The central bank acted after slashing its growth forecast by the biggest margin in nearly 20 years. Presenting the first official analysis of the Brexit shock to the economy Thursday, it predicted: 1. Lost growth: Output would be 2.5% - or £45 billion - less by the end of 2018 than it forecast in May. 2. Higher unemployment:…
The August summer bank holiday is traditionally a time for packing up and leaving your troubles behind in favour of a distant beach, a not-so-distant national park or a popular…
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Inflation: 0.10% Nicknames: Pound Sterling, Sterling, Quid, Nicker Coins: Freq Used: £1, £2, 1p, 2p, 5p, 10p, 20p, 50p Banknotes: Freq Used: £5, £10, £20, £50 Rarely Used: £100…
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Banca Monte Dei Paschi Di Siena’s financial position would be threatened Photograph: Bloomberg/Bloomberg via Getty Images A rescue package of the world’s oldest bank has been announced…
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The impact of Brexit could strain job markets in the United Kingdom and the United States. It s difficult to talk about specifics immediately after the British vote to exit the European Union, but the general reaction among economists and others is that the U.K. jobs market will be under pressure as foreign companies assess…
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Image copyright Getty Images The UK s inflation rate fell in April for the first time since September, largely because of cheaper air fares after the Easter holidays. The Office for National Statistics (ONS) said the rate, as measured by the Consumer Prices Index, fell to 0.3%. The Bank of England said last week that it expected…
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Bank of England has appointed Michael Saunders. Photograph: Anthony Devlin/PA Michael Saunders, an economist at the investment bank Citigroup, has been appointed to the Bank of England’s interest rate setting committee. Saunders, a respected commentator on economics after more than 25 years at Citigroup, will replace Martin…
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Inflation Means a sustained increase in the aggregate or general price level in an economy. Inflation means there is an increase in the cost of living. “inflation means that your money won’t buy as much today as you could yesterday. ” In the UK the rate of inflation has varied a lot from 25% a year in 1974 to the deflation in…
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Top left to bottom right: 1. Beamish, The Living Museum of the North. Photo © Joel Fildes 2. Model Boat Case at National Maritime Museum Cornwall. Photo © Toby Weller / National Maritime Museum Cornwall. 3. Plymouth Music Zone participants making music. Photo © Plymouth Music Zone / Kevin Clifford. 4. Scattered by Motionhouse…
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On Dec. 23, 1913, President Woodrow Wilson signed the Federal Reserve Act. Over the next year, a selection committee made up of Secretary of the Treasury William McAdoo, Secretary of Agriculture David Houston, and Comptroller of the Currency John Williams decided which U.S. cities would be a place of residence for one of 12…
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Interest rates around the world, both short-term and long-term, are exceptionally low these days. The U.S. government can borrow for ten years at a rate of about 1.9 percent, and for thirty years at about 2.5 percent. Rates in other industrial countries are even lower: For example, the yield on ten-year government bonds is now…
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The impact of the Bank of England’s work is uniquely far-reaching. As the country’s central bank, we promote the good of the people of the UK by maintaining monetary and financial stability. The work we do, and the decisions we make, influences the daily lives of millions of people. Our primary role hasn’t changed for over 300…
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