Tag: Bank of England

• Friday, February 3rd 2023 - 10:15 UTC

  Bank of England raises main rate to 4%, but anticipates a shallower recession

  

  The Bank of England Monetary Policy Committee on Thursday voted 7-2 in favor of hiking interest rates by 50 basis points with the main rate now at 4%. However the MCP indicated in its statement that smaller hikes and an eventual end to the hiking cycle may be in the cards in coming meetings. The two dissenting members voted to leave rates unchanged at this meeting.

• Tuesday, December 20th 2022 - 08:44 UTC

  New banknotes depicting King Charles III unveiled

  

  The Bank of England has released specimens of the new bills portraying King Charles III instead of his mother, the late Queen Elizabeth II, which are due to enter circulation in mid-2024.

• Saturday, November 5th 2022 - 09:48 UTC

  Ex BoE governor blames much of UK's economic challenges on Brexit

  

  Former Bank of England governor, Mark Carney said that the fall in the pound and shrinking economy after the UK left the European Union, Brexit, had added to “inflationary pressure”.

• Wednesday, November 2nd 2022 - 09:17 UTC

  Bank of England begins QE “tightening”; first successful sale of £750 million bonds

  

  The Bank of England sold on Tuesday £750 million worth of UK government bonds from its quantitative easing stockpile. It was the first Western central bank to do so and received a solid demand from investors at its first auction to sell government bonds from its £838 billion pound quantitative easing portfolio.

• Thursday, October 27th 2022 - 10:16 UTC

  UK's Autumn's budget delay to Nov 17, leaves BoE on the dark as to interest rate increase next week

  

  Since British Chancellor of the Exchequer Jeremy Hunt pushed back this year's autumn statement (expected “mini budget”) --from Halloween to 17 November--. Bank of England who are meeting on 3 November have been left without guidance as to the government's tax and spending policies.

• Tuesday, October 25th 2022 - 09:10 UTC

  UK faces an era which could be more difficult than 2008, Lord King, ex BoE governor

  

  Lord Mervyn King, governor of the Bank of England from 2003 to 2013 said the United Kingdom faces an era of much austerity to stabilize the economy, with the average person having to face “significantly higher taxes” to fund public spending.

• Friday, October 14th 2022 - 10:20 UTC

  Bank of England to the rescue, “to restore orderly market conditions”

  

  The Bank of England unveiled further measures to calm market turmoil triggered by the UK mini budget announcement. The bank said it would spend up to 5 billion pounds (€5.7 billion, US$5.5 billion) per day on inflation-linked government debt bonds, or gilts, to further prop up Britain's £2.1-trillion bond market.

• Thursday, September 29th 2022 - 09:20 UTC

  Bank of England to the rescue of first stumble of PM Truss economic program

  

  Britain's central bank on Wednesday warned that dwindling confidence in the economy poses a significant risk as it took the unusual step of intervening directly in financial markets. The move was aimed at restoring financial stability in markets shaken by the Liz Truss government fiscal policies.

• Wednesday, September 21st 2022 - 09:46 UTC

  A portrait of King Charles III must be chosen before replacing bills and coins in circulation

  

  British banknotes and coins in circulation with the Queen's portrait will slowly be replaced by new printed and minted banknotes and coins bearing King Charles III portrait. The Bank of England has not yet given any details, saying that more will be known once the period of mourning has passed.

• Saturday, July 30th 2022 - 08:01 UTC

  London court rules against Maduro-appointed BCV board to handle gold

  

  London High Court Judge Sara Cockerill Friday ruled against that President Nicolás Maduro's stance in the case involving Venezuela's gold reserves deposited in the Bank of England.