Bank of England (BoE)
BoE Funding for Lending Scheme sees loans contract in first 6 months
Data out today show lending down following the introduction of FLS; BoE points to the counterfactual and says transmission 'takes time'
People: Bank of England reappoints Dale and Haldane to committee posts
BoE hands Spencer Dale and Andrew Haldane – both executive directors – further three-year terms on the financial and monetary policy committee respectively; Sweden deputy stands down
Stockton’s Bank of England review offers forecasting lessons for central banks
The Stockton review of the Monetary Policy Committee at the Bank of England offers valuable lessons for central bankers and economists around the world.
BoE’s Fisher sees longer horizon for asset purchases
MPC member Paul Fisher says Bank of England should consider switching to a more gradual pace of asset purchases over a longer period of time
BoE’s Tucker urges careful consideration of negative interest rates
Paul Tucker encourages MPC discussion of alternative accommodative measures; expects existing QE to gain more traction as eurozone recovers
King and Zhou prepare ground for renminbi-sterling swap line
Governors discuss establishment of a currency swap arrangement between UK and China, with a final agreement expected to be signed ‘shortly’
BoE MPC member makes case for more stimulus
David Miles presents model that suggests monetary policy is probably still too tight in the UK; says more QE would be one way to address this, but other easing strategies could also work
UK statistics office explains QE impact on national debt
ONS attempts to clarify accounting practices used in transferring cash reserves from Bank of England’s quantitative easing programme to the Treasury
BoE minutes signal ‘shift in remit' to support economic growth
Minutes reveal governor Mervyn King sided with expanding QE, leading analysts to speculate that inflation is no longer a target
Eurozone ‘funding for lending scheme' gains favour
ABN Amro says a eurozone FLS would be ‘the most practical way of dealing with the credit constraints of SMEs'; Sony Kapoor says ECB would be ‘irresponsible' to ignore it
King insists economy must rebalance
Governor says Bank of England can still contribute to recovery but is running up an ‘ever steeper hill’; inflation report downbeat on growth and inflation prospects
Carney champions flexible inflation target
Bank of England’s governor-designate welcomes debate on monetary policy framework but says he strongly favours flexible inflation targeting
UK to ‘electrify' bank ring-fence in bid to end ‘too big to fail'
UK chancellor launches legislation to enforce ring-fencing – and separate banks that fail to comply
Former BoE MPC members divided on ‘maxed out’ easing
John Gieve, Charles Goodhart and Andrew Sentance disagree on whether the Bank of England has more scope to ease policy; Gieve says action at next meeting is likely
UK parliamentary commission attacks regulators’ ability to hold bankers to account
FSA enforcement head defends authority’s integrity; BoE chief legal adviser confident the central bank’s new supervisory divisions are up to the job
BoE paper finds impatience increases austerity costs
Discussion paper finds close link between a country’s time preference and its fiscal multiplier, implying that countries wanting a slower fiscal adjustment face higher costs to austerity
BoE and PBoC potential swap line met with optimism
Bank of England executive director announces willingness to create swap line with People’s Bank of China; currency strategists see little immediate impact but potential for growth
Banking crises scar labour productivity, finds BoE paper
Research says short-term growth of productivity and long-run levels are damaged by financial and banking crises
Payments update proposed for UK money markets
Bank of England reveals details of new clearing and settlement system for gilt repos; executive director Chris Salmon encourages market participation
Bank of England unwavering in support for inflation target
MPC members hold interest rate and asset purchases to keep inflation on course to reach 2% in medium term; King condemns replacing price stability with economic growth target
Mervyn King makes final ‘regional' speech as BoE governor
King provides diagnosis, prescription and prognosis for the UK economy, and expresses fears over currency wars
Ex-BoE policymaker Goodhart favours expanding balance sheet over NGDP target
Charles Goodhart says incoming BoE governor should buy a wider range of private sector assets; warns against nominal GDP level target
BoE MPC member questions efficacy of more QE
Ian McCafferty, an external Monetary Policy Committee member, says more monetary stimulus may not boost demand as much as earlier efforts
Vickers lends support to ring-fence ‘electrification’
John Vickers backs powers to enable the UK’s financial regulator to forcibly split banks’ activities if they violate ring-fence