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09/07/2009
Interest Rate To Remain At 0.5%
The Bank of England has announced it is to hold the base rate of interest at 0.5% for the fourth month in a row.
However, the Monetary Policy Committee (MPC) surprised markets by stating there will be no expansion of its quantitative easing (QE) scheme in order to stimulate the economy.
So far the Bank has created over £100 billion from the scheme, and the Chancellor has granted permission to boost this figure to as much as £150bn.
Despite hopes that the condition of the British economy had improved, manufacturing was dealt a tough blow, with a surprise slump in May. Meanwhile, official figures have shown a much worse than expected 2.4% drop in overall GDP in the first three months of the year - the worst in more than half a century.
Unemployment is also still on the rise, with the figure of those out of work at a staggering 2.261 million in the three months to April, the highest since November 1996.
The Bank's own data also showed credit conditions still remain tight and lending to business fell in April and May.
This would suggest the boost to the money supply is having a limited immediate impact.
(JM/BMcC)
However, the Monetary Policy Committee (MPC) surprised markets by stating there will be no expansion of its quantitative easing (QE) scheme in order to stimulate the economy.
So far the Bank has created over £100 billion from the scheme, and the Chancellor has granted permission to boost this figure to as much as £150bn.
Despite hopes that the condition of the British economy had improved, manufacturing was dealt a tough blow, with a surprise slump in May. Meanwhile, official figures have shown a much worse than expected 2.4% drop in overall GDP in the first three months of the year - the worst in more than half a century.
Unemployment is also still on the rise, with the figure of those out of work at a staggering 2.261 million in the three months to April, the highest since November 1996.
The Bank's own data also showed credit conditions still remain tight and lending to business fell in April and May.
This would suggest the boost to the money supply is having a limited immediate impact.
(JM/BMcC)
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11 May 2015
Growth Returns To Scottish Economy - Survey
A new survey has found that Scotland's economy has returned to growth. The Bank of Scotland's Purchasing Managers' Index (PMI) survey revealed that both employment and new business increased in the country in the month of April.
Growth Returns To Scottish Economy - Survey
A new survey has found that Scotland's economy has returned to growth. The Bank of Scotland's Purchasing Managers' Index (PMI) survey revealed that both employment and new business increased in the country in the month of April.
27 June 2012
Eight-Figure Fine Slapped On Barclays Bank
Barclays Bank has been fined a record eight-figure sum for trying to manipulate banks' lending rates. The Financial Services Authority (FSA) slapped the £59.5m penalty on the institution for "serious and widespread misconduct".
Eight-Figure Fine Slapped On Barclays Bank
Barclays Bank has been fined a record eight-figure sum for trying to manipulate banks' lending rates. The Financial Services Authority (FSA) slapped the £59.5m penalty on the institution for "serious and widespread misconduct".
05 November 2010
UK Property Prices 'Still Falling'
House prices in the three months to October were 1.2% lower than in the preceding three months, according to the Halifax. The financial services provider, part of the Lloyds Banking Group, said prices in October were 2.3% lower than at the end of 2009 on a seasonally adjusted basis (-1.2% unadjusted).
UK Property Prices 'Still Falling'
House prices in the three months to October were 1.2% lower than in the preceding three months, according to the Halifax. The financial services provider, part of the Lloyds Banking Group, said prices in October were 2.3% lower than at the end of 2009 on a seasonally adjusted basis (-1.2% unadjusted).
09 June 2005
Manufacturing output shows slight upward trend
Figures published today by the Office of National Statistics have shown that between March and April this year manufacturing output rose by 0.9%. While analysts warn that monthly growth rates are "volatile" indicators of productivity, there were nonetheless widespread rises in manufacturing, the most significant being increases in output of 2.
Manufacturing output shows slight upward trend
Figures published today by the Office of National Statistics have shown that between March and April this year manufacturing output rose by 0.9%. While analysts warn that monthly growth rates are "volatile" indicators of productivity, there were nonetheless widespread rises in manufacturing, the most significant being increases in output of 2.
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.
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Northern Ireland WeatherThis Evening and Tonight:Showers, scattered in the evening, will clear by midnight leaving the night dry with clear spells. Perhaps a touch of ground frost. Cloud will spread east towards morning. Minimum temperature 2 °C.
