Bank of England could turn interest rates NEGATIVE as part of efforts to prop up the economy amid coronavirus crisis, says governor Andrew Bailey Bank of England governor Andrew Bailey has been giving evidence to MPs He said it would be ‘foolish’ to rule out turning the Bank interest rate negative The UK government has … Read more
Chancellor Rishi Sunak warns of economic ‘scarring’ from coronavirus saying there might not be an ‘immediate bounceback’ – as he hints self-employed bailout will not carry on past June Chancellor Rishi Sunak has been giving evidence to a House of Lords committee Warned of economic ‘scarring’ from covid and recovery may not be ‘immediate’ Hinted … Read more
Government borrowing is set to soar to nearly £300billion this year with the debt mountain growing bigger than the whole economy, new estimates found today. The OBR’s latest ‘scenario’ for the crisis sticks to dire suggestions that the economy will shrink 35 per cent in this quarter – more than predicted by the Bank of England. … Read more
The Bank of England has moved to calm fears over coronavirus triggering the deepest recession for 300 years. Governor Andrew Bailey said the downturn due to lockdown was ‘very sharp’, but said the Bank is buying up a ‘much larger’ stock of government debt than could have been ‘imagined’ during the credit crunch. The enormous … Read more
Bank of England chief economist reveals he didn’t take A-level maths and struggles with homeschooling his children in the subject because he’s ‘not a natural’ Andy Haldane, 52, revealed that he had to teach himself A-level maths skills The Bank of England’s chief economist urged people to refresh their maths To mark National Numeracy Day … Read more
Bank of England warns coronavirus crisis will see GDP slump nearly 30 PER CENT in the first half of this year and push the economy to worst recession for 300 YEARS By James Tapsfield, Political Editor For Mailonline Published: 07:33 BST, 7 May 2020 | Updated: 07:44 BST, 7 May 2020 UK GDP will slump … Read more
Banks have been trying to squeeze extra fees out of businesses in return for helping them through the coronavirus crisis, Britain’s banking regulator revealed today. The Financial Conduct Authority (FCA) has written to lenders warning them not to mistreat their customers after learning some were demanding cash for no actual work. Most British banks have already been … Read more
The governor of the Bank of England today issues a stark warning that Britain should be cautious about lifting the coronavirus lockdown too early. In his first interview since taking the top job, Andrew Bailey told the Daily Mail that a premature end to the restrictions could cause a severe loss of confidence and inflict … Read more
Can YOU spot what’s wrong with these bank notes? Collection of £5, £10, and £20 notes printed by the Bank of England that didn’t quite make the grade are tipped to sell for £6,000 at auction A collector’s haul of faulty notes will go on sale at Dix Noonan Webb of London Two of the … Read more
‘Something has gone wrong, I am worried’: Ex-Bank of England governor Lord Mervyn King gives stark warning as just 4,200 UK firms get crisis loans compared to 725,000 in America Lord King is ‘worried’ about the Government’s emergency bailout loans system It has seen just 4,200 firms in Britain get the payment out of 300,000 … Read more
Have you, like me, had enough yet? This is the fourth week of school closures and tempers in my household are starting to fray. Not a day seems to go by without me shouting at my 13-year-old daughter to get out of bed, to put her phone down and to tidy up after herself. When … Read more
The boss of Britain’s biggest building society is taking a huge pay cut to show solidarity with staff and customers in the pandemic. Joe Garner, who is chief executive of the Nationwide, is sacrificing around £1.2million in pay, pension and bonus. He is the first boss of a major financial institution to volunteer for a … Read more
Unemployment caused by the coronavirus crisis could in months be worse than during the 1930s Great Depression, a former Bank of England official has warned. David Blanchflower, who was part of the Bank during the 2008 financial crisis, said unemployment is rising at the fastest rate in living memory as job losses mount around the … Read more