The Bank of England (BoE) stands as a bastion of economic stability, guiding the United Kingdom through the ebbs and flows of financial tides. Modernising the Bank of England’s forecasting system has become a critical necessity. A recent independent review has cast a spotlight on the ‘serious deficiencies’ within itsRead More →
In February 2024, inflation decreased to 3.4%, a decline from January’s 4%, moving closer to the Bank of England’s self-imposed target of 2% This reduction signifies that the cost of living is increasing at its least rapid rate since September 2021, when it was recorded at 3.1%. Since reaching aRead More →
UK interest rates have been left unchanged at 5.25% by the Bank of England as widely expected by commentators. It is the fourth time in a row the Bank has held rates at 5.25%. The Bank of England had previously raised rates 14 times in a row to curb inflation,Read More →
HSBC fined £57.4m by the Bank of England for ‘serious failings’ to protect customer deposits. The bank failed to accurately identify deposits eligible for the UK’s Financial Services Compensation Scheme, the Bank’s Prudential Regulation Authority (PRA) announced. HSBC was fined by the Bank of England’s Prudential Regulation Authority (PRA) forRead More →
Mortgage lenders have started 2024 by cutting interest rates. The UK’s biggest lender, the Halifax, has cut some interest rates by nearly a full 1%, with other lenders expected to follow suit. HSBC has announced it will also make cuts in January. Halifax is reducing its rates, with interest onRead More →
UK interest rates have been held at 5.25%. This is the third time in a row the Bank of England has opted to hold rates the same. The decision, which was widely expected by financial markets, means borrowing costs will remain at their highest level for 15 years. the BankRead More →
Britcoin is a potential British digital currency that would be issued by the Bank of England and backed by the Government. It would be tied to the pound and have a stable value, unlike cryptocurrencies such as Bitcoin. It would be accessible through digital wallets and interchangeable with cash andRead More →
The governor of the Bank of England, Andrew Bailey has raised concerns over economic growth as he warned again that interest rates will not be cut in the ‘foreseeable future’. The bank boss said he was concerned over the UK economy’s potential to grow. It comes after the government’s forecasterRead More →
The Bank of England (BoE) announced its latest interest rate decision on Thursday, 2nd November 2023 to hold the bank rate at 5.25%. The Bank of England’s (BoE) Monetary Policy Committee (MPC) voted by a majority of 5-4 to maintain Bank Rate at 5.25%, the highest level in 15 years. However,Read More →
The interest the government pays on national debt has reached a 20-year high as the rate on 30-year bonds touches 5.05%. A rise in the cost of borrowing comes at a difficult time for the chancellor, Jeremy Hunt, as he prepares for the autumn statement on 22nd November 2023. TheRead More →
UK interest rates have been left unchanged at 5.25% by the Bank of England (BoE). The decision comes a day after figures revealed an unexpected slowdown in UK nflation in August 2023. The Bank had previously raised rates some14 times in a row to tackle inflation, leading to increases inRead More →
Confidence in Bank of England (BoE) is a measure of how much the public trusts the central bank to control inflation, set interest rates and maintain economic stability. According to the latest Inflation ‘Attitudes Survey‘ conducted by the Bank of England in August 2023, confidence in Bank of England hasRead More →
The value of UK mortgage arrears jumped by almost a third in April to June 2023 compared with the same period last year, according to the Bank of England (BoE). Outstanding mortgage debt is now £16.9bn, the highest since 2016, it said. Mortgage costs have risen for millions as theRead More →
The Nationwide Building Society says house prices are 5.3% lower compared to August last year, in the biggest annual decline since 2009. Nationwide said the drop represented a fall of £14,600 on a typical home in the UK since house prices peaked in August 2022. It also said higher borrowingRead More →
That’s still 3% above the target of 2% The Bank of England’s forecasting, which has a major impact on the UK economy, is being reviewed and has been criticised. After the Bank raised interest rates for a 14th time in a row in an effort to slow price rises inRead More →
According to the chancellor Jeremy Hunt, the UK economy is caught in a trap The UK and other advanced economies are facing a low-growth trap that is hard to escape. This means that the potential growth of the economy, which depends on factors such as productivity, innovation, investment, and labour force, isRead More →
15 year high… and counting The Bank of England (BoE) announced another increase in its base rate, from 5% to 5.25%, the highest level in over 15 years as of 3rd August 2023. This is the 14th consecutive rise since December 2021, when the BoE started to tighten monetary policyRead More →
Interest rates and inflation in the UK The UK is facing a cost of living crisis as inflation has soared to its highest level in decades. The Bank of England has raised interest rates 13 times since December 2021 in an attempt to bring inflation back down to its originalRead More →
UK inflation rate remains high at 8.7% in May 2023 The UK inflation rate remained at 8.7% in the year to May 2023, according to the latest official figures from the Office for National Statistics (ONS). This is the same rate that was recorded in April, but down from theRead More →
UK Interest rate 5% and rising The current interest rate in the UK is 5% as of June 2023. This is the Bank Rate set by the Bank of England (BoE), which influences the interest rates that other banks charge borrowers and pay savers. The BoE has raised the Bank Rate 13 times in a rowRead More →