United Kingdom
Eastern Caribbean Central Bank takes over Anguilla’s largest two banks
ECCB steps in as banks’ capital positions deteriorate; Anguilla’s chief minister looks to the UK government for public and private investment in wider economy
BoE’s Weale votes against forward guidance
Martin Weale votes against guidance out of concern for medium-term inflation expectations, while MPC members remain divided over the prospect of more QE
Bank of England ties monetary policy to unemployment
MPC will not raise interest rates or unwind its asset purchases ‘at least until’ the unemployment rate falls below 7%; unlikely to happen within the next three years according to latest forecast
UK economy near escape velocity already, say ex-MPC members
Former BoE deputy governor John Gieve believes Mark Carney may use macro-prudential policy to boost the UK economy; Charles Goodhart argues ‘help to buy' scheme will promote lending to SMEs
BoE bows to persuasion as Austen proves banknotes not just a man’s field
English author will replace Charles Darwin on UK £10 note in 2017; campaign against central bank also yields review into the criteria used for character selection
UK government set to make electric ring fence ‘virtually useless'
Banking standards commission chairman Andrew Tyrie laments the government's departure from his commission's recommendations on leverage, Bank of England reform and the electrified ring fence
UK's FCA commits to active participation in designing European regulation
FCA chairman says the UK financial industry must take a pragmatic approach towards regulation from Brussels; MP Mark Garnier says regulation that is too complex can lead to ‘accountability firewalls'
Former BoE deputy to review RBS SME lending practices
Andrew Large will look into RBS group's lending practices in a bid to ensure more liquidity reaches UK businesses
Carney prioritises 'women on banknotes' issue
New Bank of England governor says issue of present and future female representation on banknotes is under discussion; pledges further public announcement by end of July
BoE MPC member says QE has worked, and exit need not cause turbulence
David Miles says opponents of QE are overly pessimistic, and research he has been conducting suggests it ‘might well be part of an optimal monetary policy strategy'
BoE and PBoC open ‘very important’ renminbi swap line
Bank of England and People’s Bank of China establish three-year 200 billion yuan swap line; fourth largest of its kind and first in European Union
Reckless bankers should face jail, says UK parliamentary report
UK Parliamentary Commission on Banking Standards delivers raft of recommendations on how to cultivate better responsibility among bankers, banks and their regulators
UK parliamentary review slams 'half-hearted' Bank of England reform
Parliamentary Commission on Banking Standards calls for overhaul of Court of Directors; dismisses central bank's Oversight Committee as ‘half-hearted at best'
UK Payments Council prepares 'roadmap' for reform
'Payments Roadmap' seeks to boost competition and innovation in UK payments, even as a government consultation leaves the future of the Payments Council in doubt
Parliament launches inquiry into independence of Bank of England’s FPC
Law-makers raise questions over independence of Financial Policy Committee; concerned by Osborne’s recent changes to its membership and remit
BoE reveals £300 million drop in FLS lending
Banks participating in FLS scheme reduced their net lending by £300 million in the first quarter of 2013; Bank of England predicts ‘gradual’ increase throughout year
UK consumers drop cash in move towards mobile payments
British Retail Consortium says cash usage fell sharply last year, while research by VocaLink finds a strong uptake of mobile payments by consumers, though retail payments are still dominated by cash
IMF says forward guidance could reinvigorate UK monetary policy
IMF statement on UK economy suggests Bank of England provide assurances that rates will stay low until economic recovery 'reaches full momentum', to combat diminishing impact of monetary policy
UK inflation fall takes markets by surprise
Analysts say bigger-than-expected drop in price rises gives Bank of England more room for manoeuvre on monetary policy, but no change is still expected at the next MPC meeting
BoE opens up its macro models in push for transparency
Bank of England publishes details of its main macroeconomic models as part of drive for transparency prompted by Stockton Review; models to be adapted and developed to eradicate errors
Booknotes: The Leaderless Economy: Why the World Economic System Fell Apart and How to Fix It
The title of Peter Temin and David Vines’ book, especially its subtitle, promises the reader a lot
UK’s FCA faces serious challenges in meeting competition objective, survey warns
Industry survey highlights ‘scale of challenge’ for conduct regulator in promoting competition; says many measures taken so far may actually be anti-competitive
Bank of England ups incentives for increased SME lending
BoE in conjunction with Treasury introduces new incentives in a bid to get credit to struggling small business sector
Independent Scotland would face ‘significant risks’ under sterling union, says Westminster
UK government report points to drawbacks of all the currency options for an independent Scotland; refuses to back Scotland’s preference for a sterling union