a result, the Bank of England would likely ignore rising price pressures from the weak pound in favour of shoring up growth and be in no hurry to raise interest rates from their all-time low of 0. ...
Bank of England orders financial firms to draft Brexit contingency plans image
. The Bank of England has given financial firms a deadline of 14 July to explain how they are planning for the UK’s departure from the EU and warned them to be ready for all possible outcomes, including a hard Brexit. ...
Brexit: Bank urges City to 'plan for all eventualities' image
Source : BBC [Read Article] Friday 7th of April 2017 09:19:58 AM
. The Bank of England has written to the UK's biggest financial firms, urging them to plan for "all eventualities" from the UK leaving the European Union. ...
Tax relief cut doesn’t add up for landlords, plus Bank warns over consumer credit image
....Leasehold ‘nightmare’ will cost homebuyers billions, report warns. Bank of England sounds new alarm over consumer credit binge. ...
Low interest rates put global financial sector at risk, IMF warns image
Source : Guardian [Read Article] Thursday 6th of April 2017 02:30:06 PM
....Japan has had ultra-low interest rates for almost three decades, while other developed countries cut borrowing costs aggressively in response to the deep financial and economic crisis that began almost a decade ago. The Bank of England held borrowing costs at 0. ...
The Guardian view on rising personal debt: more prudence please | Editorial image
....From the embers of the 2008 financial crisis, a new regulatory regime emerged and there are some signs that it is now, finally, asserting itself. Andy Haldane, the Bank of England’s chief economist, first sounded the warning about rising consumer credit in 2015, but it was not until last week that the Bank announced that the Prudential Regulation Authority will be reviewing whether lending standards have become too lax, risking macroeconomic financial stability. ...
Bank still worried about personal lending image
Source : BBC [Read Article] Tuesday 4th of April 2017 11:26:26 AM
. The recent rapid rise in consumer borrowing is still a potential threat to the stability of the UK's financial system, says the Bank of England. ...
Bank of England sounds new alarm over consumer credit binge image
Source : Guardian [Read Article] Tuesday 4th of April 2017 11:21:46 AM
. The Bank of England has flagged up new concerns about the rapid growth in consumer borrowing as Britons rack up debt on credit cards, car purchase schemes and personal loans. ...
Credit card interest 'could be waived' for longstanding debt image
Source : BBC [Read Article] Monday 3rd of April 2017 06:53:47 AM
....There have been concerns expressed over the personal debt levels in the UK. The latest figures from the Bank of England suggest that the annual pace of growth in credit card debt is at its fastest since February 2006. ...
Co-operative Group to write off the value of its stake in Co-op bank image
Source : Guardian [Read Article] Monday 3rd of April 2017 06:30:15 AM
....Virgin Money and CYBG, the owner of the Clydesdale and Yorkshire bank networks, are thought to be set to put forward bid proposals, but fears are growing that the Co-op bank will be broken up rather than sold as an entity. It has emerged that the Bank of England has placed Co-op bank under “intensive supervision” with contingency plans to ensure an “orderly failure” if a sale or an injection of fresh capital is not agreed. ...
Chancellor Hammond leading UK trade mission to India image
Source : BBC [Read Article] Sunday 2nd of April 2017 10:18:21 AM
....Chancellor Philip Hammond will lead a business delegation to India next week to drum up trade as the UK begins the process of leaving the EU. He will be joined by international trade minister Mark Garnier and Bank of England governor Mark Carney for the talks in New Delhi and Mumbai. ...
The car-loan boom isn’t the housing bubble. But there still might be a crash image
....Last November, the New York Federal Reserve bank warned that arrears in the sub-prime car-loan sector were a “significant concern”. The Bank of England has also voiced concern about rising household debts levels and last week promised a review of banks’ lending standards. ...
Mortgage tax relief cut doesn’t add up for buy-to-let landlords image
Source : Guardian [Read Article] Saturday 1st of April 2017 06:00:17 AM
....It’s not just landlord bodies that have expressed concern. In December Kate Barker, an influential economist, housing market expert and former member of the Bank of England’s monetary policy committee, told the Commons Treasury select committee that while she was generally supportive of the decision to increase stamp duty for people who were buying to let, she had more difficulty with the change to mortgage tax relief. ...
Isa rates halved since Brexit vote and eroded further by inflation image
Source : Guardian [Read Article] Saturday 1st of April 2017 06:00:17 AM
....87% at the end of May 2016, but is now 0. 43%, says investment firm Hargreaves Lansdown, quoting Bank of England data. ...
Central banks 'must communicate better to regain trust' image
Source : BBC [Read Article] Friday 31st of March 2017 09:14:41 PM
. Central banks must improve the way they communicate if they are to regain society's trust, the Bank of England's chief economist says. ...
Sterling’s fall lifts UK exports, figures show image
Source : Guardian [Read Article] Friday 31st of March 2017 04:15:49 PM
....The ONS said the improvement was mainly due to the sharp narrowing of the trade deficit, or the gap between exports and imports, which in turn was boosted by the fall in the pound since the EU referendum. Before last year’s referendum on EU membership, the Bank of England had highlighted Britain’s record current account gap and noted that the UK relies on foreign investors to fund the shortfall. ...
UK households’ savings fall to record low in warning sign for economy image
....”. This week, the Bank of England said rapid growth in consumer credit, underpinned by an acceleration in credit card borrowing, was one of the main threats to the UK banking system. ...
From energy bills to dental work, it's UK national price hike day image
Source : Guardian [Read Article] Friday 31st of March 2017 11:23:14 AM
....3% on 12 months ago, the highest rate since September 2013. The Bank of England and City economists have warned that inflation will rise further this year. ...

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