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....Two senior economics commentators have warned that the long-term outlook remains bleak. Writing in the Guardian, Andrew Sentance, a former member of the Bank of England’s monetary policy committee, said Britain appeared to be missing out on higher levels of growth seen elsewhere in Europe. ... [Read full article on Guardian ]
Wednesday 23rd of August 2017 09:31:31 AM
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. Professor of economics at Dartmouth College, New Hampshire, and member of the Bank of England’s monetary policy committee from June 2006 to May 2009. ... [Read full article on Guardian ]
Wednesday 23rd of August 2017 09:31:45 AM
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....The UK could be one of them, according to UBS, which says Britain’s recovery from the EU vote is almost illusory. Its model of the UK economy predicts stagnation in the near future and an end to talk of rising interest rates from not just the ECB, but the Bank of England as well. ... [Read full article on Guardian ]
Wednesday 23rd of August 2017 06:17:13 PM
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Latest Finance News related to Bank Of England

Why ECB president is still flooding the system with cheap money image
Source : Guardian [Read Article] Wednesday 23rd of August 2017 06:17:13 PM
....The UK could be one of them, according to UBS, which says Britain’s recovery from the EU vote is almost illusory. Its model of the UK economy predicts stagnation in the near future and an end to talk of rising interest rates from not just the ECB, but the Bank of England as well. ...
Brexit economy: outlook positive but rocky negotiations could bring instability image
....Two senior economics commentators have warned that the long-term outlook remains bleak. Writing in the Guardian, Andrew Sentance, a former member of the Bank of England’s monetary policy committee, said Britain appeared to be missing out on higher levels of growth seen elsewhere in Europe. ...
New five-pound SHOCK: Rare notes could be worth £17,000 - here is how to spot one image
Source : Daily Express [Read Article] Wednesday 23rd of August 2017 01:40:00 AM
. The Bank of England donates some of the first notes that are created to people like the Queen and institutions who work on their development – when they become available for sale they can be worth a tremendous amount. ...
Quantitative easing is a costly habit we should have kicked long ago | Larry Elliott image
.... Instead, he took to Twitter to compare QE to heroin: ever bigger doses are needed to get a high. Did Macpherson say this when he was working for Alastair Darling, who originally gave the Bank of England permission to start QE, or George Osborne, who said the economy needed more of it? We won’t know that until the records of the Great Recession and its aftermath are released in a couple of decades, but if he did the warning was not heeded. ...
UK credit and debit card spending ​growing​ at fastest rate since 2008 image
....The number of card transactions increased by 12. 3% over the year to the end of June, according to the banking trade body UK Finance, coming amid a boom in consumer debt that has been raising alarm bells at the Bank of England. ...
Quantitative easing is like heroin, says former Treasury official image
Source : Guardian [Read Article] Monday 21st of August 2017 12:50:12 PM
....A former senior Treasury mandarin has compared quantitative easing to heroin and called for an end to almost a decade of electronic money printing by central banks. Nick Macpherson was permanent secretary to the Treasury when Bank of England officials started buying UK government bonds to stimulate the economy following the financial crisis. ...
House prices: Northants leads Midlands 'mini-boom', says Rightmove image
Source : Guardian [Read Article] Monday 21st of August 2017 05:01:02 AM
....Despite concerns about Brexit and the economy, house prices have continued to increase, though at a slower pace than in recent years. The market has been supported by a lack of supply and ultra-low interest rates, though the Bank of England has warned lenders about loose mortgage lending. ...
UK car buyers turn to secondhand vehicles image
Source : Guardian [Read Article] Wednesday 16th of August 2017 03:16:50 PM
....There was an 8% drop in lending extended for new vehicles, in a move that could alleviate concerns over a credit bubble in motor finance. Booming car sales helped by financing deals have troubled the Bank of England, which sounded the alarm in July over consumers racking up debt they may find difficult to pay back in future. ...
UK pay growth picks up as unemployment rate falls again image
Source : Guardian [Read Article] Wednesday 16th of August 2017 08:36:46 AM
....The City responded to the unemployment and earnings data by pushing up the value of the pound against the dollar by half a cent on foreign exchanges. A tighter labour market is seen as strengthening the hand of the hawks on the Bank of England’s monetary policy committee, who are pressing for an increase in interest rates. ...
EasyJet and Ryanair should be wary of launching Air Berlin bid | Nils Pratley image
.... Linking the annual increase to July’s retail prices index, which consistently gives higher readings than the consumer prices index, makes no sense. The Bank of England uses CPI for inflation-targeting. ...
Holidaymakers urged to buy euros as pound set for PARITY against single currency image
Source : Daily Express [Read Article] Tuesday 15th of August 2017 03:25:00 PM
.... Morgan Stanley and HSBC are among the investment banks that forecast the euro will be worth more than the pound in 2018. The pound has slipped in recent weeks as the likelihood of an interest rate rise from the Bank of England appears to be fading. ...
Pound V euro: GBP slumps against EUR as UK inflation holds steady image
Source : Daily Express [Read Article] Tuesday 15th of August 2017 11:43:00 AM
....". While inflation remains strong at the start of the third quarter, economists are still doubtful that the current level of consumer price pressures will prompt the Bank of England (BoE) to begin tightening monetary policy. ...
Rail fare increase signals light at the end of the tunnel for UK inflation image
.... There is probably still in the pipeline some residual inflationary pressure caused by sterling’s fall which will show up in the coming months. The Bank of England expects consumer price inflation to reach 3% later in the year. ...
Rail users face steepest fare rise in five years as inflation hits 3.6% image
Source : Guardian [Read Article] Tuesday 15th of August 2017 08:32:02 AM
....On the other hand, pensioners, who depend on a fixed income, watch the value of their assets erode. The government's preferred measure of inflation, and the one the Bank of England takes into account when setting interest rates, is the Consumer Prices Index (CPI). ...
Ten years after the crash, there’s barely suppressed civil war in Britain | Aditya Chakrabortty image
.... Were the UK to crash again, its government no longer has the political capital nor the fiscal headroom to save the financial system. And with interest rates scraping along the bottom, the Bank of England has barely any firepower left. ...
City 'haemorrhaging' talent because of Brexit, says headhunter image
Source : Guardian [Read Article] Monday 14th of August 2017 11:01:08 PM
.... Now they’re talking about ‘when’ they leave London,” said Enver. The Bank of England asked 400 banks, insurers and major fund managers to provide details of their Brexit plans by 14 July. ...
Mortgage rates are rising and time is running out to fix prices, borrowers told image
.... Experts said ahead of an expected interest rate rise costs could keep edging higher. The Bank of England has warned households that the base rate is set to rise in 2018 - earlier than many expect. ...
The UK debt tide is rising – how can you avoid drowning? image
Source : Guardian [Read Article] Monday 14th of August 2017 06:00:35 AM
....Borrowing through credit cards, overdrafts and car loans - unsecured consumer credit - and other forms of financing has topped £200bn, confirming grim predictions from debt charities of the spiralling problems they see on the ground. Recent figures from the Bank of England have shown it grew by 10% in the year to June to £210bn, the highest figure since December 2008. ...
New pension research: Is this really a golden era for retirement? image
Source : Daily Express [Read Article] Sunday 13th of August 2017 10:29:00 AM
....This problem is also likely to grow with mortgage debt held by over 65s doubling from £20 billion today to nearly £40 billion by 2030, the International Longevity Centre-UK calculates. Today’s pensioners have also been hammered by the Bank of England’s decision to slash base rates to near zero, sending savings and annuity rates to all-time lows, punishing millions who saved diligently for their retirement. ...
Too much hinges on house prices: but Britain may yet avoid a crash image
Source : Guardian [Read Article] Saturday 12th of August 2017 03:00:47 PM
.... That would result in higher unemployment and higher arrears, and turn house prices negative. The Bank of England is wary of tightening policy for that very reason. ...
REVEALED: The shock return on £15,000 saved in cash in 2007  image
Source : Daily Express [Read Article] Saturday 12th of August 2017 11:01:00 AM
. It is 10 years since the the Bank of England last raised interest rates with the base rate now at a record low 0. ...
For the first time ever I am defending banks. Here’s why | John Harris image
....Meanwhile, even bigger anxieties swirl around. Some relate to the disastrous possibilities of a cliff-edge Brexit, glimpsed this week in the letter written to the House of Commons Treasury select committee by the deputy governor of the Bank of England in charge of the Prudential Regulation Authority, which essentially exists to prevent financial crises. ...
Bank of England takes note on banknotes (but that's all) | Nils Pratley image
Source : Guardian [Read Article] Thursday 10th of August 2017 06:27:09 PM
. Has the Bank of England got the hang of this public consultation lark? On the vexed question of whether the nation’s banknotes should contain traces of animal products, 88% of respondents to the Bank’s survey said they shouldn’t. ...
The experts strike back! How economists are being proved right on Brexit | Barry Eichengreen image
.... There was in fact no immediate recession in the UK after the vote for Brexit; indeed, there was not even a slowdown in growth. To explain this, observers pointed to the nimble response of the Bank of England, which cut interest rates to prevent any softening of demand. ...
Bank of England to keep animal fat in banknotes despite complaints image
Source : Guardian [Read Article] Thursday 10th of August 2017 10:11:31 AM
. The Bank of England has decided to stick to plastic banknotes despite complaints from vegans and religious groups that they contain tallow, an animal byproduct. ...
Co-operative Bank sheds 25,000 current account customers but losses shrink image
Source : Guardian [Read Article] Thursday 10th of August 2017 08:25:02 AM
.... About 6% of current account customers left after the 2013 debacle, but numbers rose between 2014 and 2016, before slipping in the first half of this year. The bank acknowledged it had been facing a “heightened degree of regulatory supervision” from the Bank of England since its near collapse in 2013 and was raising fresh capital to meet longer-term UK bank regulatory requirements. ...
Worldpay takeover deal: not bad, but could have been better | Nils Pratley image
Source : Guardian [Read Article] Wednesday 9th of August 2017 06:27:04 PM
.... The shares hit 171p then; now they’re 272p. Here’s a thankless role for somebody at the Bank of England: conflict of interest officer. ...
Pay is finally edging up, says Bank of England report image
Source : Guardian [Read Article] Wednesday 9th of August 2017 05:39:17 PM
. Long-awaited signs of pay growth have been detected by the Bank of England amid evidence that a steady fall in unemployment is making it harder to find staff. ...
Contactless transactions take UK debit and credit card use to record high image
Source : Guardian [Read Article] Wednesday 9th of August 2017 05:36:58 PM
....Credit card lending is one part of the consumer credit market – which includes personal and car loans – that is being closely watched by regulators. The Bank of England’s director for financial stability, Alex Brazier, recently warned lenders were “dicing with a spiral of complacency” and that lending standards “can go from responsible to reckless very quickly”. ...
Bank of England to name conflicts officer to vet appointments image
Source : Guardian [Read Article] Wednesday 9th of August 2017 11:22:09 AM
. The Bank of England is to task a senior executive with monitoring conflicts of interest among staff in order to avoid a rerun of the circumstances that led to the resignation of Charlotte Hogg as deputy governor. ...
Buy-to-let landlords: Five top tips that could save you THOUSANDS image
Source : Daily Express [Read Article] Wednesday 9th of August 2017 08:30:00 AM
....You will pay corporation tax rather than income tax which may be lower as the current rate is 19 per cent. There are other benefits too as the Bank of England’s Prudential Regulation Authority recently tightened up criteria for buy-to-let mortgages and applicants must demonstrate that they can afford their mortgage should rates rise. ...
Alistair Darling: 'RBS said it would run out of money in early afternoon' image
Source : Guardian [Read Article] Wednesday 9th of August 2017 07:59:03 AM
....Meanwhile, Sir John Gieve said there would be no rerun of the 2008 financial crisis. The Bank of England’s deputy governor for financial stability between 2006 and 2009 told Today: “I don’t think we’ll see a repeat of what happened 10 years ago because banks have far more capital, there are far more regulations on their liquidity and funding which was a big issue then, and of course they have spent the last 10 years dealing with the problems raised . ...
We let the 2007 financial crisis go to waste | Torsten Bell image
Source : Guardian [Read Article] Wednesday 9th of August 2017 05:00:01 AM
.... We should have spotted earlier the changed dynamic of a flexible labour market, very low interest rates and a big depreciation of the exchange rate, which fed quickly through into the higher inflation and lower living standards still evident today. Had we done so, we might have recognised earlier that employment levels were understating the economic damage being done and, for example, pushed harder against opposition to more radical action from Mervyn King, then governor of the Bank of England. ...
Bank of England warns Brexit will put strain on regulatory resources image
Source : Guardian [Read Article] Tuesday 8th of August 2017 11:01:03 PM
. The Bank of England has warned that the task of regulating the City after Brexit will put a strain on its ability to police the financial sector. ...
Bank of England deputy's Brexit warning is strong stuff | Nils Pratley image
Source : Guardian [Read Article] Tuesday 8th of August 2017 11:01:03 PM
....Sam Woods isn’t beating about the bush. The deputy governor of the Bank of England and head of the Prudential Regulation Authority (PRA) says practical complexities arising from Brexit pose “a material risk to our objectives” and “we may have to make some difficult prioritisation decisions”. ...
Mortgage rates will rise – so 
are you ready 
to take a hit? image
Source : Guardian [Read Article] Tuesday 8th of August 2017 04:52:17 PM
. Mortgage holders can breathe a sigh of relief after the Bank of England decided last week to leave borrowing costs at an all time low – but it came with the warning that interest rate rises are on the way. ...
Total UK wealth tops £10tn thanks to City and property boom image
Source : Guardian [Read Article] Monday 7th of August 2017 11:01:22 PM
.... Previous surveys have shown that a tenth of adults own half the nation’s wealth, while 15% own nothing or have negative wealth. The Bank of England has acknowledged that the richest 10% of Britons gained most from the money creation programme known as quantitative easing, since the increase in the supply of credit boosted demand for financial assets. ...
House price slowdown is excellent news – even if estate agents disagree | Nils Pratley image
.... Back in March last year, house prices were rising at an annual rate of 10%, which was completely unsustainable given how slowly wages are increasing. Indeed, the position was becoming dangerous, especially from the Bank of England’s viewpoint. ...
UK consumers cut spending on clothes, cars and foreign travel image
Source : Guardian [Read Article] Sunday 6th of August 2017 11:01:05 PM
....“Alongside the renewed squeeze on household budgets, uncertainties linger over the direction of the economy and the outcome of the ongoing Brexit negotiations, which is weighing down consumer confidence,” said Fiddes. “All this makes it seem unlikely that consumer spending will recover in the current challenging conditions, and adds to expectations that the Bank of England will not hike rates any time soon. ...
Banks issue new sort codes in ringfencing of high street operations image
Source : Guardian [Read Article] Sunday 6th of August 2017 03:15:24 PM
....Barclays is not alone in needing to issue new sort codes, which signify the branch associated with the account. The Bank of England has estimated that about 1 million customers could be affected in an industry where there are 72m personal current accounts. ...
Employment statistics tell skewed story about UK jobs market Katie Allen image
.... Compared with the spring of 2008, employees are earning £15 less a week before tax and other deductions from pay, according to the Office for National Statistics. The Bank of England says the squeeze on living standards will continue for the rest of this year. ...
Interest rates: Winners and losers revealed following a year of record low interest rates image
....DEEP IN DEBT . The Bank of England’s low interest rate policy is forcing savers to take unwarranted risks on the stock market and is also fuelling a consumer credit bubble, with debts topping £200 billion for the first time since the credit crunch. ...
A decade after the financial meltdown, its underlying problems haven’t been fixed image
....The encouraging part is that the world of banking has been transformed from the under-capitalised, over-leveraged and inadequately supervised system of 2007. In June this year, Mark Carney, governor of the Bank of England, was able to report that losses that would have wiped out the entire capital base of the UK banking system in 2006 could now be fully absorbed by the top-up capital buffers alone. ...
Two pints of best and an English rosé as wine comes to the beer festival image
.... The financial service company Hargreaves Lansdown said investors would “be keen to see if the new pricing strategy is driving sales up after recent weakness”. The Bank of England will publish a report this week prompted by one of the more embarrassing incidents in its recent history. ...
Only a big-spending budget can save us from years of low interest rates image
Source : Guardian [Read Article] Saturday 5th of August 2017 04:00:16 PM
....The institute’s top brass are not the only ones to believe that the UK’s banking system is continuing to act as a dead weight on economic growth. Lord King, the former governor of the Bank of England, was always a little unhappy in the years after the crash when asked about the Labour government’s reluctance to follow the US example on bailing out the banks. ...
The president tweeted it – but is the US economy really great again? image
Source : Guardian [Read Article] Saturday 5th of August 2017 03:00:15 PM
....The budget is a mix of tax cuts for the richest and middle-income groups coupled with deep cuts in further education and welfare spending. Albert Edwards, the famously gloomy global strategist at Société Générale, is convinced that the loose monetary policies preferred by the Federal Reserve and the Bank of England, and endorsed by Trump, are encouraging a debt bubble that will burst with similar consequences to the 2008 financial crash. ...
Student debt: What is going on with the Student Loans Company? image
Source : Guardian [Read Article] Saturday 5th of August 2017 06:00:04 AM
.... Some are the responsibility of the SLC, but others are policies forced on it by government. Put bluntly, it is the prospect of having to pay 6% interest on student loans when the Bank of England base rate is 0. ...
SHOCK WARNING: Interest rates could soon RISE, Bank of England deputy says image
Source : Daily Express [Read Article] Friday 4th of August 2017 04:00:00 PM
....Governor Carney suggested the Bank could raise rates next year. Laith Khalaf, senior analyst at Hargreaves Lansdown said: "The UK economy is faltering and consumer purses are under pressure, so it’s no surprise the Bank of England has decided not to upset the applecart by raising interest rates. ...
Credit crunch, 10 years on: fate of RBS shows global crisis is not over image
....His idea is for central banks to become a “pawnbroker for all seasons” – agreeing in advance the terms of any loans by a lender of last resort, helping to avoid the moral hazard problem where banks take risks because they know they are going to be bailed out. A senior Bank of England official, Alex Brazier, has recently warned about banks dicing with a “spiral of complacency” in their consumer lending – when borrowing on credit cards, via unsecured loans and car loan schemes has topped the £200bn level for the first time since the crisis. ...
Brexit uncertainty blamed as UK car sales fall for fourth month image
Source : Guardian [Read Article] Friday 4th of August 2017 10:06:43 AM
....However, household budgets are coming under renewed pressure as prices rise faster than wages, signalling a return to the fall in real pay that hit workers in the aftermath of the financial crisis. The Bank of England said on Thursday that businesses were also less willing to spend money at a time of persistent uncertainty over Britain’s future relationship with the EU. ...
How Britain fell out of love with the free market image
Source : Guardian [Read Article] Friday 4th of August 2017 05:00:34 AM
....That crisis and what followed – recession, prolonged weak growth, ballooning public and private debt, and seemingly endless austerity – has already destroyed or severely damaged the governments of Gordon Brown, David Cameron and Theresa May. It has necessitated contortions that suggest an economic system on life support: bank bailouts, unprecedentedly low interest rates, and quantitative easing – ie the Bank of England simply printing money and pumping it into the economy. ...
Don't relax rules on City after Brexit, Mark Carney warns image
Source : Guardian [Read Article] Thursday 3rd of August 2017 05:00:19 PM
. The governor of the Bank of England has predicted that the financial sector could double in size to be 20 times as big as GDP within the next 25 years, but warned that the government must hold its nerve and resist pressure to water down regulation after Brexit. ...
'It's hard to remember how fraught it was': Mark Carney on the credit crunch image
....When the financial crisis started in August 2007, the reaction of many of the participants was similar to that of the first world war generals in August 1914: they thought it would all be over by Christmas. Mark Carney, the governor of the Bank of England, said that when the markets started to seize up, some of the major players reckoned it was just a blip and that things would soon be back to normal. ...
Brexit is putting firms off giving pay rises, says Bank of England image
Source : Guardian [Read Article] Thursday 3rd of August 2017 11:13:47 AM
The day the credit crunch began, 10 years on: 'the world changed' image
Source : Guardian [Read Article] Wednesday 2nd of August 2017 04:15:56 PM
UK economy is about to surge back to life, says leading forecaster image
Source : Guardian [Read Article] Tuesday 1st of August 2017 11:01:30 PM
. Britain’s economy will surge back to life in the next six months following its slow start this year, a leading forecaster has predicted, prompting the Bank of England to raise interest rates next spring – more than a year earlier than its previous projection. ...
Nicky Morgan requests assessment of City's readiness for hard Brexit image
Source : Guardian [Read Article] Monday 31st of July 2017 11:01:01 PM
. The Conservative MP Nicky Morgan has asked the Bank of England to provide comprehensive details of the City’s readiness for a hard Brexit, in an early indication of the agenda she hopes to pursue as head of one of parliament’s most influential committees. ...
HSBC shows what happens when a bank stops shooting itself in the foot | Nils Pratley image
.... When the regulator says it is considering whether unarranged overdrafts should even have a place in modern banking, it is already obvious that the current set-up is not going to survive. In her first outing as chair of the Treasury select committee, Nicky Morgan wants a report from the Bank of England on how banks and insurers are preparing for Brexit, with particular reference to the risks created by a “no deal” outcome. ...
Why bitcoin and its digital cousins are under increasing scrutiny image
Source : Guardian [Read Article] Monday 31st of July 2017 03:54:14 PM
.... This sent tremors through the digital currency industry. The Bank of England, the UK’s main financial regulator, reckons that digital currencies remain very different from standard currencies such as sterling and the dollar because they “act as money only to a limited extent and only for relatively few people”. ...
Bank of England staff to strike for first time in 50 years after talks fail image
. The first strike by Bank of England workers in more than 50 years is to go ahead from Tuesday after last-ditch talks broke down. ...
Credit card Britain: £1.5BN of debt racked up in ONE MONTH sparking fresh crisis fears image
. Consumer credit, including credit cards, car finance and personal loans surged by 10 per cent from the same time last year, Bank of England figures today showed. ...
Last-minute talks bid to halt first Bank of England strike in 50 years image
. The Bank of England will hold last-ditch talks with the UK’s largest trade union on Monday as the central bank attempts to avert its first strike in 50 years. ...
France isn’t heading for a belle époque, but its future looks better than Britain’s image
....But few analysts in the French financial services industry think the surge is more than a cyclical rebound. The return of business confidence follows Macron’s election, the absence of financial disasters inside the EU and the cheap money flowing out of the European Central Bank, which is having the same effect now on France that the Bank of England’s quantitative easing had on the UK economy in 2013. ...
Lenders must stop stoking demand for loans: or there’ll be another firestorm image
.... Over the past year, growth per head of population has increased by 1% while the amount consumers have racked up – on their credit cards, on car finance and in unsecured personal loans – has increased by 10%. This is a matter of concern for the Bank of England, and rightly so. ...
Goodbye 25-year mortgages, but are we walking into a borrowing trap? image
Source : Guardian [Read Article] Saturday 29th of July 2017 06:00:43 AM
.... But what are the pros and cons of opting to “go long”? Is it wise to saddle yourself with a major debt that you might still be paying off long after you have started collecting your pension?. The Bank of England has disclosed that during the first three months of this year, 15. ...
Santander cuts back lending amid Bank of England concern over personal debt image
. Santander has reduced its mortgage lending and its loans for car purchase amid Bank of England warnings about reckless lending and a “spiral of complacency” over mounting consumer debt. ...
Barclays sets aside extra £700m for PPI claims image
Source : Guardian [Read Article] Friday 28th of July 2017 07:25:34 AM
....7p by lunchtime – below the 233p level at which Staley bought shares in November 2015 before taking the helm. The bank has a large credit card business, Barclaycard, part of the consumer credit market that is being scrutinised by the Bank of England, which this week warned of a “spiral of complacency” about mounting consumer debt. ...

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