Connect to share and comment

Bank of England holds key interest rate at 0.50%

The Bank of England will stick with its record-low interest rate and amount of stimulus to support the economy, it said on Thursday amid easing inflation and solid growth for Britain. "The Bank of England's MPC (monetary policy committee) at its meeting on 9 April voted to maintain Bank Rate at 0.50 percent," it said in a statement. "The committee also voted to maintain the stock of purchased assets financed by the issuance of central bank reserves at £375 billion ($628 billion, 455 billion euros)."

Bank of England sees broader UK recovery, eyes sterling

LONDON (Reuters) - Britain's economic recovery is broadening but has some way to go before it is sustainable, Bank of England policymakers concluded at their March 5-6 meeting, minutes showed on Wednesday. The nine officials on the Monetary Policy Committee again noted the further strength in sterling - but did not directly express concern - and differed over how much slack there is in Britain's labor market.

Lawmaker Tyrie welcomes greater power for BoE over leverage ratio

LONDON (Reuters) - The Bank of England's review of how it should restrain banks' risk-taking has been welcomed by the chairman of Britain's Treasury Select Committee. Finance minister George Osborne has written to Bank of England Governor Mark Carney saying the Bank of England's Financial Policy Committee should review if it should have control over banks' leverage ratios.

Bank of England keeps interest rates at record low to assist economic recovery

LONDON - The Bank of England has kept its benchmark interest rate at a record-low 0.5 per cent as new Governor Mark Carney presses ahead with a pledge to keep monetary policy loose until the economy improves substantially. The decision was widely expected, as Carney has said the bank would refrain from raising rates until unemployment fell from the current 7.8 per cent to 7 per cent. The bank estimates that this could take about three years — but with the economy showing signs of life in recent weeks, economists have suggested the policy could end sooner than planned.

Bank of England opens its doors with virtual tour App

LONDON (Reuters) - The Bank of England has opened the doors of its famous Threadneedle Street headquarters to the world with a free App that gives a virtual tour of the 319 year-old institution including its gold bullion vaults. The tour takes the viewer inside the vaults that lie heavily locked underneath the central bank's columned facade, giving a rare view of over 400,000 gold bars worth 210 billion pounds ($317.5 billion).

UK lawmakers to launch inquiry into central bank watchdog's independence

LONDON (Reuters) - British lawmakers said they would conduct an inquiry into the independence of the Bank of England's new financial risk watchdog, following questions over its relationship with government and its appointment process. Doubts had been raised over the independence of the Financial Policy Committee, set up following the financial crisis in 2011 to pinpoint economic risks, parliament's Treasury Committee said in a statement on Monday.

Economist Poloz tapped to lead Canada's central bank

The Bank of Canada on Thursday named an economist and longtime bureaucrat, Stephen Poloz, as its new governor, succeeding Mark Carney who is leaving to head the Bank of England next month. Poloz has worked in Canada's public service for 25 years, including since 2011 as chief executive of Canada's export credit agency, which helps Canadian exporters and investors expand their international business.

UK MPs say mortgage scheme may be costly or counterproductive

By David Milliken LONDON (Reuters) - A British government scheme to help home-buyers risks being costly, counterproductive and a danger to the Bank of England's political independence, a non-partisan committee of legislators said on Saturday. Chancellor George Osborne pledged to guarantee up to 130 billion pounds of higher-risk mortgages and offer 3.5 billion pounds of shared-equity loans to home-buyers in his annual budget statement last month.

key rate-March minutes

SEOUL, April 2 (Yonhap) -- Policymakers at South Korea's central bank froze the key interest rate in a 6-1 vote for March while one member argued for a rate cut, citing economic uncertainty and easing moves by other central banks, the bank's minutes showed Tuesday. At a rate-setting meeting held on March 14, the Bank of Korea (BOK)'s seven-member monetary policy committee decided to leave the benchmark 7-day repo rate unchanged at 2.75 percent for the fifth straight month. The bank cut the key rate in July and October last year.

Britain appoints members to BoE's Financial Policy Committee

LONDON (Reuters) - Chancellor of the Exchequer George Osborne announced on Tuesday that Clara Furse, Richard Sharp and Martin Taylor will join the Bank of England's Financial Policy Committee. They will replace three outgoing members, Alastair Clark, Michael Cohrs and Robert Jenkins. Donald Kohn has been reappointed to serve a further term, he said.
Syndicate content