Tag: Mervyn King
Bank of England: Home repossessions to stay low
According to Sir Mervyn King, the Governor of the Bank of England, a surge in home repossessions is unlikely as UK interest rates are set to remain low. Repossessions have fallen over recent times and many experts have previously argued that homeowners have been saved from repossession because of historically low interest rates, which has [...]
Mansion House Speech – ring-fencing, Northern Rock sale and inflation
At last night’s annual Mansion House speech, Chancellor George Osborne received some support for his suggestion to ring-fence banks’ retail operations so they are protected from losses from investment banking. After the speech, Barclays Chief Executive Bob Diamond said: “Retail ring-fencing would not be our first option, but we can see ways it would work, [...]
Interest rates to remain low
Low interest rates look set to continue, with the Governor of the Bank of England having warned that “massive” economic challenges faced by high levels of debt would only be worsened by rate hikes. Addressing the European Parliament’s Systemic Risk Board yesterday, Mr King said: “The economic consequences of high-level indebtedness now would become more [...]
Bank Governor: UK inflation will return to target
Bank of England Governor Mervyn King has today reiterated that inflation will return to its target of 2% but the timescale is uncertain. His comments come after the Office for National Statistics (ONS) last week announced Consumer Price Inflation (CPI) rose to an annual rate of 4% in January – the highest rate since November [...]
Bank of England presents Quarterly Inflation Report
Presenting today’s Quarterly Inflation Report, the Bank of England’s Governor, Mervyn King, said inflation will continue to stay high in the first half of 2011. Mr King warned inflation might even reach 6% but it will fall back next year. The Bank’s report comes just a day after the Office for National Statistics (ONS) announced [...]
Inflation surge prompts Governor to write letter to Chancellor
The Office for National Statistics (ONS) today announced Consumer Price Inflation (CPI) rose to an annual rate of 4% in January – the highest rate since November 2008. The latest figures takes inflation to double the target of 2% – where it has been for more than a year. The latest figure prompted Governor of [...]
Bank Governor issues wages and inflation warning
Speaking in Newcastle last night, the Governor of the Bank of England, Mervyn King, said inflation could rise as high as 5% but will fall back to its target by 2012. Mr King previously dismissed fears that higher inflation would demand a significant rise in interest rates in the months ahead. The CPI inflation rate [...]
UK inflation rises to 3.2% in October
The Office for National Statistics (ONS) has today announced Consumer Price Inflation (CPI) rose to an annual rate of 3.2% in October, up from 3.1% in September. The latest figure represents the eleventh consecutive month that inflation has been above the target of 2% and will prompt the Governor of the Bank of England, Mervyn [...]
UK inflation to hold steady at 3.1% in October
The Office for National Statistics (ONS) is scheduled to announce the UK inflation rate for October tomorrow morning, with analysts expecting the annual rate to hold steady at 3.1%. With inflation way above the 2% target, the Governor of the Bank of England, Mervyn King, will be forced to write a letter to Chancellor George [...]
Mervyn King urges G20 leaders to stand firm over trade imbalances
The Bank of England Governor, Mervyn King, is urging the group of G20 nations to address the issue of trade imbalances. His comments echoed those of the US who said it wants the G20 group of nations to agree to curtail “excessive imbalances” in world trade. Mr King said: “We are very much in the [...]
Bank of England unveils Quarterly Inflation Report
Presenting today’s Quarterly Inflation Report, the Bank of England’s Governor, Mervyn King, said inflation will continue to stay high, while the economy will remain weak. The report stated that inflation will remain stubbornly high, as a result of the rising price of raw materials, higher energy bills and the decision to hike VAT to 20% [...]
Bank Governor supports breaking up banks
Mervyn King, the Bank of England’s Governor, has expressed his support for breaking up banks - measures that would shake-up the UK’s banking industry. Mr King’s comments come shortly after the Independent Commission on Banking (ICB) said it was looking at ways to increase competition and choice among high street banks. One option could see [...]
Bank governor faces grilling from union leaders
Bank of England governor Mervyn King has today faced questions from union leaders over Government spending cuts. Mr King became only the second governor in history to address the Trades Union Congress (TUC). Earlier this week, it was revealed that the tough austerity measures introduced by the coalition Government are set to lead to industrial [...]
Bank Governor prepared for questions from union leaders
Bank of England governor Mervyn King will today prepare himself for questions from union leaders over Government spending cuts. Mr King becomes only the second governor in history to address the Trades Union Congress (TUC). Earlier this week, it was revealed that the tough austerity measures introduced by the coalition Government are set to lead [...]
Osborne speech provides “cautious optimism”
Speaking to an invited audience at Bloomberg’s London offices, Chancellor George Osborne has today defended his massive spending cuts and insists there is light at the end of the tunnel. However, he agreed with Mervyn King’s prediction last week, who said the economic recovery will be “choppy”. He added that there is an improvement in [...]
UK inflation dips to 3.1% in July
The Office for National Statistics (ONS) has today announced Consumer Price Inflation (CPI) slipped to an annual rate of 3.1% in July - down from to 3.2% in June. The latest figure, which was widely expected by analysts, represents the eighth consecutive month that inflation has been above the Bank of England’s target of 2%. [...]
UK interest rates remain on hold
The Bank of England’s (BoE) Monetary Policy Committee (MPC) has today elected to keep UK interest rates on hold at the historically low level of 0.5% for the 18th consecutive month, as widely expected. Furthermore, the Bank opted not to inject any more funds into the economy via its quantitative easing (QE) scheme – introduced [...]
BoE expected to keep interest rates on hold tomorrow
The Bank of England’s Monetary Policy Committee (MPC) is tomorrow expected to keep UK interest rates on hold at the historically low level of 0.5% for the 18th consecutive month. Furthermore, all members of the MPC are expected to keep the quantitative easing programme (QE) on hold. QE, also known as printing money, is a [...]
UK inflation eases to 3.4% in May
The Office for National Statistics (ONS) has today announced Consumer Price Inflation (CPI) fell to 3.4% in May - down from the 17-month high of 3.7% in April. While the level still far exceeds the 2% target, the drop was quicker than the 3.5% many analysts had expected. The Bank of England’s Governor, Mervyn King, [...]
