Tag: Bank of England

• Tuesday, December 5th 2017 - 14:06 UTC

  Bitcoin and other virtual currencies on Scotland Yard radar because of money laundering

  

  The anti-money laundering regulations should be updated to include Bitcoin and other virtual currencies, the UK Treasury has said. The Metropolitan Police says criminals are using crypto-currency cash machines to launder money in London.

• Thursday, November 30th 2017 - 15:40 UTC

  More pliant rules for the banking and insurance industry in post-Brexit, says Bank of England

  

  Britain’s regulators will convert banking and insurance rules inherited from the European Union after Brexit to make them more tailored to the British market, Bank of England Governor Mark Carney said on Wednesday. Carney said Britain had long expressed opposition to the EU’s cap on banker bonuses, the full application of banking capital rules on smaller lenders and the bloc’s insurance capital rules.

• Tuesday, November 21st 2017 - 13:16 UTC

  ECB warns banks that they “need to have substance locally” in post Brexit

  

  European regulators have warned banks working on post-Brexit plans that they will “need to have substance locally” to serve European clients. The European Central Bank said some of the proposals it has reviewed are inadequate and risk creating “empty shells”.

• Friday, November 3rd 2017 - 07:37 UTC

  Bank of England's first interest rate increase in a decade; Brexit impact hovers over future decisions

  

  The Bank of England has raised interest rates for the first time in a decade to contain an increase in inflation stoked by the Brexit vote, in what is otherwise a moment of high uncertainty for the economy. In a statement Thursday, the bank said it had lifted its benchmark rate, which affects the cost of loans and savings rates in the wider economy, to 0.50% from the record low of 0.25%.

• Tuesday, October 31st 2017 - 07:58 UTC

  Uncertainty and inflation expected to make Bank of England reverse monetary policy

  

  Bank of England is expected to reverse emergency action taken following the Brexit referendum, when it cut rates from 0.5% to 0.25% to avert a recession. While a slump has not materialized, the British economy appears in worse health than most other major countries, with potential to be blown further off course by faltering talks to leave the EU.

• Wednesday, October 18th 2017 - 11:56 UTC

  UK inflation climbs to 3% in September, mainly because of the fall in sterling

  

  The UK's key inflation rate hit its highest for more than five years in September, driven up by increases in transport and food prices. The Consumer Prices Index (CPI) climbed to 3%, a level it last reached in April 2012, and up from 2.9% in August. The pick-up in inflation raises the likelihood of an increase in interest rates - currently 0.25% - next month.

• Friday, October 6th 2017 - 07:46 UTC

  Sterling down on uncertainty about Theresa May's future as prime minister

  

  Uncertainty over Theresa May's future as prime minister helped send sterling down nearly 1% against the dollar on Thursday. The pound fell 0.9% against the greenback at $1.3127 and declined 0.45% against the euro to €1.1217. The fall reflected concern about the Conservative Party leadership following Mrs. May speech on Wednesday.

• Thursday, October 5th 2017 - 10:07 UTC

  Bank of England's countdown for a Brexit transition deal: Christmas

  

  United Kingdom and Europe must agree on a Brexit transition deal by Christmas or risk banks triggering their contingency plans, the Bank of England has warned. Deputy governor Sam Woods said that while the UK is committed to a implementation period, the EU's position “is not yet clear”.

• Saturday, September 30th 2017 - 13:27 UTC

  Theresa May strongly defends free market capitalism during Band of England event

  

  Britain's Theresa May has defended free market capitalism in a speech marking 20 years since the Bank of England was given the right to set interest rates. She said Britons should never forget the value of a free market economy.

• Tuesday, September 19th 2017 - 20:21 UTC

  UK interest rate increase gradual, with “appropriate withdrawal of monetary stimulus”

  

  Any increases in UK interest rates in the coming months will be “gradual” and “limited”, the Bank of England governor Mark Carney has said, but “some withdrawal of monetary stimulus is likely to be appropriate over the coming months” to help return inflation to its 2% target.