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Under the Bank of England Act 1998 (c. 11) the Bank's Governor must write an open letter of explanation to the Chancellor of the Exchequer if inflation exceeds the target by more than one percentage point in either direction, and once every three months thereafter until prices are back within the allowed range. It should also set out what plans ...
The Bank of England halved its growth projection for the British economy this year as it cut its main interest rate Thursday for the third time in six months. In a statement, the bank's nine ...
These meetings involve ministers or high-level representatives from member countries who deliberate on policy matters, share experiences, and explore opportunities for collaboration majorly G20 finance and economy ministers, and central bank governors lead the meetings. Locations in bold text indicate the meeting was concurrent with a G20 summit.
2 January – Former Deputy Prime Minister Sir Nick Clegg announces he is standing down as Meta's president of global affairs after almost seven years. [1]Twenty Labour Party councillors on Broxtowe Borough Council in Nottinghamshire have resigned from Labour in protest at the direction of the party under Sir Keir Starmer and will sit as independents.
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 ...
A Perspective View of the Bank of England (published 1756): the bank initially occupied a narrow site behind the front on Threadneedle Street. The Bank of England moved to its current location, on the site of Sir John Houblon's house and garden in Threadneedle Street (close by the church of St Christopher le Stocks), in 1734. [52]
Former Bank of England deputy governor Sir Charlie Bean said policymakers may need to raise rates by as much as 1% before its November meeting.
The Bank of England cuts interest rates from 4.75% to 4.5%, the lowest base rate since June 2023. The Bank also cuts its growth forecast for the UK economy in 2025 from 1.5% to 0.75%. [116] A Russian diplomat is expelled from the UK in response to the 2024 expulsion of a British diplomat from Russia. [117]