UK Economics Correspondent, London
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Apr 18, 2015

UK Conservatives aim to sell Lloyds shares to small investors

LONDON, April 19 (Reuters) – British finance minister George
Osborne said on Sunday that he intends to sell billions of
pounds of government shares in Lloyds Banking Group to
small investors if his Conservative Party wins the May 7
election.

Britain’s government put more than 20 billion pounds ($30
billion) of public money into Lloyds at the height of the
financial crisis in 2008 and 2009 – buying 43 percent of the
bank – and has since sold almost half of this back to large
investors.

Apr 18, 2015

Labour pledges to tackle exploitation of migrant workers

LONDON (Reuters) – Opposition leader Ed Miliband said on Saturday that he would set up a new government unit to prosecute employers who exploit migrant workers if his Labour Party wins power in the national election on May 7.

In a major speech on immigration — a widespread concern among Britons that has bolstered the anti-EU United Kingdom Independence Party — Miliband set out how Labour would try to ensure immigrants did not depress British wages.

Apr 18, 2015

UK’s Labour pledges to tackle exploitation of migrant workers

LONDON (Reuters) – British opposition leader Ed Miliband said on Saturday that he would set up a new government unit to prosecute employers who exploit migrant workers if his Labour Party wins power in the national election on May 7.

In a major speech on immigration — a widespread concern among Britons that has bolstered the anti-EU United Kingdom Independence Party — Miliband set out how Labour would try to ensure immigrants did not depress British wages.

Apr 17, 2015

British unemployment rate at multi-year low ahead of election

LONDON (Reuters) – Britain’s economy created the largest number of new jobs in nearly a year and unemployment hit its lowest rate since mid-2008, official labor market data showed on Friday, the last such report before a closely fought election on May 7.

Prime Minister David Cameron hailed the numbers, which cover the three months to February, as underlining his government’s “jobs miracle”.

Mar 26, 2015

Bank of Canada says rate cut bought time, suggests April move unlikely

LONDON (Reuters) – The Bank of Canada’s January interest rate cut has bought it time to examine the effects of cheap oil on the economy, Governor Stephen Poloz said on Thursday in remarks that could signal the bank will hold rates steady next month.

Poloz allowed the possibility that first-quarter economic growth might come in lower than the bank’s 1.5 percent forecast, and he did not rule out a negative reading, but he also noted growth was expected to bounce back later this year.

Mar 26, 2015

Bank of England to quiz fund managers over short-notice redemptions

LONDON, March 26 (Reuters) – The Bank of England said on
Thursday that it planned to quiz British asset managers about
whether they could cope with a flood of investors asking for
their money back in times of market stress.

The central bank said it was concerned that some financial
markets — including those for fixed income assets — may be
less liquid than they looked, but that funds had promised they
could return investors’ money at short notice.

Mar 26, 2015

Bank of Canada says January rate cut bought it time

LONDON, March 26 (Reuters) – The Bank of Canada’s January
interest rate cut has bought it time to examine the effects of
cheap oil on the economy, Governor Stephen Poloz said on
Thursday in remarks that underscored the possibility the bank
will keep rates steady next month.

Poloz repeated the bank’s view that the negative effects of
lower oil prices in Canada, a major oil producer, are beginning
to appear and the positive effects will take longer to emerge.

Mar 25, 2015

Bank of England policymakers see scant need for rate cut

LONDON, March 25 (Reuters) – Three Bank of England
policymakers said on Wednesday they saw little chance of a cut
in interest rates in the face of tumbling inflation, distancing
themselves from the position of the central bank’s chief
economist.

BoE chief economist Andy Haldane surprised some observers by
saying last week that a recent sharp slowdown in inflation meant
the bank was as likely as not to cut rates – a view previously
rejected by BoE Governor Mark Carney.

Mar 25, 2015

Bank of England payment outage showed crisis management failures, report concludes

LONDON (Reuters) – A major outage last year in the Bank of England’s interbank payments system showed the central bank was not fully equipped to handle crises affecting Britain’s banks, a report published by the BoE showed on Wednesday.

The BoE suspended nearly 300 billion pounds ($447 billion) of payments for several hours on Oct. 20 after problems with its Real Time Gross Settlement system.

Mar 25, 2015

BoE payment outage showed crisis management failures, report concludes

LONDON, March 25 (Reuters) – A major outage last year in the
Bank of England’s interbank payments system showed the central
bank was not fully equipped to handle crises affecting Britain’s
banks, a report published by the BoE showed on Wednesday.

The BoE suspended nearly 300 billion pounds ($447 billion)
of payments for several hours on Oct. 20 after problems with its
Real Time Gross Settlement system.

    • About David

      "David keeps a close watch on the UK economy, the Bank of England and the British government debt market. Previously he worked in Frankfurt, covering the European Central Bank and euro zone economy, and in Brussels where he reported on everything from EU summits to Belgian supermarkets."
      Languages:
      English, French, German
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