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The Bank of England has been a leader in producing innovative ways of communicating information to the public, especially through its Inflation Report, which many other central banks have emulated. [96] The bank celebrated its three-hundredth birthday in 1994. [84] In 1996, the bank produced its first Financial Stability Review.
In the United Kingdom, the official bank rate is the rate that the Bank of England charges banks and financial institutions for loans with a maturity of 1 day. It is the Bank of England's key interest rate for enacting monetary policy. [1] It is more analogous to the US discount rate than to the federal funds rate.
However, the financial crisis of 2007–08 ended this period of stability, and, on 16 April 2007, the governor (at that time Mervyn King), was obliged to write the first MPC open letter to the chancellor (Gordon Brown), explaining why the inflation had deviated from the target of 2% per year by more than one percentage point (3.1%). [16]
The term "fan chart" was coined by the Bank of England, which has been using these charts and this term since 1997 in its "Inflation Report" [1] [2] to describe its best prevision of future inflation to the general public. Fan charts have been used extensively in finance and monetary policy, for instance to represent forecasts of inflation.
The Bank of England Act 1998, which came into force on 1 June 1998, created a second Deputy Governorship.Clementi became Deputy Governor for Financial Stability for the rest of his term, and Mervyn King became the first Deputy Governor for Monetary Policy.
[30] [31] The new securities were accepted by the Bank to purchase its stock, up to three-quarters (75%) of the value. [5] Based on the collateral of these securities, new Bank notes were issued, producing a dramatic increase in the money supply [30] and serving as the principal circulating medium – the “legal tender” – for the country. [5]
The Financial Stability Board (FSB) is an international body that monitors and makes recommendations about the global financial system. It was established in the 2009 G20 Pittsburgh Summit as a successor to the Financial Stability Forum (FSF). The Board includes all G20 major economies, FSF members, and the European Commission.
Spencer Dale (born 12 January 1967) is a British economist who sat on the Bank of England's Monetary Policy Committee from 2008 through 2014, including a period as Chief Economist. He is currently the group chief economist of BP. [1] [2]