Der Kampf gegen die hohe Inflation ist nach den Worten der Präsidentin der Europäischen Zentralbank (EZB), Christine Lagarde, noch nicht gewonnen. Das bedeute, dass die EZB so lange an einer strikten Geldpolitik festhalten müsse, bis eine mittelfristige Teuerungsrate von zwei Prozent erreicht werde, sagte Lagarde am Freitag auf der Notenbank-Konferenz in Jackson Hole in den USA.
Archiv: Bank of England (BoE)
Bank-of-England-Vize: Wohl „einige Zeit“ weiter hohe Zinsen
Die Folgen des Preisanstiegs würden wahrscheinlich nicht so schnell verschwinden, wie sie entstanden seien, sagte der Vizegouverneur der Bank of England (BoE), Ben Broadbent, laut Redetext gestern auf dem Treffen von Zentralbankern und Ökonominnen in Jackson Hole im US-Staat Wyoming.
„Vor diesem Hintergrund könnte die Geldpolitik noch einige Zeit restriktiv bleiben.“
Bank of England warns UK rates need to remain high for some time
(Sat 26-08-2023)
“It’s unlikely that these second-round effects will unwind as rapidly as they emerged,” Broadbent said at the Federal Reserve’s annual gathering of central bankers in Jackson Hole, Wyoming. “As such, monetary policy may well have to remain in restrictive territory for some time yet.”
The BOE has raised rates 14 times in a row to 5.25%, the highest level in almost 16 years, to tame inflation.
Dollar steady as Fed‘s Powell says higher rates may be needed
(August 25, 2023)
Powell, in a speech at an economic summit in Jackson Hole, Wyoming, said policymakers would „proceed carefully as we decide whether to tighten further,“ but also made clear that the central bank has not yet concluded that its benchmark interest rate is high enough to be sure that inflation returns to the 2% target.
How Jackson Hole Became an Economic Obsession
(Aug. 24, 2023)
The most hotly anticipated event is a speech by the Fed chair that typically takes place on Friday morning and is often used as a chance for the central bank to send a signal about policy. Jerome H. Powell, the current Fed head, has made headlines with each and every one of his Jackson Hole speeches, which has investors waiting anxiously for this year’s. It is the only part of the closed-door conference that is broadcast to the public.
Taxpayer to hand over £150bn to Bank of England to cover QE losses
According to a quarterly report by the Bank on its asset purchase facility – the vehicle it uses to hoover up UK debt on financial markets – losses from bond purchases are poised to balloon by the early 2030s.
After the 2008 financial crisis, the Bank of England started purchasing UK government and corporate debt from financial institutions in an effort to stimulate the economy by pushing down yields.
UK government faces £150bn bill to cover Bank of England’s QE losses
(25.07.2023)
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Bank of England set to raise base rate to 5.25 per cent
(today)
This will push interest rates to their highest since early 2008 and further hikes are expected this year.
If the rise goes ahead on Thursday, 3 August, it will be the 14th successive rise to the base rate and will pile more pressure on borrowers.
Suppose we have an interest rate / inflation spiral now, and it’s been created by the Bank of England?
I suspect the Bank to deny this, but they have already admitted their models of inflation based on their own understandings of the issue do not work, so little weight should be given to that.
Instead it‘s time to cut rates and remove the only excuse businesses have to increase prices because interest rates are the only cost expected to remain high, and excessively so, from now into the future.
Bank of England raises UK interest rates to 4.5%
(11 May 2023)
The Bank of England has raised interest rates by a quarter of a point to 4.5% as it forecast inflation would stay higher for longer than previously expected and the economy would perform more strongly.
Destined for Downing Street? Rishi Sunak could be named PM TODAY after Boris Johnson pulls out of Tory leadership contest and Penny Mordaunt well short of the 100 supporters she needs ahead of 2pm deadline
– Rishi Sunak, who launched his bid yesterday morning, has received public backing of more than 150 Tory MPs
– As of last night, 155 MPs said they are backing Mr Sunak, while 25 had spoken out in support of Ms Mordaunt
– A further 54 who were hoping Mr Johnson would return are yet to publicly reveal to whom they will now back
– Mr Johnson earlier said he had in fact reached the ‚very high hurdle of 102 nominations‘ as he bowed out
– Ms Mordaunt‘s team, though, believe his decision to pull himself from the race will ‚propel her over the line‘
UK, economy, stimulus
(…)
This country is screwed whosoever in power even if Labour! Tory grassroot members has royally damaged this country by putting a malfunctioning robot Lizbot as PM who lacks a brain like the Scarecrow in the Wizard of Oz! Unfortunately there isn’t a Wizard she can visit to get one!
In 2019, we wanted to borrow money to fund public, regional, green investment that would pay for itself. Truss and Kwarteng want to borrow money to pay for uncapped bankers‘ bonuses. This government have crashed the economy. We would have transformed it.
(12.10.2022)
Interest rates may rise even HIGHER than expected next month, Bank of England chief says if inflation is to be beaten
On September 22 the Bank‘s Monetary Policy Committee (MPC) raised rates by 0.5 percentage points to 2.25%.
Speaking at the G30 annual international banking seminar, Mr Bailey said: ‚The UK Government has made a number of fiscal announcements and has set October 31 as the date for a further fiscal statement.‘
He said that the Bank‘s monetary policy committee ‚will respond to all this news at its next meeting in just under three weeks from now‘.
Bank of England governor Andrew Bailey tells IMF event in Washington of conversation with Jeremy Hunt yesterday: “Very clear & immediate meeting of minds on the importance of stability and sustainability.” @SkyNews
British government borrowing costs surged again on Wednesday after Bank of England Governor Andrew Bailey told pension funds they had three days to fix liquidity problems before the bank ends emergency bond-buying that has provided support.
(13.10.2022)
Total wealth in Great Britain: April 2016 to March 2018
The total net wealth of private households in Great Britain was £14.6 trillion in April 2016 to March 2018, an increase of 13% in real terms from April 2014 to March 2016, mainly because of increases in private pension and net property wealth.
Bank of England lifts rates by a half-point after 5-4 vote
The Bank of England decided to lift interest rates by a half-point to the highest level since 2008 in a contested decision, as the U.K. central bank joins peers across the globe in trying to bring inflation down by quelling demand.
The vote was 5-to-4 to bring rates to 2.25%, with three members calling for a 75-basis-point hike while one voted for a quarter-point increase. It was the seventh consecutive rate hike for the U.K. central bank.
Bank of England und SNB: Weitere Notenbanken erhöhen Zinsen
n der Schweiz ist die Inflation allerdings wegen des starken Frankens vergleichsweise gering. Im Mai lag sie bei 2,9 Prozent. Für das Gesamtjahr 2022 wird nun nach SNB-Angaben eine Teuerung der Verbraucherpreise um 2,8 Prozent erwartet. Ohne die Leitzinserhöhung würde die Prognose „deutlich höher“ ausfallen, so die SNB.
„Es wäre fahrlässig, wenn man inflationäre Entwicklung nicht berücksichtigt“, sagte SNB-Präsident Thomas Jordan.
SNB vollzieht Wende – Warum heben Sie die Zinsen an, Herr Jordan?
Eigentlich sind die Notenbanken schon vor Jahren dazu übergegangen, die Finanzmärkte nicht zu überraschen. Es wurde immer angedeutet, wohin die Reise geht. Sie haben die Finanzmärkte jetzt aber doch überrascht, mit einer früheren und stärkeren Zinserhöhung als man das gedacht hätte. Ist das ein Indiz dafür, dass der Entscheid erst in den letzten Stunden gereift ist?
Nein.
Is recession the Bank of England’s only choice?
With inflation still climbing, today the Bank of England has brought out the big guns, raising interest rates by 0.25 percentage points to 1.25 per cent – pushing the cost of borrowing to its highest since February 2009. It joins the US Federal Reserve, its cousin across the Atlantic, which yesterday raised rates by 0.75 percentage points – its biggest rise in almost 30 years.
Venezuela darf Berufung gegen Sperrung seiner Goldreserven in Großbritannien einlegen
Am 2. Juli erkannte der Oberste Gerichtshof Großbritanniens „den Oppositionsführer Juan Guaidó unmissverständlich als Präsident an“, folgte damit der Position des britischen Außenministerium und sprach der Regierung von Nicolás Maduro das Recht auf Rückführung des Goldbesitzes der BCV ab. Seit Ende 2018 weigert sich die Bank of England, das in ihren Tresoren deponierte Gold zurückzugeben, dessen Wert auf 1,2 Milliarden US-Dollar geschätzt wird.
Venezuela in bid to force Bank of England to transfer $1bn of gold
The claim follows a request Venezuela made to the Bank in April to sell part of its gold reserves there and send the proceeds to the United Nations to help with the country’s coronavirus-fighting efforts.
Bank of England boss Andrew Bailey warns against easing social distancing too early and says the psychological effects of a ‚false start‘ that forces Britons back into lockdown could damage economy more
– Andrew Bailey told the Daily Mail a premature end to restrictions could result in a loss of confidence
– The Bank of England governor issued the stark warning at a time of increasingly heated debate over lockdown
– It comes as ‚hawks‘ have been advocating for early easing of restrictions to save the huge costs to economy
– On the other side, ‚doves‘ argue relaxing constraints too early would be reckless and devastating for the NHS
I‘m told Dominic Cummings opposed the appointment of Andrew Bailey as Governor of the Bank of England. Outmaneuvered by Javid – adding to the reasons he wanted the Chancellor reined in
Some chatter from inside the Treasury: one of the reasons Dominic Cummings was angry with Sajid Javid was the Bank of England governor. Cummings wanted Andy Haldane as the candidate most attuned to „levelling up“ but Javid managed to secure it for Andrew Bailey. #reshuffle
Treasury’s Remain Plot To Ensure an Anti-Brexit Governor of the Bank of England
A leaked shortlist for the next Governor of the Bank of England made its way from the highest levels of the Treasury to the pages of The Times last Saturday, and has now been followed up by an orchestrated letter signed by Remain supporting MPs. The letter is a not-so-subtle attempt to confirm the leak by making the Civil Service’s recommendation list public and therefore making it politically harder for the Chancellor to appoint a Brexiteer to the role.
The strangling of European democracy: The EU is the high point of an anti-democratic project that has been brewing for a hundred years.
So, while the EU might well be the apogee of constrained democracy, constrained democracy has many facets. Moreover, the model of constrained democracy existed on a national level before the EU was created. Indeed, the EU can be seen as the grotesque extension of a flawed system that was first developed within nation states after the First World War. For instance, the model of independent central banking was pioneered in Germany before being transposed to the EU much later on.
Boris Johnson clashes with Bank of England chief over whether Britain can strike a deal to continue free trade with EU after Brexit
In a stormy LBC interview, Mr Johnson was repeatedly challenged by interviewer Nick Ferrari to say if he was accusing Mark Carney of being wrong.
Mr Johnson insisted Britain would be allowed to use world trade laws to enjoy a period without any changes to tariffs that would endanger exports, something the Bank Governor and many others have stressed would be impossible to demand without agreement in Brussels.
Britische Notenbank: Zinsanhebung nur bei sanftem Brexit
Die Schweizer Nationalbank hält am expansiven geldpolitischen Kurs fest, und Japan bleibt ebenfalls bei der extrem lockeren Zinspolitik. Nur in England schien die Tendenz in die andere Richtung zu zeigen – trotz der drohenden Brexit-Gefahren. Zuletzt gab es einige Signale, die darauf hindeuteten, dass die Bank of England die Zinsen noch in diesem Jahr erhöhen werde. Denn die ökonomischen Daten sehen komfortabel aus.
Britische Notenbank: Zinsanhebung nur bei sanftem Brexit
Die Schweizer Nationalbank hält am expansiven geldpolitischen Kurs fest, und Japan bleibt ebenfalls bei der extrem lockeren Zinspolitik. Nur in England schien die Tendenz in die andere Richtung zu zeigen – trotz der drohenden Brexit-Gefahren. Zuletzt gab es einige Signale, die darauf hindeuteten, dass die Bank of England die Zinsen noch in diesem Jahr erhöhen werde. Denn die ökonomischen Daten sehen komfortabel aus.
Today we protested outside the Bank of England to demand they give Venezuela back its gold
23. Feb. 2019
Venezuela opposition leader urges Britain not to give gold to Maduro
Since last year Maduro’s government has been trying to repatriate gold from the Bank of England, fearing it could be caught up in international sanctions against his administration.
The venezuelan economic crisis can‘t be blamed entirely on Maduro, this is standard coup procedure, to hit the economics by sanctions, create social unrest and offer a solution. Venezuela‘s gold has been help in the UK that assist in getting basic needs.
Is the era of central bank independence over?
The fortress walls of the Bank of England project an image of solidity, stability and impregnability. It matches the reputation it has tried to build over more than 400 years for sober analysis and, in recent years, steady impartiality.
Yet its defences have been infiltrated.
Carney Defends BOE‘s Publication of Worst-Case Brexit Analysis
The BOE’s scenarios were more extreme than the government’s, and prompted criticism from some lawmakers, who accused Carney of undermining the BOE’s credibility.
Treasury Committee: Tuesday 4 December 2018
09:15:02
Witnesses: Dr Mark Carney, Governor, Bank of England, Ben Broadbent, Deputy Governor for Monetary Policy, Bank of England, Sir Jon Cunliffe, Deputy Governor for Financial Stability, Bank of England, and Sam Woods, Deputy Governor for Prudential Regulation, Bank of England and Chief Executive Officer, Prudential Regulation Authority
09:15:01
Subject: The UK‘s economic relationship with the European Union
Theresa May‘s broken promises and Mark Carney‘s wild claims are damaging people‘s faith in democracy
Although there has probably never been a golden age when a revered establishment was held in high regard both publicly and privately, the current position is worse than normal and continues to deteriorate.
The problem is that people are right to be distrustful, for there is an effort both to frighten and to gull them into acquiescing into a non-Brexit Brexit.
Critics accuse Bank of England of using its forecasts to play with politics
The Bank of England sparked a row today after publishing analysis of its ‘worst case Brexit scenario’ just 13 days ahead of a crucial Parliamentary vote on Theresa May’s deal.
Why the Brexit fearmongering won’t work – Elites have always tried to pit economic stability against democratic control.
The Remain campaign put economic risk front and centre – and they lost. And yet the anti-Brexit set still seem convinced that more gloomy prognostications will eventually bring Leave voters to their senses.
They’re wrong. So painfully wrong that it is hard not to put it down to pig ignorance.
Mark Carney’s Brexit catastrophism – This isn’t ‘forecasting’, it’s economic blackmail.
Yesterday, the UK government and the Bank of England separately presented their analyses of several different ‘scenarios’ for the UK economy after Brexit. Unsurprisingly, given the anti-Brexit prejudices in establishment circles, both conclude that the best result for us would be to remain in the EU.
Jacob Rees-Mogg savages ‚second-tier‘ Mark Carney
(28.11.2018) Brexiteer Jacob Rees-Mogg has dismissed the governor of the Bank of England as „a second-tier Canadian politician“ who „got a job in the UK“.
Bank of England chief is ‚enemy of Brexit‘, says Jacob Rees-Mogg
(25.10.2017) He added: “Mark Carney is one of the enemies of Brexit. He has opposed it consistently.”
Carney, the Canadian central banker who was handpicked in 2012 for his role at the Bank by George Osborne when chancellor, warned about the economic risks of Brexit during last year’s referendum campaign.
Britische Zentralbank: Ohne Brexit-Deal bricht Wirtschaft zusammen – BILD
Bei ungeordnetem Brexit: Bank of England warnt vor Mega-Rezession
Der Konjunktureinbruch wäre unter anderem auf zwei Dinge zurückzuführen:
– die befürchtenden Auswirkungen der Staus an den Zollstellen
– und ein Vertrauensverlust an den Märkten.
Bericht simuliert Chaos-Brexit: Bank of England zeichnet Horrorszenario
My column: Politicians hoping for a TARP scenario to force Brexit through Parliament should take note of how little notice markets are taking of the BoE at the moment via @financialtimes
(23.11.2018)
Surprised more wasn‘t made of the Sunday Times story that No10 is planning to encourage a crash in the financial markets. Now @peston also says that‘s the plan:
(21.11.2018)
Bank of England says no-deal Brexit would be worse than 2008 crisis
Bank warns of immediate economic crash, GDP to fall by 8%, unemployment to rise to 7.5%