The deputy governor of the Bank of England has warned of the need to regulate cryptocurrency following the collapse of the FTX exchange. FTX filed for bankruptcy protection on Nov. 11 as CEO and founder Sam Bankman-Fried resigned. Sir Jon Cunliffe told an audience at a Warwick Business School event on Monday: “While the crypto…
After FTX Collapse, Bank of England Warns of Bigger ‘Crypto Shock’ in Future
November 21, 2022
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Banks and Corporations Feeding ‘False Narrative’ That Consumers Are Driving Cashless Society: Expert
September 21, 2022
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banksBusiness & Marketscashcontactless bank cardseconomic policieseconomyRishi SunakThe Bank of EnglandUKWorld
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The author of a new book has warned of a “false narrative” being peddled by UK corporations and banks, and being supported by politicians, that the drive towards a cashless society is being driven by consumers and is an inevitable sign of technological progress. Brett Scott, a former finance industry worker who has written “Cloudmoney:…
UK Banks No Longer ‘Too Big To Fail,’ Says Central Bank
The biggest banks in the United Kingdom are no longer “too big to fail,” and could continue offering services even when facing a crisis, the Bank of England (BoE) said in a June 10 press release. The UK central bank works with financial institutions to minimize disruptions to the economy should the banks fail: a process…
Bank of England Hikes Interest Rates Three Times Amid Inflation Concerns
March 17, 2022
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The Bank of England (BoE) approved a third consecutive interest rate hike March 16 amid rising concerns about inflation. It’s the first time since 1997 that the central bank has raised rates three times in a row. “The (bank’s) MPC (Monetary Policy Committee) sets monetary policy to meet the 2 percent inflation target, and in…
UK Central Bank Chief Urges People Not to Ask for Raises to Fight Inflation
February 4, 2022
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Andrew BaileyBeating InflationBusiness & Economyhigher wageinflationThe Bank of EnglandUKwage-price spiralWorld
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The Bank of England governor has recommended workers not to demand pay raises as the country battles decades-high inflation, and wage increases as such could result in a wage-price spiral that will end up hurting the economy even more. “I’m not saying nobody gets a pay rise, don’t get me wrong, but I think, what…
Bank of England to Be First Major Bank to Hike Rates, Probably in December—Economists: Reuters Poll
LONDON—The Bank of England will be the first major central bank to raise interest rates but whether that initial increase comes as soon as next month or if it waits until early next year has divided economists polled by Reuters. Britain’s central bank surprised markett not a majority of the economists Reuters surveyed in October—by…
Bank of England Ditches Dividend Limits on UK Banks
LONDON—The Bank of England on Tuesday ditched limits on dividends banks pay out to their shareholders that were first introduced at the outset of the coronavirus pandemic as part of a package of measures to shore up the British economy. The bank’s Financial Policy Committee, which monitors risks to financial stability, said the limits were…
Bank of England Sees Potential Risks From Cloud Data Providers
LONDON—The Bank of England might strengthen its controls on cloud data providers and other technology firms to counter possible risks to the stability of the financial system from the rise of fintech, Deputy Governor Dave Ramsden said. The Bank of England (BoE) has expressed concerns before about the reliance by financial firms, especially fintech startups,…
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