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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 ...
Although early plans were for the interim (pre-legislation) FPC to meet in late 2010, the committee's first meeting was held in June 2011. [3] As of March 2012, the FPC is expected to take over operational responsibility for managing the financial sector from the Financial Services Authority with legislation planned for 2013.
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]
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The UK government announces that the plans for reforms to social care in England may not be published until 2028, or later.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 –
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.
A March 2016 speech by Ben Broadbent, the bank's deputy governor of monetary policy, appears to be the first use of the phrase "central bank digital currency", and notes direct inspiration by Bitcoin. [69] [70] In April 2021, the Bank of England and HM Treasury announced a joint CBDC Taskforce to examine the possibility of a CBDC in the UK. [36]