The Bank of England (BoE) has raised interest rates from 4.25 percent to 4.5 percent marking their highest level in almost 15 years. It’s the bank’s 12th consecutive rate hike and a peak since October 2008. Governor Andrew Bailey said the BoE is now forecasting “modest but positive growth” instead of a “shallow but long recession”…
Bank of England Suffers From Groupthink, Peers Told
The Bank of England (BoE) needs to increase its intellectual diversity in order to combat groupthink, a House of Lords committee heard. Martin Wolf, chief economics commentator at the Financial Times, said members of the bank’s Monetary Policy Committee (MPC) appeared to have voted “all in lockstep for a very long time.” But the risk of…
People Need to Accept They Are Poorer, Says Central Bank Economist
High inflation will stay persistent unless people accept that they are poorer, a senior UK central bank official has said. The UK’s Consumer Prices Index inflation fell slightly to 10.1 percent in March from 10.4 percent in February, but remained in the double digits, according to the Office of National Statistics (ONS). Huw Pill, chief…
Bank of England Could Sell Bonds Faster, Former Monetary Policy Committee Member Says
The Bank of England (BoE) may not be selling bonds fast enough to get inflation under control, a former member of the bank’s Monetary Policy Committee (MPC) told MPs on Tuesday. Giving evidence to MPs on the Treasury Committee, Andrew Sentance, senior advisor at Cambridge Econometrics and former MPC member, said there is the case for going “a…
UK Economy Grew Slightly to Avoid Recession in 2022, Revised Official Data Shows
The UK economy grew by more than first thought in the fourth quarter of 2022, according to revised official data confirming the country avoided a recession last year. Economists had previously said the economy saw zero growth between October and December, indicating the UK had very narrowly avoided a recession. But revised figures released by…
UK Private Sector Contracts for 8th Consecutive Quarter, New Research Shows
The UK’s private sector shrank for the 8th quarter in a row at the start of 2023 but is expected to return to growth in the next quarter, according to new research. The Confederation for British Industry (CBI) said in its latest growth report that activity across the UK private sector contracted by around 4…
UK Banking System Faces ‘Very Heightened Tension’: BoE Governor
March 28, 2023
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The UK financial system is in a period of “very heightened tension and alertness” for further turmoil in the banking sector, Bank of England Governor Andrew Bailey has said. The UK banking system remains in “a strong position” but the central bank has to be “very vigilant,” Bailey told the Treasury Committee in the House…
Interest Rates Will Rise Further If Firms Raise Prices, Bank of England Boss Warns
The Bank of England will have to put up interest rates even further if companies raise prices in a bid to beat inflation, the bank’s governor has warned. The central bank said on Thursday that its Monetary Policy Committee (MPC) voted by a majority of 7–2 to increase the bank rate by 0.25 percentage points…
UK Financial System ‘Safe and Sound,’ Central Bank Says After Credit Suisse Deal
March 20, 2023
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Britain’s central bank has said the UK financial system remains “safe and sound” as it seeks to calm fears after the Swiss government mediated the merger between the country’s two largest banks to save Credit Suisse from collapse. Swiss investment banking company UBS announced on Sunday evening it will purchase its rival Credit Suisse in…
UK Food Inflation Rose at Record Rate During ‘Challenging’ Christmas Period, New Figures Show
Food inflation in the UK accelerated to record levels during the Christmas season that was “challenging” for many households, an industry body has said. In December 2022, food inflation rose to 13.3 percent, up from 12.4 percent in November. It is the highest inflation rate in the food category on record, according to the latest…
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