Bank of England (BoE)
BoE's King explains reasons for rate rise
Appearing before the Treasury Select Committee on Thursday 20 November, Mervyn King, governor of the Bank of England gave the reasons for this month's 25 basis point rise in interest rates - the first in nearly four years. A combination of positive…
On the record
Central Banking reproduces a text of a speech made by Mervyn King, governor of the Bank of England, at the East Midlands Development Agency/Bank of England dinner in Leicester October 14.
Bank of England Quarterly Bulletin, Autumn 2003
The Bank of England released its Quarterly Bulletin, Autumn 2003, on 26 September. The Bulletin includes articles titled 'Public expectations of UK inflation' and 'The optimal rate of inflation: an academic perspective'. The report also warns that…
Mervyn King testifies to UK Treasury committee
Bank of England governor Mervyn King made a statement to the UK Treasury Select Committee, in which he discusses the outlook for the economy as well as the changeover of the BOE inflation index from RPIX to HICP: "the change in the target will need to be…
What's goin' on?
Bank of England MPC member Stephen Nickell has just accomplished the rather unenviable task of explaining what the switch from an inflation target based on the RPIX index to the HICP index, as used in Europe, actually means. Inflation indexes: who cares?…
Nickell on Two Current Monetary Policy Issues
In a speech on 'Two Current Monetary Policy Issues' given on 16 September Stephen Nickell of the Bank of England said in the long run, thanks to differences in computational methods and the absence of the housing depreciation and council tax elements,…
...and Howard's end
Sir Howard Davies, who leaves the UK's Financial Services Authority at the end of this week to take up the job of head of the London School of Economics, sensibly ducks questions about whether he wanted to be governor of the Bank of England.
E-barter V fiat money: will central banks survive?
Bank of England Working Paper by F H Capie, Dimitrios P Tsomocos and Geoffrey E Wood titled "E-barter versus fiat money: will central banks survive?". In the paper the authors argue that the information-economising properties that allowed money to…
BOE's tail between legs over IT fiasco
The Bank of England has approached its various account holders - including foreign central banks - with its tail between its legs after unforeseen problems arose in its payment system, according to the Financial Times. "It is now clear that the new…
Bank of England Minutes 6 & 7 August
Bank of England Minutes for meetings of 6 & 7 August in which the MPC voted unanimously to leave rates on hold.
Bank of England Inflation Report, August 2003
The Bank of England published its quarterly Inflation Report for August 2003 on Wednesday 13 August. In the report the Bank said "The recovery in the world economy has been slow and uneven," and "Inflation is projected to run somewhat below target…
Bank of England cuts inflation forecast
The Bank of England's inflation report published on Wednesday 13 August showed that the Bank expects inflation to dip below the 2.5 percent target for most of 2004, after reaching 3 percent in April, Bloomberg reports.
UK Treasury reviews cash ratio deposit scheme
Conclusions and recommendations of a UK Government review of the cash ratio deposit scheme for financial institutions. The key conclusions of the review are: The cash ratio deposit scheme continues to be a suitable method of funding Bank of England…
Insiders and outsiders at the Bank of England
The voting behaviour of members of the Bank of England's monetary policy committee is popularly portrayed as just a "hawks versus doves" dichotomy. The reality is complex reveals Petra Gerlach-Kristen.
Central bank transparency - As clear as mud
Being open and being predictable are rather different things, this article in The Economist finds. Using statistics from polls conducted before central banks' policy meetings it says that the Fed's interest rate changes are the most predictable at 95%,…
Bank of England plans 'George Fellowships'
In recognition of Sir Edward George's achievements during his lifelong service, the Bank of England plans to introduce The George Fellowships which will be used to promote research in finance and economics.
Bank of England maintains interest rates at 3.5%
The Bank of England's Monetary Policy Committee today voted to maintain the Bank's repo rate at 3.5%, 7 August.
UK interest rates left unchanged
The Bank of England left interest rates unchanged on Thursday at 3.5 per cent. The decision was widely predicted, notes the Financial Times, after the MPC made a quarter point cut at its last meeting.
An original career change
After a career in central banking, what is there left? A certain feeling of emptiness has been known to haunt ex-central bankers, which some have attempted to relieve by immersing themselves in academic studies, while others have resorted to the soothing…
Interview with Bank of England's Paul Tucker
In an interview with Dow Jones, Paul Tucker said that the outlook for the world economy remains uncertain. Tucker, who sits on the Bank of England's Monetary Policy Committee, spoke of a "delicately poised" domestic and international economy but said…
When great minds should not think alike
Committees are not necessarily the best recipe for good policy outcomes, this article in the Financial Times suggests. After Rachel Lomax joined the Bank of England's Monetary Policy Committee and immediately ruffled some feathers by dissenting from the…
Rachel Lomax and a new era for the MPC
Rachel Lomax's first Monetary Policy Meeting at the Bank of England may have labelled her a hawk for good from day one at the office. An article published by Dow Jones suggests her reluctance to vote for a rate cut when growth is weak may signal distinct…
Bank of England MPC Minutes 9/10 July 2003
Minutes of the Bank of England's Monetary Policy Committee Meeting were released on 23 July for the meeting of 9 and 10 July 2003. The MPC acknowledged that it now seemed likely that UK growth in 2003 Q2 had been weaker than the Committee had assumed in…