United Kingdom
UK rate setters worry about global economy
The stalemate within the Bank of England's monetary policy committee continued this month, with two members voting for a rate cut at a fourth consecutive meeting, and some expressing concern about the global economy.
Edward George at the Scottish Bankers Dinner
SPEECH - In a speech Sir Edward George of the Bank of England said it would be unwise to set monetary policy on the basis of the worst possible outcome. Risks to the economy, including a sharp fall in consumer spending and a house price crash, "need to…
UK Treasury Committee - Review inflation targeting
The UK's House of Commons Treasury Select Committee on Thursday criticised Chancellor Gordon Brown's economic policy and suggested a review of the Bank of England's inflation target.
Report - UK on track to pass euro convergence test
The economies of Britain and the euro-zone have converged since the new euro currency was launched four years ago - and there is no sign that this general trend will end, according to a study by PricewaterhouseCoopers, the accounting firm.
Bank of England Press Release
PRESS RELEASE - Bank of England Maintains Interest Rates at 4.0%, 9 January.
Making too much of the 'right' time
LETTER - A reply to the article 'Sweden can thrive without the euro' asks the question, How can countries such as Sweden, Denmark and the UK have a constructive role in Europe unless they fully participate in a Europe-wide economic system.
Euro coins spend their first year at home
The euro has made life easier for travellers between the 12 countries that adopted the single currency a year ago. But euros appear to be more of a stay-at-home coinage than expected.
Nickell on house prices and household debt
SPEECH - In the speech 'House Prices, Household Debt and Monetary Policy' Stephen Nickell of the Bank of England said an interest rate reduction at present would affect house prices, household borrowing and consumption, which are already increasing…
Bank of England Inflation Attitudes Survey, Nov 02
REPORT - The Bank of England's November 2002 quarterly Inflation Attitudes Survey was published on 16 December. The survey measures public attitudes to inflation in the UK. The latest survey shows 56% of respondents think the 2.5% inflation target is…
Bank of England Press Release
PRESS RELEASE - Sale of Bank of England Banknote Printing Operations, 17 December.
Bank of England Monetary Policy Committee Minutes
MINUTES - Minutes of the Bank of England's Monetary Policy Committee Meeting released on 18 December for the meeting of 4 and 5 December 2002. The nine MPC members voted on a proposal to maintain the repo rate at 4.0%. Seven voted in favour of this with…
UK inflation rate hits four-year high of 2.8%
UK inflation jumped in November to its highest level in more than four years. In its recent inflation report the Bank of England said that the rate was likely to rise in the short term but fall back towards the 2.5 per cent target at the end of 2003.
CentralBankNet Monday Special Feature
SPECIAL FEATURE - Mervyn King's appointment as governor of the Bank of England isn't the only change in leadership we have to report. Last week saw three new recruits ushered in to the top spots at the central banks of Brazil, Argentina and the Cleveland…
Bank of England Quarterly Bulletin, Winter 2002
REPORT - The Bank of England released its Quarterly Bulletin, Winter 2002, on 16 December. In the report the Bank warned that increased debt levels among British consumers could lead to a problem if the economy turns sharply weaker. "Overall, changes in…
Howard's way needs to divide
ARTICLE - An article suggests it will be difficult to replace Sir Howard Davies as chairman of the FSA, and describes the UK regulatory authority as the most powerful regulator anywhere in the world.
Britain doing well without the euro
LETTER - A letter from the Director of the Centre for Policy Studies rejecting the idea that Britain must join the euro, asks if an improvement in Britain's wealth relative to her main European competitors may have something to do with Britains exclusion…
The high cost of resisting the euro
ARTICLE - In an article the chief economist of the pro euro lobby group, Britain in Europe, says Britain is paying a rising price for excluding itself from the euro.
Bank of England Financial Stability Review, Dec 02
REPORT - The Bank of England published its Financial Stability Review for December 2002, Issue 13, on 12 December. It contains the Bank's regular half-yearly assessment of risks to financial stability, together with a number of articles including " The…
Edward George at European Finance Convention
SPEECH - In a speech to the 16th European Finance Convention Edward George of the Bank of England welcomed the idea of the increasing evolution of the European Union, but with a more "gradual and incremental" approach to integration. He cautioned that…
Bank of England has doubts on eurozone convergence
With the appointment of a widely seen 'eurosceptic' as the new governor of the Bank of England, the current incumbent Sir Edward George has raised doubts about Britain's economic convergence with the eurozone but stressed the comments were based on …
Bell on six months on the MPC
SPEECH - In the speech 'Six Months on the MPC: A Reflection on Monetary Policy' Marian Bell of the Bank of England said Bell described the job of the MPC as a narrow and technical one limited to controlling changes in the overall price level. She said…
Nickell on the picture of european unemployment
SPEECH - In the speech 'A Picture of European Unemployment: Success and Failure' Stephen Nickell of the Bank of England said that although average unemployment in Europe is relatively high compared to OECD countries outside Europe, very high unemployment…
CentralBankNet Monday Special Feature
SPECIAL FEATURE - While economists appear to be increasingly concerned with the possibility of deflation, the hideous reflection of an old enemy, central bankers have been reassuring us that the chances of a Japan style downward spiral are highly…
BoE's Bell - UK house prices may pose problems
Bank of England Monetary Policy Committee member, Marian Bell cautioned on Monday that rising house prices may be a problem for interest rate policy for some time yet but said the MPC can not address sectoral differences without jeopardising the…