The Bank of England (BoE) has become the first major central bank to hike interest rates in the pandemic era, with the move coming in response to surging inflation as officials made clear their chief focus is to tame runaway prices even as they expect the Omicron variant to weigh on the economic recovery. The…
UK Recovery Perks up Despite Consumer Gloom and Inflation Surge
LONDON—Britain’s economy unexpectedly regained momentum in October, despite surging costs and mixed consumer signals, according to surveys on Friday that could tempt the Bank of England (BoE) to raise interest rates for the first time since the pandemic. The preliminary “flash” IHS Markit/CIPS Composite Purchasing Managers’ Index rose by the largest amount since May to…
Companies at Risk From COVID-19 Lifeline Loans, Bank of England Warns
Many companies that took out emergency loans during the COVID-19 pandemic are now at risk of collapse because of those same loans, the Bank of England has warned. Companies across the UK that before COVID-19 would have been turned down for loans were able to tap into government-backed schemes during pandemic times. Now, many of…
Big Tech Cloud Services Could Face Resilience Test, Says Bank of England
September 14, 2021
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LONDON—Amazon.com Inc., Google Inc., and other tech companies providing cloud computing to banks in Britain may have to comply with minimum resilience standards and testing, a senior Bank of England official said on Monday. The Bank of England (BoE), along with regulators in Europe and the United States, is worried about the reliance of banks…
Rising Inflation Could Cut Average Household Incomes by £700: Study
Inflation in the UK is on course to increase above four percent in the coming months, reducing average household incomes by £700, research suggests. The Resolution Foundation said higher than expected inflation poses more of a challenge to household incomes than to the Bank of England. The think tank said UK inflation has mirrored trends…
Britain Set for Best Growth Since Second World War: Bank of England
The Bank of England has forecast the economy will grow this year at its fastest pace since the Second World War as Britain stages a vaccine-fuelled recovery. The Bank predicts gross domestic product (GDP)—a measure of the size of the economy—will rebound by 7.25 percent in 2021 up from its previous prediction of 5 percent…
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