Bank Of England News
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A measure of U.K. construction rose to the highest in 11 months in February on gains in new orders and commercial projects.
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Bank of England policy maker David Miles said high unemployment and slack in the economy will continue to put downward pressure on inflation after he was defeated in a push to increase stimulus by 75 billion pounds ($120 billion) last month.
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U.K. manufacturing expanded for a second month in February, adding to signs the economy hasn’t slipped back into recession after a fourth-quarter contraction.
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Bank of England policy maker Martin Weale said that U.K. inflation may prove more persistent than expected, making it unlikely the economy will require further stimulus once the current round of bond purchases ends.
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U.K. property prices rose in February amid a surge in first-time buyers before a tax exemption expires this month, Nationwide Building Society said.
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Federal Reserve Bank of Philadelphia President Charles Plosser said the U.S. central bank should be more transparent to increase “the effectiveness of monetary policy” and “accountability with the public.”
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The pound strengthened for a fourth day against the euro after the European Central Bank loaned a record amount of cash to euro-area banks, fueling speculation financial sector earning will boost the U.K. economy.
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Bank of England Governor Mervyn King said the European Central Bank’s three-year loans have prevented a bank run in the region, though in the U.K. further liquidity action isn’t necessary.
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U.K. mortgage approvals rose to the highest for more than two years in January as first-time buyers rushed to take advantage of a property-tax exemption before it ends next month.
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If growth is the answer to Europe’s debt crisis, then oil is the question.
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