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11/12/2008
Blanchflower To Step Down From Bank Of England's MPC
Bank of England policymaker David Blanchflower has announced he will step down at the end of May next year.
Chancellor Alistair Darling told MPs yesterday that Mr Blanchflower will not serve a second term in office of the bank's Monetary Policy Committee (MPC).
Mr Blanchflower, Rauner Professor of Economics at Dartmouth College and a Research Associate at the National Bureau of Economic Research, was often the only member of the MPC to vote for rate cuts, and in fact voted for the cuts nine times this year.
He was often criticised for his grim warnings about the state of the British economy, However these have come true in the recent months with fears of a looming recession and rising unemployment.
Paul Tucker, head of markets at the BoE has also been appointed as its next deputy governor for financial stability. He will replace Sir John Gieve, who will stand down next year.
The Chancellor said he was "delighted" to announce Mr Tucker's appointment, saying he possesses "first-rate market knowledge and extensive central banking experience".
He added: "I am extremely grateful to Sir John Gieve for his contribution to the Bank of England, including leading on work to develop the reforms to enhance its role in preserving financial stability."
Paul Tucker said: "I'm privileged to accept the role of Deputy Governor and look forward to working with the Governor and the Bank team, the Tripartite Authorities, market counterparties and overseas central bank colleagues to address the financial stability challenges ahead".
The Chancellor announced in June that in future the Government would advertise vacancies for the Governor and Deputy Governors of the Bank of England and for external members of the Monetary Policy Committee. This appointment is the to first to follow this new process. The Bank of England will announce arrangements regarding the recruitment of Paul Tucker's successor as Executive Director Markets in due course.
(JM)
Chancellor Alistair Darling told MPs yesterday that Mr Blanchflower will not serve a second term in office of the bank's Monetary Policy Committee (MPC).
Mr Blanchflower, Rauner Professor of Economics at Dartmouth College and a Research Associate at the National Bureau of Economic Research, was often the only member of the MPC to vote for rate cuts, and in fact voted for the cuts nine times this year.
He was often criticised for his grim warnings about the state of the British economy, However these have come true in the recent months with fears of a looming recession and rising unemployment.
Paul Tucker, head of markets at the BoE has also been appointed as its next deputy governor for financial stability. He will replace Sir John Gieve, who will stand down next year.
The Chancellor said he was "delighted" to announce Mr Tucker's appointment, saying he possesses "first-rate market knowledge and extensive central banking experience".
He added: "I am extremely grateful to Sir John Gieve for his contribution to the Bank of England, including leading on work to develop the reforms to enhance its role in preserving financial stability."
Paul Tucker said: "I'm privileged to accept the role of Deputy Governor and look forward to working with the Governor and the Bank team, the Tripartite Authorities, market counterparties and overseas central bank colleagues to address the financial stability challenges ahead".
The Chancellor announced in June that in future the Government would advertise vacancies for the Governor and Deputy Governors of the Bank of England and for external members of the Monetary Policy Committee. This appointment is the to first to follow this new process. The Bank of England will announce arrangements regarding the recruitment of Paul Tucker's successor as Executive Director Markets in due course.
(JM)
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07 November 2013
Bank Of England Maintains Bank Rate At 0.5%
The Bank of England's Monetary Policy Committee has voted to maintain the official Bank Rate paid on commercial bank reserves at 0.5%. The Committee also voted to maintain the stock of asset purchases financed by the issuance of central bank reserves at £375bn.
Bank Of England Maintains Bank Rate At 0.5%
The Bank of England's Monetary Policy Committee has voted to maintain the official Bank Rate paid on commercial bank reserves at 0.5%. The Committee also voted to maintain the stock of asset purchases financed by the issuance of central bank reserves at £375bn.
05 May 2011
Bank Of England Maintains Bank Rate At 0.5%
The Bank of England’s Monetary Policy Committee today voted to maintain the official Bank Rate paid on commercial bank reserves at 0.5%. The Committee also voted to maintain the stock of asset purchases financed by the issuance of central bank reserves at £200 billion. The previous change in Bank Rate was a reduction of 0.5 percentage points to 0.
Bank Of England Maintains Bank Rate At 0.5%
The Bank of England’s Monetary Policy Committee today voted to maintain the official Bank Rate paid on commercial bank reserves at 0.5%. The Committee also voted to maintain the stock of asset purchases financed by the issuance of central bank reserves at £200 billion. The previous change in Bank Rate was a reduction of 0.5 percentage points to 0.
12 September 2006
Increase in UK inflation in August
Consumer Prices Index annual inflation rose to 2.5% in August, an increase from 2.4% in July, according to the latest figures from the Office of National Statistics.
Increase in UK inflation in August
Consumer Prices Index annual inflation rose to 2.5% in August, an increase from 2.4% in July, according to the latest figures from the Office of National Statistics.
18 November 2010
Central Bank Governor Expects 'Substantial Loan'
The governor of Ireland's Central Bank has announced he expects the State to accept a 'substantial loan' from the EU. Patrick Honohan said this morning that a sum up to "tens of billions" would be expected in order for Ireland to secure its banks.
Central Bank Governor Expects 'Substantial Loan'
The governor of Ireland's Central Bank has announced he expects the State to accept a 'substantial loan' from the EU. Patrick Honohan said this morning that a sum up to "tens of billions" would be expected in order for Ireland to secure its banks.
07 August 2013
Bank Of England To Hold Interest Rate
The interest rate will be held until the jobless figure drops below 7%, the Bank of England have announced. Making the announcement bank governor Mark Carney said he estimated some 750,000 jobs would need to be created to reduce the unemployment figure to such a level. Currently the UK unemployment rate stands at 7.8%.
Bank Of England To Hold Interest Rate
The interest rate will be held until the jobless figure drops below 7%, the Bank of England have announced. Making the announcement bank governor Mark Carney said he estimated some 750,000 jobs would need to be created to reduce the unemployment figure to such a level. Currently the UK unemployment rate stands at 7.8%.
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Northern Ireland WeatherToday:After a dry start this morning rain will spread from the northwest across all parts. This afternoon will be dull with some patchy rain and drizzle. Becoming much milder through the afternoon. Maximum temperature 11 °C.Tonight:A cloudy evening and night with a little light rain or drizzle, perhaps some clear periods developing along the east coast. A very mild night everywhere. Minimum temperature 10 °C.
