United Kingdom
BoE enters new phase of data transformation project
Team is now developing options to address challenges identified in phase one
BoE raises rate 25bp as ‘mixed’ data clouds outlook
“I don’t think it is time to declare it is all over,” Bailey says
The financial sanctions maze
Anyone affected by Russia-related sanctions knows patience and caution are strongly advised, writes Richard Heckinger
Bernanke to lead BoE review of inflation forecasting
Former Federal Reserve chair will work with Bank of England officials
Fed fines Deutsche Bank $186.4 million for AML violations
German lender failed to comply with earlier orders and was involved in Danske Bank scandal
UK inflation falls to 7.9%
Drop exceeds Reuters poll prediction, but headline rate still almost four times target
UK committee claims China may have ‘engineered’ AIIB job
Legislators say China gave jobs to Alexander, Cameron and others to gain influence
BoE stress tests find banks resilient to interest rate risk
Credit impairments drive majority of losses, but all banks pass test
Currency round-up: New yen banknotes to arrive in July 2024
De La Rue outlook brightens; Egypt continues transition to polymer; and more
Inflation expectations unreliable guide to policy – BoE’s Tenreyro
Policy-makers would be “unwise” to use expectations as an intermediate target, MPC member says
BoE proposes ‘Solvency UK’ insurance reforms
Government overruled central bank on tightening a key element of the rules
Policy has not been tight long enough – governors
Hot labour markets boost wages and core inflation, making inflation persistent
A letter to Andrew Bailey
As the Bank of England struggles to bring inflation down, Jagjit Chadha warns the governor not to let markets take control
BoE makes surprise 50bp rate increase
Central bank to review modelling framework after repeated forecast errors
BoE policy-maker flags perils of ‘dynamic leverage’
Market participants need to fully understand the consequences of fund structures, says Jonathan Hall
BoE launches first ‘system-wide’ stress test
Analysis will assess how banks and non-banks interact to amplify shocks
More central clearing could have eased Covid shock – BoE paper
Efficiencies for dealer balance sheets could allow banks to play greater stabilising role, authors say
People: Israel appoints new chief supervisor
IDB appoints chief operating officer; IADI gets new head; and more
People: April to June 2023
A round-up of central bankers in the news and on the move during the past three months
IMF urges caution in UK financial services reforms
Fund says efforts to ease or simplify rules must be “carefully weighed”
BoE adjusting main models after forecast misses
Bailey says policy-makers decided to “aim off” main forecast after repeated errors
Currency round-up: India withdraws 2,000-rupee note
De La Rue replaces chair; Canada and Philippines win currency awards; and more
UK regulator and police raid crypto ATM sites
There are no legally registered crypto ATMs in the UK
BoE raises rates 25bp and ditches UK recession forecast
Central bank predicts inflation will stay higher for longer after MPC splits 7–2 on policy hike