Tag: Bank of England

• Tuesday, March 5th 2013 - 16:52 UTC

  Libor rate-rigging: UK regulator failed to act on warnings of “low-balling”

  

  The UK Financial Services Authority repeatedly failed to act on warnings that banks were trying to rig inter-bank lending rates (mainly Libor) at height of the financial crisis, according to an internal review published Tuesday by the regulator.

• Thursday, February 7th 2013 - 19:32 UTC

  Bank of England next governor favours “flexible inflation targeting”

  

  Bank of England has chosen not to inject any more money into the economy, leaving its quantitative easing (QE) programme at £375bn. The Bank also left interest rates unchanged at 0.5%.

• Saturday, January 12th 2013 - 12:13 UTC

  More signs that the UK economy contracted in the last quarter of 2012

  

  Disappointing figures on industrial production and construction in November have added to fears that the UK economy contracted in the last quarter of 2012. The index of production grew 0.3% in November, compared with October, but had been expected to grow more as some North Sea oil and gas production resumed following maintenance.

• Friday, January 11th 2013 - 08:21 UTC

  Bank of England keeps monetary policy unchanged waiting for GDP figures

  

  The Bank of England on Thursday decided not to extend its quantitative easing (QE) stimulus program, which has injected £375bn into the UK financial system. It is also keeping its key interest rate unchanged at 0.5%, where it has been since March 2009.

• Friday, December 7th 2012 - 05:26 UTC

  Bank of England at crossroad on stimulus program despite weaker economy

  

  The Bank of England has decided not to extend its quantitative easing (QE) stimulus program, which has injected £375bn into the UK financial system.

• Monday, November 26th 2012 - 19:04 UTC

  Canadian considered G7 best central banker to lead Bank of England for next five years

  

  Mark Carney has been named as the new Bank of England governor, who will replace outgoing head Sir Mervyn King. The role of the governor is the most important unelected position in Britain, and is chosen by the British Government.

• Friday, November 9th 2012 - 06:15 UTC

  Bank of England leaves further stimuli and rate on hold

  

  The Bank of England has decided not to extend its quantitative easing (QE) stimulus program, which has injected £375bn into the UK financial system. Under QE, the Bank creates money and uses it to buy government bonds to try to stimulate the economy.

• Saturday, November 3rd 2012 - 04:03 UTC

  Bank of England governance ‘defective’ with ‘centralized and hierarchical’ structure

  

  Governance of the Bank of England is “defective”, according to the chairman of the Treasury Committee following the publication of three independent reviews into the Bank's performance. Andrew Tyrie said the reviews were too little, too late.

• Monday, October 1st 2012 - 20:44 UTC

  UK banking reform at the heart of discussions in the annual Labour conference

  

  UK Labour leader Ed Miliband has indicated that a threat by banks to move abroad would not deter him from breaking them up if they did not agree to revolutionise their operations and put ordinary customers first.

• Friday, September 28th 2012 - 16:36 UTC

  Report recommends complete overhaul of Libor system and jail for those who try to manipulate it

  

  A report into the Libor rate-rigging scandal says the system is broken and suggests its complete overhaul, including criminal prosecutions for those who try to manipulate it. Its author, regulator Martin Wheatley, told the BBC that bankers guilty of fixing Libor in future could be jailed.