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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 ...
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 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 ...
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 ...
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]
On November 26, 2012, Chancellor of the Exchequer George Osborne announced the appointment of Carney as Governor of the Bank of England. [55] He succeeded Sir Mervyn King on July 1, 2013. [56] He was the first non-Briton to be appointed to the role since the Bank of England was established in 1694. [57]
6 February 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]
Sterling dipped against the dollar and euro on Thursday as some investors braced for a larger-than-expected increase in the Bank of England's quantitative easing programme to combat the economic ...