Ian McCafferty News
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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.
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Bank of England policy maker Ian McCafferty said the outlook for inflation remains a concern and he is “cautiously optimistic” about the U.K. recovery.
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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.
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Incoming Bank of England Governor Mark Carney was handed scope to pursue “escape velocity” for the U.K. economy so long as it doesn’t come at the cost of surging inflation.
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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.
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Bank of England Deputy Governor Paul Tucker said he’s open to adding to asset purchases as policy makers stressed the central bank has the flexibility to expand stimulus if needed.
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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.
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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.
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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.
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The pound weakened for a sixth day against the dollar after a government report showed U.K. retail sales unexpectedly declined in December, adding to signs the economy is struggling to recover.
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