Tagged: bank of england

UK Microdata Reveals Open Banking Enables Consumers to Access Financial Insights and Credit – Bank of England Research

The Bank of England has recently shared a Working Paper, focused on open banking, and it is attributed to several authors including Tania Babina, Saleem Bahaj, Greg Buchak, Filippo De Marco, Angus Foulis, Will Gornall, Francesco Mazzola and Tong Yu. As noted in the paper… Read More

Bank of England and HM Treasury Release Response to Consultation on Digital Pound

The Bank of England and HM Treasury have published their response to the consultation on a digital pound that was launched in February 2023. No final decision has been made “to pursue a digital pound – also called a central bank digital currency (CBDC).” Work… Read More

UK’s Real Estate Industry Reacts to Latest Mortgage Approval Data from the Bank of England

The property industry has reacted to the latest mortgage approval data from the Bank of England. The latest figures show that mortgage approvals for November 2023 sit “at 50,067, up from 47,888 in October.” According to an update shared with CI, this marks “a YoY… Read More

UK’s Digital Securities Sandbox Regulations Marks Key Milestone in DLT Adoption: R3 Chief Economist

Digital securities are broadly acknowledged as the future of all securities. Yet, progress has been slow for regulators around the world to craft the needed rules to enable digital to replace existing analog securities. The advent of distributed ledger technology (DLT), or blockchains, is expected… Read More

KPMG UK Comments on Bank of England Money and Credit Data

KPMG has commented on the recently released Bank of England money and credit data. Karim Haji, Head of Financial Services at KPMG UK, comments on today’s Money and Credit Data from The Bank of England: “Consumer borrowing was down slightly in October, which could be… Read More

Stablecoin Adoption: FCA and Bank of England Release Proposals for Regulating Stablecoins

The Financial Conduct Authority (FCA) and the Bank of England are requesting feedback on their proposed approach to regulating stablecoins. The Bank’s proposals cover “any payment systems in the future that use stablecoins in the UK at systemic scale.” Stablecoins are a new type of… Read More

After Fed Holds Steady, the Bank of England Does the Same

Yesterday, the US Federal Reserve decided it was prudent to hold rates where they are for the time being, and today, the Bank of England decided to do the same. The Bank of England’s Monetary Policy Committee (MPC) has a similar target with inflation as… Read More

UK Banking Authorization Granted to Elavon Financial Services

Elavon Financial Services DAC, a wholly owned subsidiary of U.S. Bank, has been authorized as a licensed provider of financial services by the Bank of England. With Elavon having more than three decades of experience in global payments, and U.S. Bank a long history in… Read More

Bank of England: Current Risk Outlook to Economy Challenging

The Bank of England, Financial Policy Committee (FPC), has posted its financial policy statement, which is a bit gloomy. The FPC says, “Inflation, higher interest rates, and geopolitical tensions make the current risk outlook challenging.” The overall outlook for economic growth remains muted, and if… Read More

Bank of England Holds Rates Steady Following Fed Continues Pause

The Bank of England held benchmark rates steady following the US Federal Reserve’s decision to continue its pause. The BOE said the Monetary Policy Committee voted 5 to 4 to hold the Bank Rate at 5.25%. The minority preferred to increase rates by 25 basis… Read More

UK’s PensionBee Claims that Half of Retirees Might Lose Out Due to Low Interest Savings Accounts

At least half of retirees could be missing out on hundreds of pounds of interest each year through “keeping their savings in accounts with rates of 3% or less a year,” according to new research. As high street banks have come under fire for failing… Read More

Zopa Comments on Bank of England Decision to Raise Rates 25 bps

Yesterday, the Bank of England increased its benchmark rate by 25 basis points (bps) to 5.25%. The decision was anticipated by markets and follows the recent decision of the US Federal Reserve to increase rates as well. The Banks’ Monetary Policy Committee (MPC) voted 6… Read More

The Bank of England’s Fantasy Future, on Show at the 2023 Mansion House

Some environments can induce a kind of dream-like state in people overcome by their grandeur. You’d think that Bank of England Governor Andrew Bailey, the ‘Banker’s Banker’ would be over this by now — but no! In this year’s Mansion House speech, we were treated to his vision of… Read More

CBDCs: Nuggets to Develop Privacy, Identity Layer for Bank of England’s Digital Pound

Nuggets, a self-sovereign identity, and payment platform, recently announced that it is working with the Bank of England on a technology experiment to design a possible privacy and identity layer for the UK’s Central Bank Digital Currency (CBDC). If a CBDC – also known as… Read More

Bank of England Increases Rates by 50 bps as Inflation Remains Stubbornly High

The Bank of England has raised its benchmark interest rate by 50 bps, increasing from 4.5% to 5%. Today, the Monetary Policy Committee (MPC) voted by 7 to 2 to increase by 50 bps. Two of the members wanted to remain at the current 4.5%… Read More

The Great Digital Pound Debate, Considering A New Institution: An Interview with Danny Kruger MP

Reservations, Threats & Benefits In a recent conversation with Danny Kruger, a member of the Treasury Select Committee, we delved into the Bank of England’s Digital Pound Project and the broader implications of Central Bank Digital Currencies (CBDCs). This discussion is particularly timely, given that… Read More

The Great Digital Pound Debate Concludes: CBDCs Pose an Abiding Threat to Democratic Freedoms without Better Governance

An Urgent Call for Good Governance In light of the latest phase of the ongoing – ‘Great Debate” on the Remaking of Money – ‘The Great Digital £ Debate’ during May and into June – it is clear that the advent of Central Bank Digital… Read More

Bank of England Increases Interest Rates by 25 BPS

The Bank of England has increased its benchmark rate by 25 bps as anticipated. According to a statement by the Bank, the Monetary Policy Committee (MPC) voted 7 to 2 to raise rates to 4.5%, with the dissenters preferring to hold rates at 4.25%. Similar… Read More

Bank of England Matches US 25 BPS Rate Increase

The Bank of England’s Monetary Policy Committee has increased its Bank Rate by 25 basis points, echoing the move by the US Federal Reserve, which did the same yesterday. Unlike the Fed, the vote was not unanimous in a 7-2 majority decision. The MPC said… Read More

HSBC Buys Silicon Valley Bank UK for £1

HSBC, working with the UK government, has announced the acquisition of Silicon Valley Bank UK (SVB UK). In a release, HSBC said it had purchased Silicon Valley Bank UK Limited for £1. The transaction completes immediately. HSBC said the transaction will improve its banking franchise… Read More

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