United Kingdom
BoE's Lambert downplays UK inflation rise
Writing in the UK newspaper the Sun, Bank of England rate setter Richard Lambert downplayed the sharp recent rise in UK inflation, saying that the central bank does not set rates according to where inflation stands at present.
Comment: view from London
Today we turn to Andrew Smithers, the market analyst and economist, whose latest Market Update (September 14) provides a stimulating commentary on the markets - and food for thought for central bankers everywhere.
King's cricket connection
Mervyn King spent Thursday 8 September watching England play Australia at the Oval in the last Ashes cricket Test. But the Bank of England governor doesn't just watch the game, he is also involved in a campaign to bring more cricket to state schools in…
U.K. interest rates are heading for a decline
The Bank of England's Monetary Policy Committee will decide on UK interest rates this Thursday. This article published on Wednesday 7 September suggests there will no surprise when the MPC leaves interest rates unchanged at 4.5 per cent, but rates are…
BoE's Bean on the business cycle
In a speech given on 26 August Charlie Bean of the Bank of England comments on Bob Hall's article "Separating the Business Cycle from Other Economic Fluctuations".
BoE's King on UK inflation
In a speech given on 27 August Mervyn King, governor of the Bank of England, said that inflation expectations in the UK may shift significantly even if the cause of the change in prices is due to temporary factors.
Bank of England to cut financial stability staff
The Bank of England is planning to restructure the division which monitors financial stability, according to a report in the Daily Telegraph. The move could see the elimination of about 20 of the 150 jobs in the department.
The FSA sharpens its claws
The UK Financial Services Authority has signed a new agreement with the City of London police, which enhances its ability to pursue corporate criminals.
Basel II may feed volatility
Despite recognising that the new Basel accord is "widely viewed as a much needed effort to deal with the shortcoming of the current system", a recent working paper by the Bank of England (BoE) raises new concerns about how the accord may exacerbate…
What's behind real exchange rate moves?
A new working paper from the Bank of England's economic research engine room looks into the reasons for past movements in exchange rates. In contrast to the "benchmark model" in this field, the paper finds an important role for nominal shocks in…
Fears over narrow inflation targets
Wolfgang Munchau criticises overemphasis on inflation targets in a column in the Financial Times. Inflation targets have done good work in bringing down inflation and inflation expectations, he says, but with that battle won, perhaps they are no longer…
In search of King's defence
Two articles published Thursday reflected on the Bank of England's last MPC meeting which saw the governor outvoted for the first time. One says the UK's "boring" monetary policy just got a whole lot more interesting, noting that heavyweight Charlie Bean…
Comment: Views on King's gambit
Here is a roundup comments on the Bank of England's publication of the minutes of the latest MPC meeting, which revealed that, for the first time in the committee's history, the governor voted with the minority (see yesterday's CentralBankNet).
Bank of England MPC Minutes, 3 & 4 August
The minutes from the 3 & 4 August meeting of the Bank of England's Monetary Policy Committee published on Wednesday 17 August showed governor Mervyn King and three other top officials voted against this month's decision by the nine member MPC to cut…
Comment:Test for Mervyn King's communication skill
What does yesterday's revelation that the top brass of the Bank of England's MPC were outvoted at August's monetary policy meeting imply for the market's view of future interest movements in the UK? And what does it tell us about the institutional set-up…
Bank of England needs to re-examine its forecasts
This article published on Wednesday 10 August says that the Bank of England's Monetary Policy Committee is under great pressure to get its forecasts right. It asks whether it's possible we are too reverential when it comes to the Bank's projections.
Bank of England Inflation Report, August 2005
The Bank of England published its August 2005 Inflation Report on 10 August. In the report the Bank said the UK's growth outlook has weakened slightly in the near term, pulled down by sluggish consumer spending.
Doubts on Bank of England's forecasting
Nobody could say that Mervyn King, governor of the Bank of England, was defensive at yesterday's press conference on the latest Inflation Report (who has ever seen Mervyn on the defensive?), but he certainly knew he had some explaining to do.
Why interest rates could plunge as low as 3.5%
The 6th May 1997 is a date that is burnt into the minds of Bank of England employees, according to this article published on Monday 8 August. Since being granted its independence, the Bank has built up an eight-year track record of independent thought…
Bank of England reduces rates by 0.25%
The Bank of England's Monetary Policy Committee voted on Thursday 4 August to reduce the Bank's repo rate by 0.25 percentage points to 4.5%.
Bank of England set to cut interest rates
The Bank of England is widely expected to reduce UK interest rates when it concludes its 100th Monetary Policy Committee meeting on Thursday 4 August.
Dallas Fed's Fisher on the world economy
In the speech 'The world economy: Sharpening our peripheral vision' given on 29 July, Richard Fisher of the Federal Reserve Bank of Dallas said China's growing role in the global economy presented challenges to the United States, but that the U.S…
BoE's Large fuels rate cut talk
Bank of England policy maker Andrew Large gave an interview on Wednesday 27 July which is likely to fuel expectations that UK interest rates would fall next week for the first time in two years.
Bank of England MPC Minutes, 6 & 7 July
The minutes from the 6 & 7 July meeting of the Bank of England's Monetary Policy Committee published on Wednesday 20 July showed policy makers voted 5-4 to leave its benchmark interest rate unchanged at 4.75%.