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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.
At the conclusion of its first rate-setting policy meeting of the year, on January 29, 2025, the Federal Reserve announced it was leaving the federal funds target interest rate at 4.25% to 4.50% ...
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 ...
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.
The passing of the Country Bankers Act 1826 allowed the bank to open provincial branches for the better distribution of its banknotes (at the time small country banks, some of which were significantly undercapitalised, issued their own notes); by the end of the following year eight Bank of England branches had been set up around the country. [46]
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The UK government announces that the plans for reforms to social care in England may not be published until 2028, or later.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 –
Central bank officials will also be paying close attention to inflation as they prepare for their next meeting on Jan. 28-29 following the inauguration of Donald Trump as president on Jan. 20.