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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 ...
Policymakers at the Bank of England opted to reduce interest rates to 4.75 per cent today, down from 5 per cent. They had also been cut by 0.25 percentage points in August, which marked the first ...
The Bank rate is the primary tool aimed at controlling inflation, and hopes of a cut rose after the inflation rate - which charts the rising cost of living - fell to 2.5% in the year to December.
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 ...
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.
LONDON (Reuters) -Bank of England policymakers voted 6-3 to keep interest rates on hold on Thursday, a bigger split than economists had predicted as officials disagreed over how to respond to a ...
On November 26, 2012, Chancellor of the Exchequer George Osborne announced the appointment of Carney as Governor of the Bank of England. [56] He succeeded Sir Mervyn King on July 1, 2013. [57] He was the first non-Briton to be appointed to the role since the Bank of England was established in 1694. [58]
The Bank of England’s nine-member Monetary Policy Committee kept its main interest rate unchanged at 4.75% with new data showing inflation rising to 2.6%, further above the bank's 2% target.