Bank of England

Tories pledge council tax freeze

Rebecca Atkinson — Mon, 29 Sep 2008 13:44:33 +0100

The Conservative Party says it will introduce a freeze on council tax increases for two-years if it is elected to power at the next general election.

Economic woe as bad as the 1970s

Rebecca Atkinson — Tue, 26 Aug 2008 09:48:50 +0100

The deputy governor of the Bank of England, professor Charles Bean, has warned that Britain and the world are in the grip of the worst economic slowdown seen for almost 40 years - and expects the problem to drag on for the foreseeable future.

Speaking at a central bankers' conference in Wyoming, Prof Bean said that there is little prospect of an economic recovery until well into next year, which

Bank of England freezes interest rates at 5%

Rebecca Atkinson — Wed, 09 Jul 2008 18:00:36 +0100

The Bank of England has voted to freeze interest rates at 5% for the third month in a row.

The central bank’s Monetary Policy Committee – which sets rates each month - last voted for an interest rate cut in April, but has kept rates frozen until then.

Is Britain on the brink of recession?

Rebecca Atkinson — Tue, 08 Jul 2008 10:22:37 +0100

The UK is hovering on the brink of recession as the credit crunch hits businesses across the country.

An ominous report from the British Chambers of Commerce (BCC) claims that British firms have suffering historically low levels of business. If this trend continues, it warns that a recession could be just three months away.

Are interest rate rises on the horizon?

Rebecca Atkinson — Wed, 18 Jun 2008 12:28:22 +0100

An interest rate rise was narrowly avoided last month, the minutes from June’s base rate vote reveal.

Inflation could hit 4% this year

Rebecca Atkinson — Tue, 17 Jun 2008 09:49:32 +0100

The cost of living is increasing at a rate of 3.3% with inflation spiralling well beyond official targets, new figures reveal.

The Consumer Price Index (CPI) – the chosen measure of inflation in the UK – was 3% in April, but the rising cost of food such as meat and fresh vegetables pushed it up to 3.3% last month.

What do you expect to happen to interest rates throughout the remainder of 2008?

Rebecca Atkinson — Mon, 16 Jun 2008 17:21:27 +0100

* Interest rates will remain frozen at 5% until 2009 * Rising inflation means interest rates will have to increase at least once before the year is through * Interest rates will be cut to ease pressure on the slowing economy and housing market * There will be at least one interest rate increase and at least one rate cut

Interest rates may not be cut until 2009

Rebecca Atkinson — Mon, 16 Jun 2008 13:41:06 +0100

The UK’s economy is facing its toughest year since 1992, a gloomy new report by the Confederation of British Industry (CBI) has warned.

With the housing market continuing to fall and the cost of oil and food rising, Britain's biggest employers' group has slashed its forecast for growth in 2009 from 1.7% to 1.3% - the lowest level for 17 years.

Households feel the pinch as personal inflation soars

Rebecca Atkinson — Thu, 12 Jun 2008 11:01:03 +0100

Households in the UK are struggling with an average personal inflation of nearly 5%, according to research from the Bank of England.

Despite the official measure of inflation – the Consumer Price Index – currently at 3%, people across the UK say the rate of inflation actually feels much higher at 4.9% as price hikes start to bite.

Financial crisis not over, warns Bank of England

Rebecca Atkinson — Tue, 10 Jun 2008 16:48:21 +0100

The Bank of England is looking at ways to help cash-stricken banks borrow money and stop firms from taking risks that could potentially leave their customers exposed.