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Announced on 6 May 1997, only five days after that year's General Election, and officially given operational responsibility for setting interest rates in the Bank of England Act 1998, the committee was designed to be independent of political interference and thus to add credibility to interest rate decisions.
The bank now predicts that the British economy will only grow by 0.75% this year, down from its previous forecast of 1.5% just three months ago. Bank of England halves UK growth projection and ...
Interest rates are expected to be cut by the Bank of England later, in a move closely watched by households and economists. Analysts predict the benchmark rate will be cut from 4.75% to 4.5%, as ...
The IMM dates are the four quarterly dates of each year which certain money market and Foreign Exchange futures contracts and option contracts use as their scheduled maturity date or termination date. The dates are the third Wednesday of March, June, September and December (i.e., between the 15th and 21st, whichever such day is a Wednesday).
The passing of the Country Bankers Act 1826 allowed the bank to open provincial branches for the better distribution of its banknotes (at the time small country banks, some of which were significantly undercapitalised, issued their own notes); by the end of the following year eight Bank of England branches had been set up around the country. [46]
The Bank has been raising rates successively for more than a year. In December 2021 the base rate stood at just 0.1% as the policymakers tried to encourage consumer spending after Covid slowed ...
The UK government announces that the plans for reforms to social care in England may not be published until 2028, or later. [5] Zoe Hughes, a transgender member of Exeter City council, quits the Labour Party in a row over transgender issues. [6] 4 January –
Britain's central bank is expected to keep interest rates steady on Thursday, after a Halloween policy meeting which economists said would leave long-term plans to raise borrowing costs in ...