- Monday, 28 November 2016
- News
BoE will prepare City companies for Brexit
The Bank of England is pushing ahead with plans for transitional arrangements after Brexit negotiations in an attempt to protect financial institutions from a cliff edge deal that could undermine their stability. Governor Mark Carney has met senior figures in the City to stress the need for a smooth path out of the European Union that maintains its stature and strong links with the continent. The meetings followed his submissions to the Treasury select committee that outlined his view that banks and other financial institutions would need to be given time to put new rules in place after a deal had been struck with Brussels.
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- Thursday, 03 November 2016
- News
BoE no longer expects to cut interest rates again this year
The Bank of England said it’s no longer expecting to cut interest rates again this year and indicated that concern about accelerating inflation may even warrant tightening at some point. With the pound’s weakness pushing up inflation faster than anticipated, Governor Mark Carney and the Monetary Policy Committee said that had “adversely affected” how they balance the needs of the economy. Having lowered interest rates in August in response to the Brexit vote, the committee said its previous guidance on the likelihood of another cut had “expired.”
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- Tuesday, 11 October 2016
- News
Sterling continues to fall
There were no data releases from the UK today. Brexit means Brexit, Theresa May says, but a London court this week will decide whether it’s up to her to decide when the U.K. leaves the European Union. The prime minister’s most senior legal adviser, Attorney General Jeremy Wright, will attempt to convince a judge that May can trigger Article 50 of the Lisbon Treaty, which starts an exit, without approval from her fellow lawmakers. Failure would force the issue into the House of Commons and the House of Lords, both of which were largely pro-EU. The lawsuit, which has hearings scheduled for Oct. 13 and 17, could delay the exit for a year, or lead to its derailment altogether. Read more...
- Monday, 19 September 2016
- News
Sterling rebounding in a quiet Monday trade
There were no major data releases from the UK today. Sterling's hefty slide since Britain voted to leave the European Union should significantly narrow the country's current account deficit, Bank of England policymaker Kristin Forbes said on Friday. Speaking at a conference in Paris, Forbes said sterling's 10 percent fall against the dollar and the euro was leading to some automatic adjustments to Britain's current account deficit, one of the largest of any advanced economy.
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