Tag: Mervyn King

Bank of England lowers economic growth forecast

Bank of England lowers economic growth forecast

August 10, 2011 | 0 Comments More
Bank of England: Home repossessions to stay low

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 [...]

June 28, 2011 | 0 Comments More
Mansion House Speech – ring-fencing, Northern Rock sale and inflation

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, [...]

June 16, 2011 | 0 Comments More
Interest rates to remain low

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 [...]

May 3, 2011 | 0 Comments More
Bank Governor: UK inflation will return to target

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 [...]

March 1, 2011 | 0 Comments More
Bank of England presents Quarterly Inflation Report

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 [...]

February 16, 2011 | 0 Comments More
Inflation surge prompts Governor to write letter to Chancellor

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 [...]

February 15, 2011 | 0 Comments More
Bank Governor issues wages and inflation warning

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 [...]

January 26, 2011 | 0 Comments More
UK inflation rises to 3.2% in October

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 [...]

November 16, 2010 | 0 Comments More
UK inflation to hold steady at 3.1% in October

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 [...]

November 15, 2010 | 0 Comments More
Mervyn King urges G20 leaders to stand firm over trade imbalances

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 [...]

November 11, 2010 | 0 Comments More
Bank of England unveils Quarterly Inflation Report

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% [...]

November 10, 2010 | 0 Comments More
Bank Governor supports breaking up banks

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 [...]

October 26, 2010 | 1 Comment More
Bank governor faces grilling from union leaders

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 [...]

September 15, 2010 | 0 Comments More
Bank Governor prepared for questions from union leaders

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 [...]

September 15, 2010 | 0 Comments More
Osborne speech provides “cautious optimism”

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 [...]

August 17, 2010 | 0 Comments More
UK inflation dips to 3.1% in July

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%. [...]

August 17, 2010 | 0 Comments More
UK interest rates remain on hold

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 [...]

August 5, 2010 | 0 Comments More
BoE expected to keep interest rates on hold tomorrow

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 [...]

August 4, 2010 | 0 Comments More
UK inflation eases to 3.4% in May

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, [...]

June 15, 2010 | 0 Comments More