The Bank of England will extend by one year its plan to provide cheaper loans to companies and consumers and increase incentives to get funds to smaller firms, enhancing a nine-month-old program to aid the economy.
Bank of England policy maker Ian McCafferty said Chancellor of the Exchequer George Osborne must maintain his fiscal squeeze as any easing could push up gilt yields and hurt the central bank’s efforts to boost growth.
Bank of England policy maker Ian McCafferty said officials must have an open mind about ways to help the recovery, signaling he may support new measures if needed to target specific weaknesses in the economy.
Ian McCafferty, chief economic adviser at the Confederation of British Industry, will join the Bank of England’s Monetary Policy Committee as the panel regains a business specialist after a year without one.
Banks should work to restore public trust in their operations by embracing regulatory reforms, including changes to capital levels and compensation, Mark Carney, the governor of the Bank of Canada, said.
Bank of England Governor-designate Mark Carney met the U.K. Treasury’s top civil servant, Nicholas Macpherson, to discuss possible changes to Britain’s monetary policy making, said a person with knowledge of the talks.