United Kingdom

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…

MPC's Lomax was only dissenter in UK rates cut

The Bank of England's nine member Monetary Policy Committee voted 8-1 for a cut in interest rates at their July meeting, minutes showed on Wednesday 23 July. The Financial Times reported that Rachel Lomax, the new deputy governor, attending her first…

Mervyn King looks up Sylvia Hotpants

Some people have been tempted to ask, "Do we need a new Bretton Woods"? According to Mervyn King, the answer is clearly "no". Why? Well, there are dangers in them woods. "My mother said, I never should, play with the gypsies in the woods". Especially if…

Nickell on employment and taxes

In a speech on 'Employment and Taxes' given on 21 July Stephen Nickell of the Bank of England's MPC concluded that tax rates are a significant factor in explaining differences in the amount of market work undertaken by the working age population in…

Bank of England to withdraw Dickens £10 note

The Bank of England intends to withdraw the £10 note featuring Charles Dickens at the end of July. The new style £10 note with a portrait of Charles Darwin will remain in circulation.

Bank of England's Court appoints John Footman

The Bank of England has announced the appointment of John Footman as an Executive Director to its Court of Directors, 17 July. John Footman (50) joined the Bank in 1969 and has worked across most of the Bank's main functions.

New Bank team take their bow

Appearing for the first time before the UK Treasury Select Committee in his new capacity as governor of the Bank of England, Mervyn King disarmingly admitted to having "no idea" whether the current level of 3.5% of interests was the correct level. This…

UK inflation shows surprise fall

The UK inflation rate fell to 2.8% on Tuesday, moving closer towards the Bank of England's 2.5% target, according to Reuters. Most analysts had predicted an increase to 3.0%.

UK economy 'in uncharted territory'

Giving evidence before the UK parliament's treasury select committee on Tuesday new Bank of England governor Mervyn King said he had "no idea" if 3.5 per cent was exactly the right level for UK interest rates. Rachel Lomax also appeared before the…

ECB's Duisenberg confirms 1 Nov retirement

At Thursday's ECB news conference Wim Duisenberg confirmed that he expects to hand over to Bank of France governor Jean-Claude Trichet on 1 November. Duisenberg said that he saw no risk that he will be regarded as a "lame duck" president during the…

Bank of England statement on rate cut decision

The Bank of England's Monetary Policy Committee today voted to reduce the Bank's repo rate by 0.25% to 3.50%, 10 July. In its press release the Bank said the global economic recovery remained hesitant and the cut was needed to keep inflation on track to…

UK interest rates cut by a quarter point

The Bank of England cut interest rates by a quarter point to 3.5 per cent on Thursday. The Bank said the fall in the value of the pound since the start of the year should help underpin growth, but pointed out that the decrease had been partly reversed in…

Bank of England meets with King and Lomax in place

The Bank of England's interest rate setting MPC began their two day meeting Wednesday. It will be the first time Mervyn King sits on the Committee as governor and the first MPC meeting for Rachel Lomax who takes over from King as the new deputy governor…

King assumes his throne

The long-awaited moment has arrived: Mervyn King has moved into EddieGeorge's offices on Threadneedle Street, now that he has been baptised asgovernor of the Bank of England.

Crockett honoured

Andrew Crockett always did have one of those names that look as if it is just waiting to have a "sir" in front of it. Now the space has been duly filled as the former central banker and general manager of the BIS received a knighthood from the Queen of…

Central banker and football fan

Mervyn King, the new governor of the Bank of England is a well-known supporter of Aston Villa, the English football club. In fact, until recently King was senior vice-president of the club.

New Bank of England governor speaks of his pride

On the eve of taking over as Governor of the Bank of England, Mervyn King spoke to The Times about his personal approach to the role, filling the shoes of Sir Edward George and crucial issues facing the financial sector, including the prospect of…

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