Bank of England

Budget 2017: UK to sell RBS stake despite sitting on £26bn loss

, Banking Editor<p>UK chancellor Philip Hammond has for the first time put a March 2019 deadline on when the government will start selling its £24bn …

Lloyds Bank

Budget 2017: Hammond loosens his belt

<b>Much of the rest of the world is growing at a healthier clip.</b><p>For Britain it is a different story.<p>Today the Office for Budget Responsibility (OBR) downgraded growth forecasts for the next four years.<p>And it has been more aggressive with those downgrades than the Bank of England was in its Inflation …

Economics

Why are new banknotes made of polymer? | KnowledgeBank - The economy made simple

As the demand for cash stays strong, so does the need for banknotes that are high quality, long-lasting and difficult to forge. The new polymer notes …

Business (UK)

What to Watch in the U.K. Budget Announcement

U.K. Treasury chief Philip Hammond presents his latest tax and spending plans to parliament on Wednesday in a twice-yearly financial statement. Here are five things to look out for:<p>The U.K. economy has slowed this year and is predicted to grow only modestly in 2018 by the European Commission, the …

World News

Bank of England rate-setters differ over chance of wage pick-up

LONDON (Reuters) - Bank of England rate-setters spelled out their differences on Tuesday over the central bank's first interest rate hike in a decade, as they focused on how to determine when low unemployment was about to push up inflation.<p>Four of the Monetary Policy Committee's nine members spoke …

Economy

News Highlights: Top Global Markets News of the Day

Existing-Home Sales Rise 2.0% in October<p>Sales of previously-owned homes grew robustly in October, as home sales continued to rebound in recently hurricane-ravaged markets.<p>Chicago Fed Index Rises for October from Production<p>Economic growth in the U.S. rose in October from the previous month, helped …

Markets

British passports could be printed in the EU in the year of Brexit if contract is awarded overseas, De La Rue warns

British passports made in the year the UK quits Europe could be printed on the continent, the boss of De La Rue has warned.<p>Martin Sutherland, chief executive of the money and security printing company, said his business was on a shortlist of three bidders for the contract to design and print …

Brexit

Hedge fund calls on the Bank of England to remove the chairman of the London Stock Exchange

One of the London Stock Exchange's top investors has urged the Governor of the Bank of England to step in and remove the exchange's chairman, in a significant escalation of one of the most bitter City spats in recent memory.<p>Sir Christopher Hohn has written the latest of a series of open letters to …

Investing

Higher UK borrowing underscores budget headache for Hammond

LONDON (Reuters) - British government borrowing unexpectedly grew last month, underscoring finance minister Philip Hammond's challenge as he weighs …

Economy

UK increases size of bank lending stimulus plan

LONDON (Reuters) - Britain will increase the size of a programme intended to encourage banks to lend to businesses and home-buyers, chancellor Philip …

Mark Carney

Four reasons another global financial crisis is imminent

In June 2006, I observed that interest rate increases by the US Federal Reserve would sooner or later effect heavily indebted American households. In …

Economy

Households squeezed as credit dries up, survey finds

Household budgets are being squeezed as they find it increasingly difficult to borrow, according to a survey conducted by IHS Markit.<p>Credit availability in November has fallen at its fastest rate for two-and-a-half years. This shortage comes as demand for borrowing has risen every month since June …

Economy

Brexit and the City - View from the dining room

LONDON (Reuters) - In a former bank building just across from the Bank of England in the City of London, the glass-domed 1 Lombard Street restaurant …

Brexit

Is the Bank of England's rate hike a mistake?

Mark Carney’s career as a stand-up comedian might be on the rocks. He singled out a member of his audience in Liverpool last week as the only person who chuckled at his speech’s reference to Pure, a hit by his favourite Scouse band the Lightning Seeds.<p>Schoolchildren and students were among those …

Economy

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<i>The Consol’s Office, Bank of England, 1894 – Image from the Bank of England’s Archive</i><p>Dickens would have visited that office himself as he held …

Business (UK)

Hammond authorises expansion of Bank of England's cheap credit programme for banks

Philip Hammond has asked the Bank of England to extend the size of its cheap credit scheme for banks.<p>In letters released by the Bank today, Hammond …

Banking

Equity release customer numbers at record high in October

Although many property owners in the capital are sitting on huge amounts of equity in their homes, there is likely to be some resistance to releasing …

Property (UK)

How to actually increase the rates on your savings

Are you enjoying that increase in the rate on your savings account or ISA? No? What do you mean it hasn’t happened…?<p>As people across the land are …

Owe

Gold prices buffeted by conflicting global trends

Illustration: Luo Xuan/GT<p>Gold prices have risen more slowly in China than in the global market this year. As of Tuesday, the price of international …

Economy

Carney and Bank of England reach out to Liverpool

[MUSIC PLAYING]<p>This is a very important period in the UK's economic history.<p>Mark Carney and some of the Bank of England's other top officials were in …

Mark Carney

Written statements to the PRA on RFTS

Privacy notice<p>Collecting personal information<p>By serving written statements on the PRA, by email, by post or delivered by hand, the Bank of England …

Privacy

David Davis tells Germany: We will not accept post-Brexit trade deal without financial services

David Davis has said the UK's future trade deal with the EU must cover financial services, in a firm rejection of Brussels' plan to impose a basic …

Brexit

'No cash, Carney?' Bank of England Governor unable to find wallet

LIVERPOOL, England (Reuters) - Bank of England Governor Mark Carney appeared unable to find his wallet on Thursday while attending a central bank event to promote public understanding of economics.<p>When everyone in the room was asked to take out a purse or wallet, as an example of something that …

Offbeat News

The ‘economicky words’ you need to bluff your way into No 11 Downing Street

The vultures are circling above Philip Hammond, and one of them is Gove-shaped. But with the right buzzwords, any of us could become chancellor<p>We’ve all done it. You’re in a job interview, or are trying to send a message to the boss that you are ready for a big step-up. You start using the words …

Opinion

Britain may be through the worst of its bout of inflation

SINCE November 2015 the pound has depreciated by over 15% against other currencies, mainly because of worries caused by last year’s Brexit …

Economics

Brexit may be taking its toll on British jobs growth

The number of people in work in Britain fell by the most in more than two years in the three months to September, a sign that a Brexit slowdown may …

Economy

Michael Gove’s cabinet critics should go and do some reading

<i>The Times</i>‘ Matt Chorley has succeeded in getting everyone talking with his story about Michael Gove supposedly using cabinet meeting to audition for the role of chancellor. Gove reportedly talked about ‘the obscure Markets in Financial Instruments Directives’ two weeks ago and has cabinet sources …

Michael Gove

Nimble Bank of England will shield UK from Brexit effects - Carney

LIVERPOOL, England (Reuters) - Bank of England Governor Mark Carney said on Thursday the central bank would be nimble enough to keep inflation under control whatever the outcome of the country’s negotiations to leave the European Union.<p>The governor of Britain's Bank of England, Mark Carney, speaks …

Brexit

The U.K. Presents The Potential Trade Of The Year

UK GILTs have trended in interesting patterns post-Brexit.<p>Consistently high inflation will pressure Mark Carney to reevaluate the BofE's position of …

Business

The end of austerity is not nigh

Whenever I meet anyone at, or connected with HM Treasury, at the moment, they spontaneously emote that "there is no money - please tell everybody!"<p>I …

Brexit