- Tuesday, 27 June 2017
- News
BoE ready for all Brexit scenarios
The Bank of England is preparing itself for the worst when it comes to Brexit. Mark Carney said on Tuesday that the central bank is putting contingencies in place for the possibility that Britain drops out of the European Union without any deal in just under two years time. Speaking after the bank released its twice-annual Financial Stability Report, Carney told reporters that the bank is - sensibly enough - making plans for all possible Brexit scenarios "however unlikely" to ensure it is as prepared as it can be for the country's departure from the EU, and the impact it may have on financial stability.
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- Tuesday, 20 June 2017
- News
Carney Ends Silence With Brexit Warning, Rate-Hike Pushback
Mark Carney ended more than a month of silence with a major speech that pushed back against rate hawks in the Bank of England and re-emphasized his concerns about the impact of Brexit on the economy. The U.K.’s exit from the European Union was a central theme of his address on Tuesday, with the BOE governor highlighting the risks to consumer spending, business investment, the current-account deficit and financial services. He indicated he’s in no rush to raise interest rates, saying he wants to see how the economy responds to the “reality of Brexit negotiations.”
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- Thursday, 15 June 2017
- News
BoE left interest rates unchanged
The Bank of England shocked financial markets on Thursday when it said three of its policymakers voted for an interest rate hike, the closest it has come to raising rates since 2007, despite signs of a slowdown in Britain's economy. The unexpectedly tight 5-3 vote adds questions over monetary policy to uncertainty over Britain's political outlook since Prime Minister Theresa May failed to win a parliamentary majority in an election last week.
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- Thursday, 11 May 2017
- News
Bank of England cuts UK growth forecast, rates unchanged
The Bank of England has trimmed its UK growth forecast for 2017 this year, saying that household spending is slowing more quickly than expected. It said consumers were being squeezed between sluggish income growth and rising inflation, and that could be seen in weak retail sales and a sharp fall in new car registrations in April. The Bank trimmed its growth forecast to 1.9% from its previous estimate of 2.0% made in February. It also held interest rates at 0.25%.
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