UK Economics Correspondent, London
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May 27, 2014

Bank of England’s Carney says bankers should be less selfish

LONDON, May 27 (Reuters) – Bankers should think less about
personal gain and more about the health of the rest of the
economy, Bank of England Governor Mark Carney said on Tuesday.

Speaking at a conference on ‘inclusive capitalism’ organised
by the City of London – which was also addressed by former U.S.
President Bill Clinton and Britain’s Prince Charles – Carney
said bankers needed to rebuild public trust.

May 22, 2014

Stronger household spending and investment drive UK Q1 growth

LONDON (Reuters) – Britain’s households spent more and companies increased investment at the fastest pace in a year, extending the country’s strong economic growth into the first three months of 2014, official data showed on Thursday.

The figures offer some signs that Britain’s rapid growth is slowly getting on the more sustainable footing that the Bank of England wants to see before it raises interest rates, though consumer demand remains by far the largest driver of growth.

May 22, 2014

Stronger household spending and investment drive UK first quarter growth

LONDON (Reuters) – Britain’s households spent more and companies increased investment at the fastest pace in a year, extending the country’s strong economic growth into the first three months of 2014, official data showed on Thursday.

The figures offer some signs that Britain’s rapid growth is slowly getting on the more sustainable footing that the Bank of England wants to see before it raises interest rates, though consumer demand remains by far the largest driver of growth.

May 21, 2014

Bank of England minutes show some members closer to voting for rate rise

LONDON (Reuters) – Some Bank of England policymakers think the case for raising interest rates is becoming stronger as Britain’s economy gets closer to operating at full steam, minutes of their last meeting showed on Wednesday.

“For some members, the monetary policy decision was becoming more balanced,” the minutes for May 7-8 said.

May 20, 2014

Bank of England’s Bean sees echoes of crisis build-up in markets

LONDON, May 20 (Reuters) – Low volatility in financial
markets is “eerily reminiscent” of the run-up to the financial
crisis, even as central banks face the challenge of unwinding
huge stimulus programmes, a Bank of England policymaker said.

But BoE Deputy Governor Charlie Bean also said in a speech
that “the risk of major financial problems crystallising in the
advanced countries should be much lower” thanks to a combination
of better-capitalised banks, lower leverage levels and more
powers for regulators to deal with troubled lenders.

May 19, 2014

Ousted New York Times editor to grads: Show what you are made of

WINSTON-SALEM/NEW YORK (Reuters) – The New York Times’ ousted top editor Jill Abramson made her first public remarks on Monday not shying away from the controversy surrounding her departure and told graduates to fight back.

“Some of you, and now I’m talking to anybody who has been dumped … You know the sting of losing and not getting something you badly want. When that happens, show them what you are made of,” she said.

May 19, 2014

Ousted N.Y. Times editor to grads: Show what you are made of

WINSTON-SALEM/NEW YORK May 19 (Reuters) – The New York
Times’ ousted top editor Jill Abramson made her first public
remarks on Monday not shying away from the controversy
surrounding her departure and told graduates to fight back.

“Some of you, and now I’m talking to anybody who has been
dumped … You know the sting of losing and not getting
something you badly want. When that happens, show them what you
are made of,” she said.

May 15, 2014

UK appoints former White House adviser as Bank of England rate-setter

LONDON, May 15 (Reuters) – Britain’s finance minister named
former White House adviser Kristin Forbes as a member of the
Bank of England’s rate-setting Monetary Policy Committee,
continuing his trend of looking abroad for top BoE officials.

Forbes, an economics professor at the Massachusetts
Institute of Technology, was the youngest ever person appointed
to the White House’s Council of Economic Advisors, where she
served President George W. Bush from 2003 to 2005.

May 15, 2014

Immigration debate masks benefits to EU’s top economies

LONDON/BERLIN/PARIS (Reuters) – An unemployed builder sits on the pavement, begging for small change next to a slogan saying “EU policy at work – British workers are hit hard by unlimited cheap labor”.

The arresting image comes from an election poster for the United Kingdom Independence Party, a once-fringe movement that wants to withdraw Britain from the EU and looks set to garner the most votes in next week’s European Parliament polls.

May 14, 2014

Bank of England stresses no rush to raise rates as recovery builds

LONDON (Reuters) – The Bank of England pushed back against expectations it might raise interest rates in less than a year’s time, saying on Wednesday that Britain’s economic recovery is still in its early stages.

The central bank acknowledged a strong bounce-back in the labour market since last year, lowering its forecast for unemployment for the next couple of years.

    • 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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