Amit Kara News
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Bank of England Governor-designate Mark Carney’s signature stimulus policy is running into opposition from current and former U.K. central bankers.
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U.K. households’ high debt levels relative to borrowers in other countries such as Germany are justified because the structure of Britain’s housing market makes it reasonable to borrow, UBS AG economist Amit Kara said.
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Mark Carney’s quest for “escape velocity” takes off in the U.K. this week.
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Paul Tucker, whose three-decade career at the Bank of England marked him out as the leading candidate to become the next governor, failed to secure the top post after the Libor scandal undermined his bid.
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The British Chambers of Commerce gave its backing to Bank of England policy maker Adam Posen after he advocated more stimulus to aid economic growth.
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U.K. unemployment claims increased the most in more than two years in July, adding pressure on Prime Minister David Cameron to ease the pace of budget cuts as the economic outlook worsens.
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UBS AG cut its euro-area and U.K. economic growth forecast for 2012 and predicts a recession in mainland Europe next year, citing a tightening in credit conditions.
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U.K. mortgage approvals fell in September as tighter credit conditions and falling consumer confidence kept more potential property buyers out of the market for home loans.
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European Central Bank President Mario Draghi may take a giant leap in monetary policy tomorrow for limited economic gain.
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U.K. inflation probably eased from a three-year high in October and may slow further as Europe’s debt crisis depresses the economic outlook.
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