- Thursday, 14 December 2017
- News
Bank of England: disorderly Brexit risk reduced by EU talks progress
Last week’s breakthrough in Brexit talks has reduced the risk of a disorderly British departure from the European Union and may boost economic confidence, the Bank of England said on Thursday after it left interest rates unchanged. BoE policymakers voted unanimously to keep rates at 0.5 percent, as expected, a month after raising them for the first time in more than a decade as inflation approached its highest level in nearly six years. Prime Minister Theresa May secured agreement from the European Commission last week that Britain had made sufficient progress in preliminary talks to move on to negotiating a transition agreement and a longer-term trade deal.
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- Tuesday, 28 November 2017
- News
UK banks strong enough to cope with 'disorderly' Brexit, Bank of England says
The UK's seven biggest lenders are all strong enough to cope with a "disorderly" no-deal Brexit, according to a Bank of England assessment. But the Bank said it would consider whether the firms needed to hold billions more capital as an emergency buffer in case such a scenario coincided with a wider global downturn. The Bank's financial policy committee also set out a wishlist of actions required to mitigate the risks to UK financial services posed by the departure from the EU.
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- Thursday, 02 November 2017
- News
Bank of England hikes rates for the first time in a decade
Alongside Governor Mark Carney, the majority of rate-setters at the U.K.'s central bank voted in favor of hiking the benchmark rate to 0.5 percent from 0.25 percent. The Bank of England's decision to rate hikes Thursday sees the central bank fall in line with the U.S. Federal Reserve and to some extent the European Central Bank. The central bank expects the inflation rate to have peaked at 3.2 percent in October — and will be at 3 percent for the year as a whole. Speaking at a news conference shortly after the interest rate announcement, Carney said: "It isn't so much where inflation is now but where it is going that concerns us."
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- Tuesday, 24 October 2017
- News
BoE ready to raise rates
The Bank of England is seriously considering raising rates for the first time in 10 years against a backdrop of lacklustre economic growth, as a Guardian analysis shows the Brexit vote sapping business confidence and hitting household income. As Mark Carney, the Bank’s governor, prepares to hike the cost of borrowing for the first time since 2007 from as soon as next week, key barometers of economic strength are faltering. Nevertheless, City analysts expect Carney and his panel of rate setters on the monetary policy committee to vote for a rate hike on 2 November.
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