United Kingdom
BoE minutes reveal unanimous decisions
Minutes show members of the BoE Monetary Policy Committee in agreement over QE and interest rate; says weak demand and high inflation were key considerations in decision
BoE director says bail-ins getting closer
Andrew Gracie says the central bank is close to a functioning bail-in regime; a framework has been developed under the European Recovery and Resolution Directive
BoE releases banknotes bearing Chris Salmon’s signature
Signature of the current chief cashier of the Bank of England to appear on new banknotes; production method for notes altered
UK MPC member discusses QE exit strategy
David Miles says BoE will increase interest rates before selling government bonds; strategy will provide margin for error when monetary policy is tightened
New UK MPC member coy over policy stance
Ian McCafferty maintains a neutral perspective ahead of his first MPC vote; says it is difficult to be precise about effects of QE
BoE’s Dale says further easing carries ‘potential risks’
Spencer Dale recognises role monetary policy steps have played in stabilising UK economy, but warns further quantitative easing could come with drawbacks
BoE keeps monetary policy steady
Bank of England holds interest rate and leaves QE programme at previous level; asset purchases expected to be complete in two months’ time
BoE executive director slates complex regulation
Andrew Haldane criticises the length of legislation recently introduced in the US and Europe; appeals for a simpler approach to financial regulation
UK banks reveal size of eurozone funding gaps
Banks reduce cross-border funding of peripheral eurozone assets in an attempt to mitigate redenomination risk - but funding gap still tops £10 billion for Spain
Japan’s Nishimura says UK Funding for Lending scheme needs time to work
Kiyohiko Nishimura discusses unorthodox policies central banks have been turning to; believes the BoE’s Funding for Lending scheme will take a long time to have “concrete benefits”
Keeping sight of the real inflation target
The appropriate construction of CPI indexes is vital to maintain public confidence in inflation targets. Jill Leyland points out issues in current index construction
Book notes: Lionel Robbins
A biography of a 20th century British economist
Former MPC member blasts “unduly powerful” future BoE governor
Ex-MPC member Kate Barker says new macro-prudential policy-maker should not be independent of government; shake-up of banking regulation system in the UK will leave governor too powerful
BoE paper studies public banking interventions
A Bank of England study finds that when it comes to public intervention in banking, size matters; indicates that interventions made during the current crisis were successful
BoE counters concerns raised in Fixing Libor report
The Bank of England says new laws and processes will give the central bank greater regulatory powers in the future to deal with episodes similar to Libor
UK inflation figures show surprise rise in July
Office for National Statistics surprises markets by announcing CPI inflation rose to 2.6% in July; Bank of England last week predicted the rate would continue to fall this year
UK moves to address Libor debacle
Martin Wheatley presses ahead with UK government investigation into Libor manipulation; may replace the interest rate benchmark
Bank of Canada paper finds major benefits of QE in UK and US
Researchers study impact of asset purchases by Federal Reserve and Bank of England; identify ‘powerful effect’ on output and inflation
BoE paper models risk of financial shock amplification
Working paper develops model of financial system linkages to illustrate shock transmission; finds spread of defaults is amplified by fire sales and curtailed lending
UK Treasury proposes payments regulation overhaul
Government sets out options for changes to payments regulation in UK; favours creation of new ‘Payments Strategy Board’ to monitor industry and make recommendations
IMF urges UK to take further measures to promote growth
Staff report on UK Article IV Consultation urges policy-makers to act in order to boost ‘flat’ economy; says fiscal tightening may need to be eased next year
Former Bank of England MPC member blasts QE dissenters
David Blanchflower says Spencer Dale and Ben Broadbent were 'on another planet' when they voted against an increase to the asset purchase programme; minutes of July MPC meeting show 7:2 split
Agius confirms BoE governor’s intervention in Barclays
Chairman of Barclays recounts meeting with Mervyn King during which he was told Bob Diamond had lost the confidence of the regulator; following day the bank’s chief tendered his resignation
BoE’s Tucker denies involvement in Libor scandal
Paul Tucker says no members of the last government urged him to pressurise banks to alter Libor rates; claims no prior knowledge of Libor 'low balling' ahead of official investigations