UK Economics Correspondent, London
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Mar 18, 2015

UK’s Osborne woos voters with earlier end to austerity

LONDON (Reuters) – British finance minister George Osborne sought to court voters ahead of a tight May 7 election by pitching an earlier end to his austerity drive and cautious tax cuts against a backdrop of faster economic growth.

Osborne said Prime Minister David Cameron’s government had saved Britain’s economy and would bring down national debt earlier than forecast with a 22 billion-pound sale of state-owned bank assets.

Mar 18, 2015

UK debt chief fears further fall in bond market liquidity

LONDON (Reuters) – Britain’s government bond market risks becoming more volatile due to reduced liquidity and increased uncertainty over U.S. monetary policy, the head of the country’s debt issuance agency said on Wednesday.

Robert Stheeman, chief executive of the UK Debt Management Office, said banks were becoming less willing to trade gilts due to a mix of tougher regulation and changing business models, similar to other bond markets.

Mar 18, 2015

Chancellor Osborne reduces paces of cuts, sees faster growth

LONDON (Reuters) – British Chancellor George Osborne lowered his target for a future budget surplus and announced higher economic growth forecasts as he sought to show voters that the country’s recovery is entrenched.

Osborne, in his annual budget statement to parliament on Wednesday, said he was aiming for a sharply lower budget surplus by the end of the decade than the target he announced just over three months ago.

Mar 18, 2015

UK’s Osborne reduces pace of cuts, sees faster growth

LONDON, March 18 (Reuters) – British finance minister George
Osborne lowered his target for a future budget surplus and
announced higher economic growth forecasts as he sought to show
voters that the country’s recovery is entrenched.

Osborne, in his annual budget statement to parliament on
Wednesday, said he was aiming for a sharply lower budget surplus
by the end of the decade than the target he announced just over
three months ago.

Mar 17, 2015

New Bank of England regulator warns of risks from U.S. rate hikes, dollar strength

LONDON (Reuters) – The start of U.S. interest rate rises could inject volatility into global financial markets and create risks for Britain’s financial stability, a new member of the Bank of England’s top panel of financial regulators said on Tuesday.

Alex Brazier, who took a seat on the BoE’s Financial Policy Committee on Monday, cited the normalisation of U.S. borrowing costs as one of the main global risks for markets.

Mar 17, 2015

New BoE regulator warns of risks from U.S. rate hikes, dollar strength

LONDON, March 17 (Reuters) – The start of U.S. interest rate
rises could inject volatility into global financial markets and
create risks for Britain’s financial stability, a new member of
the Bank of England’s top panel of financial regulators said on
Tuesday.

Alex Brazier, who took a seat on the BoE’s Financial Policy
Committee on Monday, cited the normalisation of U.S. borrowing
costs as one of the main global risks for markets.

Mar 4, 2015

UK living standards lag 2010 levels as election nears – think tank

LONDON, March 4 (Reuters) – British living standards remain
below those before the last national election in 2010, a leading
think tank said on Wednesday, putting Prime Minister David
Cameron’s economic record back in the spotlight ahead of May 7′s
election.

Living standards for people in the middle of the income
distribution were 2 percent lower than before the last election,
the non-partisan Institute for Fiscal Studies said.

Mar 3, 2015

Bank of England sacked FX dealer for string of misjudgments – Carney

LONDON, March 3 (Reuters) – The Bank of England’s former
chief foreign exchange dealer broke internal rules on
confidentiality and information technology policy before his
dismissal last year, BoE Governor Mark Carney told legislators
on Tuesday.

The BoE fired Martin Mallett in November as it announced the
findings of an independent review into what staff knew of
attempts by foreign exchange traders at leading banks to
manipulate currency rates.

Feb 27, 2015

Britain’s would-be finance ministers sum up stark choice for voters

LONDON, Feb 27 (Reuters) – The stark choice faced by Britons
in May’s national election is summed up nowhere more clearly
than by the two men vying to be finance minister. One wants more
austerity to erase the deficit, the other says it is time to
talk about living standards.

The Conservatives’ George Osborne, 43, and Labour’s Ed
Balls, 48, have helped define what their parties stand for. Now
each is betting that the other has miscalculated the public mood
as they bid to oversee the world’s sixth-largest economy – now
growing again after years of painful budget cuts.

Feb 26, 2015

Bank of England tightens internal rules after FX investigation

LONDON, Feb 26 (Reuters) – The Bank of England announced
tougher rules for its staff who speak regularly with bond and
currency traders, after a review last year showed a senior
member of staff had turned a blind eye to market malpractice.

The BoE said on Thursday it would set out the terms of the
Bank’s engagement with market participants, provide better
training for staff, improve note-taking and form a new committee
to oversee the way it gathers intelligence from the market.

    • 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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