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04/01/2002
Bank of England may raise interest rates to stem consumer spending
Speculation is mounting that The Bank of England plans to step in to deal with the current credit card fuelled spending boom that is gripping the UK economy.
The likelihood of this happening was raised after the head of the Bank of England, Sir Edward George, said that consumer demand needed to be moderated. However, if it did not then “we may have to actually act to cause it to moderate if it doesn't happen of its own accord, and that's when we will be putting up interest rates”.
Speaking in an interview with BBC television's World Business Report, Sir Edward’s comments represent a clear signal that the Bank of England is more concerned about the UK economy growing too fast than it following economies such as those of the US and Japan into a slump.
His comments also follow the release on Thursday of reports showing strong High Street trade in the run-up to Christmas. (MB)
The likelihood of this happening was raised after the head of the Bank of England, Sir Edward George, said that consumer demand needed to be moderated. However, if it did not then “we may have to actually act to cause it to moderate if it doesn't happen of its own accord, and that's when we will be putting up interest rates”.
Speaking in an interview with BBC television's World Business Report, Sir Edward’s comments represent a clear signal that the Bank of England is more concerned about the UK economy growing too fast than it following economies such as those of the US and Japan into a slump.
His comments also follow the release on Thursday of reports showing strong High Street trade in the run-up to Christmas. (MB)
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Bank of England holds UK interest rate at 4%
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Bank of England holds UK interest rate at 4%
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'Recovery is under way' says Bank of England
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Bank Of England Governor Meets With NI Business Leaders
The Governor of the Bank of England, Mark Carney, has met with senior business leaders during a private event in Belfast. Mr Carney met with senior leaders from the business community and the voluntary sector during an event at Belfast's new Grand Central Hotel on Thursday, 13 September.
Bank Of England Governor Meets With NI Business Leaders
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Northern Ireland WeatherToday:A showery start with outbreaks most frequent north of Lough Neagh and through the morning, before dwindling during the afternoon as the northwest breezes ease and brighter spells of weak sunshine prosper. Maximum temperature 8 °C.Tonight:A dry night, save for a few light showers around the coasts, with prolonged clear spells and light winds bringing a frosty dawn for many in central and southern parts. Minimum temperature -3 °C.
