United Kingdom
ECB voting change could hinder UK euro entry
The UK's treasury select committee said on Monday April 28 in a report that the ECB's proposed change in voting arrangements could pose an "obstacle to entry" for Britain and the euro, according to the Financial Times.
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.
Blair to rule out early referendum on euro
A report in the Financial Times says a deal has been reached between the UK chancellor Gordon Brown and the prime minister Tony Blair on the issue of a referendum on the euro.
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…
Bank of England holds interest rates steady
As most analysts predicted, the Bank of England held interest rates steady at 3.75 on Thursday 10 April amid continuing uncertainty, reports the Financial Times.
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…
Callum McCarthy confirmed as FSA Chairman
UK Chancellor Gordon Brown today (1 April) announced that Callum McCarthy has been appointed as Chairman of the Financial Services Authority (FSA).
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…
De La Rue to take over BoE note printing operation
The UK Department of Trade and Industry has cleared bank note printer De La Rue's take over of the Bank of England's banknote printing operation, according to CMP Information.
BoE governor on inflation
In a speech Edward George, governor of the Bank of England, said although risks exist he thinks that the most likely outcome is that we will see a gradual pick-up in the pace of global recovery over the next year or two. He said inflation may well rise…
Bank of England Quarterly Bulletin, Spring 2003
REPORT - The Bank of England released its Quarterly Bulletin, Spring 2003, on 21 March. The Bulletin includes an article on "Monetary policy and the zero bound to nominal interest rates" which suggests that a deflation situation is highly unlikely to…
BoE: deflation spiral 'unlikely to hit Britain'
The Bank of England's quarterly bulletin published on Friday March 21 suggested that Britain was likely to avoid a deflationary cycle and that the zero bound for interest rates would not be tested, noted the Financial Times
Bank of England Inflation Attitudes Survey, Feb 03
REPORT - The Bank of England's February 2003 quarterly Inflation Attitudes Survey was published on 17 March. The survey measures public attitudes to inflation in the UK. The survey showed that the number of people satisfied with how the Bank is doing its…
MPC voted 8 to 1 to keep UK rates on hold
Minutes of the Bank of England's last meeting of its interest rate setting MPC showed that the Committee saw growth slightly below trend in the short term. The Committee also felt exchange rate depreciation was likely to put upward pressure on inflation…
Large calls for extension of Basel capital
SPEECH - Speaking in London to a conference organised by the British Bankers' Association, Sir Andrew Large, the Bank of England's deputy governor responsible for financial stability, argued that the new Basel II capital regime would soon have to be…