UK Economics Correspondent, London
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Jan 7, 2015

MP criticises overseers of Bank of England during crisis

LONDON (Reuters) – Officials charged with overseeing the Bank of England failed to hold the central bank to account during the 2007-09 financial crisis and may have made matters worse, a senior MP said on Wednesday.

The central bank published nearly 500 pages of minutes of meetings of its Court, a body which was meant to help set strategic direction and act as a check on its governor, who at the time of the crisis was Mervyn King.

Jan 7, 2015

Lawmaker criticises overseers of Bank of England during crisis

LONDON, Jan 7 (Reuters) – Officials charged with overseeing
the Bank of England failed to hold the central bank to account
during the 2007-09 financial crisis and may have made matters
worse, a senior British lawmaker said on Wednesday.

The central bank published nearly 500 pages of minutes of
meetings of its Court, a body which was meant to help set
strategic direction and act as a check on its governor, who at
the time of the crisis was Mervyn King.

Jan 6, 2015

UK services growth dips to 19-month low

LONDON (Reuters) – Britain’s economic recovery softened further as growth across services companies slowed sharply during December to its lowest level since mid-2013, a survey showed on Tuesday.

Sterling slipped to a 17-month low against the dollar after the Markit/CIPS UK Services Purchasing Managers’ Index (PMI), a closely-watched monthly survey, suffered its steepest decline in more than three years.

Jan 6, 2015

UK services growth dips to 19-month low – PMI

LONDON, Jan 6 (Reuters) – Britain’s economic recovery
softened further as growth across services companies slowed
sharply during December to its lowest level since mid-2013, a
survey showed on Tuesday.

Sterling slipped to a 17-month low against the dollar after
the Markit/CIPS UK Services Purchasing Managers’ Index (PMI), a
closely-watched monthly survey, suffered its steepest decline in
more than three years.

Jan 2, 2015

UK recovery more lopsided as manufacturing slips

LONDON (Reuters) – Hopes that Britain’s economic recovery will become less reliant on big-spending consumers ebbed further on Friday as data showed manufacturing growth weakened at the end of last year while lending to individuals soared.

Sterling hit a 16-month low after the Markit/CIPS UK Manufacturing Purchasing Managers’ Index, a closely-watched monthly business survey, hit a three-month low in December, missing all forecasts in a Reuters poll.

Jan 2, 2015

UK recovery more lopsided as manufacturing slips, consumer loans soar

LONDON (Reuters) – Hopes that Britain’s economic recovery will become less reliant on big-spending consumers ebbed further on Friday as data showed manufacturing growth weakened at the end of last year while lending to individuals soared.

Sterling hit a 16-month low after the Markit/CIPS UK Manufacturing Purchasing Managers’ Index, a closely-watched monthly business survey, hit a three-month low in December, missing all forecasts in a Reuters poll.

Dec 18, 2014

‘Black Friday’ discounts lift UK retail sales growth to 10-year high

LONDON (Reuters) – British retail sales surged at their fastest annual rate in more than a decade last month, as U.S.-style “Black Friday” discounts drove record sales growth at electrical and department stores.

Strong economic growth and a recent drop in the price of essentials such as food and fuel appears to be finally starting to translate into higher spending on big-ticket items by many households, after years of falls in disposable income.

Dec 16, 2014

Britain’s state-backed banks scrape through stress tests

LONDON (Reuters) – The Bank of England gave Britain’s state-backed lenders a narrow pass in its debut annual stress tests on Tuesday, but warned that next year banks would face tougher checks of their capital strength and international exposure.

Lloyds and rival Royal Bank of Scotland scraped through a doomsday scenario of plummeting house prices and soaring unemployment after both took pre-emptive measures to boost their defences against potential losses.

Dec 16, 2014

Plunging oil prices could boost geopolitical tensions: Bank of England report

LONDON (Reuters) – Plunging oil prices could heighten geopolitical tensions, trigger defaults by U.S. shale oil and gas firms and destabilize euro zone inflation expectations, the Bank of England warned on Tuesday.

In a half-yearly assessment of global financial risks, Britain’s central bank said market concerns about persistent slow growth and political risks had risen over the past six months, and warned investors could ditch risky assets.

Dec 16, 2014

Plunging oil prices could boost geopolitical tensions – BoE report

LONDON, Dec 16 (Reuters) – Plunging oil prices could
heighten geopolitical tensions, trigger defaults by U.S. shale
oil and gas firms and destabilise euro zone inflation
expectations, the Bank of England warned on Tuesday.

In a half-yearly assessment of global financial risks,
Britain’s central bank said market concerns about persistent
slow growth and political risks had risen over the past six
months, and warned investors could ditch risky assets.

    • 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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