United Kingdom

Blair's euro ambitions in danger

A article in the Financial Times suggests that Tony Blair's euro ambitions are in danger from the five economic tests and the latitude given to the chancellor of the exchequer by the prime minister.

Interview with Bank of England's Sir Andrew Large

In an interview with the Financial Times, Bank of England deputy governor for Financial Stability Sir Andrew Large raised speculation that the Bank's MPC might reduce interest rates at its meeting next week after flagging up concerns about the weakness…

UK must not waver in its euro tests

Anarticle in the Financial Times by Martin Wolf says for the UK government to win a referendum on the euro it must persuade the public of the economic benefits and be seen to approach the question with an open mind.

Capital flows to emerging markets

A recent Working Paper from the Bank of England 'Capital flows to emerging markets' extends a model previously developed by Barro et al. The paper looks at the optimal rate at which capital should flow to emerging market economies. It suggests optimal…

Bank of England condemns rise of red tape

In a report published on Thursday 24 April the Bank of England criticised proposed changes to the Consumer Credit Act saying it could lead to more complex regulation and limit competition, according to the Daily Telegraph.

Bank of England MPC Minutes 9/10 April 03

Minutes of the Bank of England's Monetary Policy Committee Meeting were released on 23 April for the meeting of 9 and 10 April 2003. The minutes show that MPC members voted 7-2 in favour of maintaining interest rates at their current levels. Christopher…

Bank of England minutes show 2 votes for rate cut

Minutes of the Bank of England's April meeting show two members of the MPC voted for interest rate cuts and the committee signalling next month's meeting could be crucial for the direction of interest rates, as members would have various new data…

UK tests for joining the euro

An article in the Financial Times suggests the UK government's assessment of whether the economic tests for membership of the euro have been passed will be important, even though it is widely expected that the tests will not have been passed. The…

UK ministers may fight Brown on euro vote

According to the Financial Times, a member of Tony Blair's cabinet has indicated his determination to oppose any attempt by the chancellor to rule out a referendum on the euro by saying publicly the pound had fallen to levels that would make British…

Nickell on poverty and worklessness in Britain

In a speech on 'Poverty and Worklessness in Britain' Stephen Nickell of the Bank of England said the economic forces underlying the increase in poverty in the UK are the significant shift in demand against the unskilled which has outpaced the shift in…

Budget: UK euro decision date set for June

In his annual budget address on Wednesday 9 April UK chancellor Gordon Brown said that the decision on whether Britain had passed the five euro entry tests would be made public by the first week of June, according to Reuters. He also praised the Bank of…

Bank of England told to hand over BCCI documents

A ruling in the appeal court means confidential documents held by the Bank of England relating to the BCCI collapse must be released, according to a report in the Financial Times. Liquidators for BCCI creditors allege that senior Bank of England staff…

UK financial services regulation needs overhaul

An article in the Financial times suggests that financial regulation is a balancing act. On the one hand too tough an approach may reduce London's position as a major financial centre, but on the other hand a laissez faire attitude will bring criticism…

BoE's Bean on asset prices and inflation targets

In a speech on 'Asset Prices, Financial Imbalances and Monetary Policy: Are Inflation Targets Enough?' Charles Bean of the Bank of England said yes, (flexible) inflation targets are enough. But more investigation is needed into understanding the way in…

NIESR; euro 'would boost economic growth' in UK

Influential think tank, the National Institute of Economic and Social Research has said that UK entry to the euro would boost economic growth significantly over the long term, according to a report in the Financial Times. Main benefits would be the…

BoE's George on Islamic banking

In a speech to the Islamic Home Finance Seminar Sir Edward George of the Bank of England said Islamic banks could set up in the UK offering a wide variety of financial products compliant with Muslim law. He also said progress made on developing Sharia…

New chairman of UK FSA

Callum McCarthy, a former executive at Barclays Bank and currently chief executive of the UK's energy industry regulator Ofgem, is expected to be named as the next chairman of the UK's Financial Services Authority, reports the Financial Times. The report…

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