Tag: Bank of England

• Friday, August 4th 2017 - 08:35 UTC

  Brexit uncertainty pounding the economy says Bank of England governor

  

  The governor of the Bank of England has warned that uncertainty over Brexit is already weighing on the economy. Mark Carney's comments came as the Bank voted to hold rates and cut growth forecasts. It edged this year's growth forecast down to 1.7% from its previous forecast of 1.9% made in May and also cut the forecast for 2018 from 1.7% to 1.6%.

• Tuesday, August 1st 2017 - 07:44 UTC

  Bank of England staff three day strike; first industrial action in over half a century

  

  A three-day strike by Bank of England support staff will go ahead after talks at the conciliation service Acas ended without agreement, the Unite union said. Employees are unhappy about a below inflation pay rise of 1% and protestors are planning to gather outside the Bank of England building wearing masks of Governor Mark Carney.

• Friday, May 26th 2017 - 08:02 UTC

  UK economy losing momentum as Brexit impact begins to be felt

  

  Britain's economy slowed more sharply than first thought in early 2017 as consumers felt the hit from the rise in inflation that followed the Brexit vote and exporters struggled to benefit from the weak pound. Thursday's downbeat official data - which contrasts with signs of acceleration in many other economies - comes two weeks before Britons vote in a national election.

• Wednesday, May 17th 2017 - 10:33 UTC

  UK's April inflation at its highest since September 2013; Bank of England expects it to peak at 3%

  

  UK's inflation rate rose last month to its highest since September 2013, official figures show. Inflation now stands at 2.7% - up from 2.3% in March - and above the Bank of England's 2% target. The main reason was higher air fares, which rose because of the later date of Easter this year compared with 2016.

• Wednesday, April 12th 2017 - 09:44 UTC

  UK inflation steady in March with rising food and clothing prices

  

  Inflation in the United Kingdom held steady last month, as rising prices for food and clothing were offset by lower air fares. The UK Office for National Statistics, ONS, said inflation as measured by the Consumer Prices Index remained at 2.3%.

• Monday, April 10th 2017 - 08:02 UTC

  Bank of England asks financial firms to submit Brexit contingency plans

  

  The Bank of England has asked City financial firms in London to submit Brexit contingency plans, with Governor Mark Carney warning of major economic harm if negotiations between Britain and the EU falter.

• Friday, March 17th 2017 - 07:15 UTC

  Bank of England cautiously leaves interest rates at the record low of 0.25%

  

  The Bank of England (BOE) held interest rates at the record low level of 0.25% and maintained asset purchases at £435 billion on Thursday. The decision, which was made by an 8-1 majority, had been almost unanimously anticipated by central bank watchers with many expecting the BOE to choose caution until more clarity emerges on the Brexit process and the U.K. economy's capacity to manage outside of the European Union.

• Friday, February 3rd 2017 - 11:23 UTC

  Bank of England forecasts strong economic growth in next three years

  

  The Bank of England revised up its economic growth forecasts for the British economy for the coming three years, crediting much of the improvement to the government’s decision to ease up on austerity in the wake of the country’s vote to leave the European Union.

• Friday, December 16th 2016 - 10:44 UTC

  Bank of England leaves rates unchanged: global outlook has become more fragile

  

  The Bank of England voted unanimously on Thursday to keep the UK's main interest rate at a record low of 0.25%, and anticipated that the next rate move could be in either direction. The last change was a rate cut in August, in the wake of the UK's vote to leave the EU.

• Saturday, November 5th 2016 - 09:49 UTC

  Bank of England raises inflation and growth forecasts, but Brexit uncertainty remains

  

  The Bank of England has raised its near-term growth and inflation forecasts on Thursday following the slide in sterling seen since the U.K.'s decision to leave the European Union. The bank decided Thursday to keep interest rates at the record low level of 0.25% and maintan its quantitative easing (QE) purchase targets at up to £10 billion for corporate bonds and £435 billion for U.K. government bonds.