Families built up £100billion of ‘excess savings’ in lockdown and are already spending it, a senior Bank of England official has claimed. A nationwide spending spree could help the economy to recover more quickly than forecasters have predicted, the Bank’s chief economist Andy Haldane said. In an exclusive interview with the Mail, Mr Haldane said … Read more
The Bank of England should investigate where around £50billion of ‘missing’ banknotes is ‘stashed’, a committee monitoring the effectiveness of public spending has said. The Public Accounts Committee said the Bank needs to ‘get a better handle on the national currency it controls’. It said authorities have been behind the curve in ensuring access to … Read more
CPI inflation creeps up to 0.7 per cent putting more pressure on families as prices of food and clothing rise The headline CPI inflation rate rose from 0.5 per cent to 0.7 per cent in October Clothing and food prices were the main cause of the increase, the ONS said The rise confounded the expectations … Read more
How extraordinary that the Johnson Government, while in serious money trouble, chooses to spend billions on a vaccine against a disease which in many cases has no symptoms at all. Yet this peculiar decision is a mere ripple on the surface of a much deeper problem. Britain in 2020 has many economic difficulties, but good credit. … Read more
Britain’s economy will shrink by 11% and unemployment will rise to 2.6million amid Boris Johnson’s latest lockdown, bank of England warns Governor Andrew Bailey said the Bank expects the economy to shrink again He said economic output would be 11% lower at end of the year than at the start Added that unemployment would rise … Read more
Rishi Sunak extended the furlough scheme until March today amid renewed lockdowns and demands from Nicola Sturgeon. The Chancellor admitted that the recovery had ‘slowed’ and businesses now faced heightened ‘uncertainty’ in a statement to the Commons. Workers will be able to get furlough at 80 per cent of their usual wage until the end … Read more
The Bank of England pumped another £150billion into the economy as lockdown began today – amid fears that it will send GDP plummeting and destroy jobs. The Bank has increased its mammoth bond-buying programme to £895billion, warning that UK plc’s recovery was already ‘softening’ before the squeeze was announced on Saturday. Interest rates are being … Read more
Bank of England pumps another £150bn into economy and keeps interest rates at record 0.1% low – as Rishi Sunak is ‘set to extend furlough beyond December’ amid fears national lockdown will destroy millions of jobs By James Tapsfield, Political Editor For Mailonline Published: 07:13 GMT, 5 November 2020 | Updated: 07:22 GMT, 5 November … Read more
Duchess of Cornwall is elegant in a pale blue suit and face mask on a visit to the Bank of England HQ with Prince Charles to learn how it’s supporting the economy during Covid-19 The Duchess of Cornwall, 73, visited Headquarters of Bank of England today Camilla was joined by Prince Charles, 71, both of … Read more
Work from home warning: Bank of England chief economist says being away from the office can make staff LESS creative and LESS productive Bank of England’s economist says it can make staff less creative and productive Pandemic may have triggered the ‘largest shift in working practices ever seen’ Lack of face-to-face interaction with colleagues threatens the … Read more