Bank of England policy maker Ben Broadbent said officials will only consider an interest-rate increase once the recovery is secure, with inflation unlikely to prompt monetary tightening earlier than they have signaled.
Bank of England Deputy Governor Paul Tucker’s account of his involvement in the Libor scandal stoked new criticism of the bank’s oversight failures as he struggles to stay in contention for its top job next year.
Bank of England Deputy Governor Paul Tucker will testify today on the Libor scandal that cost Barclays Plc’s top three managers their jobs and cast doubt on his prospects of succeeding his boss, Mervyn King.
The U.K. reached a draft deal with its European Union partners to lift its objections to turning the European Central Bank into a supervisor, according to two EU officials, in a move that paves the way for the end of over a year of negotiations on the proposals.
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.