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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07 October 2011
Bank Of England Bolsters Economy
The UK's central banking organisation, the Bank of England is to inject a further £75bn into the economy through a process known as quantitative easing (QE).
Bank Of England Bolsters Economy
The UK's central banking organisation, the Bank of England is to inject a further £75bn into the economy through a process known as quantitative easing (QE).
08 August 2001
Economy slow down predicted by Bank of England
According to the latest economic analysis from the Bank of England, the UK economy will remain weak for the rest of this year. The Bank’s quarterly inflation report indicated that although the economy was expected to begin to recover in 2002 the current pressures on the euro zone economic area were intense.
Economy slow down predicted by Bank of England
According to the latest economic analysis from the Bank of England, the UK economy will remain weak for the rest of this year. The Bank’s quarterly inflation report indicated that although the economy was expected to begin to recover in 2002 the current pressures on the euro zone economic area were intense.
07 November 2002
Bank of England holds UK interest rate at 4%
The Bank of England has held the main UK interest rate at 4% for the twelfth consecutive month. This is despite a larger than anticipated cut by the US Federal Reserve. Leading economists were split on whether or not interest rates would or should be dropped.
Bank of England holds UK interest rate at 4%
The Bank of England has held the main UK interest rate at 4% for the twelfth consecutive month. This is despite a larger than anticipated cut by the US Federal Reserve. Leading economists were split on whether or not interest rates would or should be dropped.
27 August 2010
'Economy Improving' Says Bank, Despite Downgrade
Ulster Bank has announced that improving exports and more consumer spending has led to an improving economy, despite yesterday's downgrading of Ireland's credit rating. Ulster Bank said today it was revising its forecasts for Irish economic growth in 2010 upwards, predicts average annual GDP growth of 1%, up from -0.5% previously.
'Economy Improving' Says Bank, Despite Downgrade
Ulster Bank has announced that improving exports and more consumer spending has led to an improving economy, despite yesterday's downgrading of Ireland's credit rating. Ulster Bank said today it was revising its forecasts for Irish economic growth in 2010 upwards, predicts average annual GDP growth of 1%, up from -0.5% previously.
08 November 2002
Northern Bank posts record annual results
The annual results from the Northern Bank have revealed pre-tax profits of £111m up 13% on the previous corresponding year-end figures. The results include a £19.9m profit in relation to the disposal of subsidiary company Northern Bank Insurance Services to Wealth Management Europe Holdings another subsidiary of National Australia Bank.
Northern Bank posts record annual results
The annual results from the Northern Bank have revealed pre-tax profits of £111m up 13% on the previous corresponding year-end figures. The results include a £19.9m profit in relation to the disposal of subsidiary company Northern Bank Insurance Services to Wealth Management Europe Holdings another subsidiary of National Australia Bank.
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Northern Ireland WeatherToday:A sunny but frosty start for many. However cloud increases by midday with a few showers reaching the north coast, these mostly light but spreading inland this afternoon. Chilly. Maximum temperature 8 °C.Tonight:A rather cloudy evening with scattered showers. Becoming drier through the night with some good clear spells developing and a patchy frost away from coasts. Minimum temperature 0 °C.
