Banks and businesses should start assessing their risks to future climate change immediately and prepare for carbon prices to more than triple to $100 per ton by 2030, a senior Bank of England official warned.
Bank of England
Former Bank of England (BoE) governor Mark Carney has said Covid-19 is likely to move the global energy transition “more to centre-stage” for investors.
The outgoing governor of the Bank of England has warned firms that their assets could become "worthless" if they do not wake up to the climate crisis.
The discussion around hard Brexit, soft Brexit, divorce bill, transition arrangements, new trade deals and the Chequers Brexit plan is now rapidly turning into a bewildering array of statements, claims and counter claims.
European banks will be allowed to operate as normal in the UK after Brexit under plans due to be announced by the Bank of England (BoE), it has been reported.
The Bank of England has been asked to reveal how City firms are preparing for a cliff-edge Brexit, in one of Nicky Morgan’s first moves as Treasury Select Committee chairman.
One of the key-decision makers for UK monetary policy spelled out his views on interest rates during a visit to Aberdeen yesterday.
The Bank of England will give its latest verdict on the health of Britain’s biggest lenders today after testing them against a global economic crisis and crashing house prices.
The Bank of England will give its latest verdict on the health of Britain’s biggest lenders tomorrow after testing them against a global economic crisis and crashing house prices.
The Governor of the Bank of England Mark Carney has been advised that “tales of the North Sea’s demise are wrong” - although the oil and gas sector faces tough challenges in the wake of low prices.
The Bank of England has announced moves to help boost lending by up to £150 billion as it warned over a “challenging” outlook for financial stability after the Brexit vote.
London’s top flight index pulled back from its 7% plunge after the Bank of England pledged to intervene to help shore up the markets.
The Bank of England looks set to keep interest rates on hold amid concerns of a slowdown in the UK economy and the threat of Britain leaving the European Union.
The Bank of England looks set to keep interest rates on hold as fears over global growth and the threat of Britain leaving the European Union continue to loom large over the UK economy.
Bank of England governor Mark Carney has insisted Britain’s banks are strong enough to withstand a global financial crisis amid fears the sector is heading for another meltdown.
The Governor of the Bank of England insisted that low oil prices were good for the economy - at least in the “medium term”. Giving evidence to the Commons Treasury Committee today, Mark Carney said it was “absolutely not true" that the Bank wanted to encourage higher oil prices, adding that low oil was “good for growth in the medium term" and a “net positive for the global economy".
Bank of England policymakers are expected to keep interest rates at record lows today, in the wake of the increasing likelihood that the UK economy will be shown to have slowed down last year.
Bank of England officials said low oil prices and subdued wage growth will keep a lid on inflation as they left their key interest rate at a record low. In the minutes of its December meeting, the Monetary Policy Committee weighed “robust growth” in spending against weak overseas demand and expressed concern over the feeble impetus for prices. It said eight of the nine-member panel voted to leave the benchmark rate at 0.5 percent this month, with Ian McCafferty maintaining his call for a 25 basis-point increase. “There would need to be a sustained firming in domestic cost pressures, compared with current rates,” to push inflation back to the 2 percent target, officials said. “The price of oil had fallen markedly again, increasing the likelihood that headline inflation rates would remain subdued, and nominal-wage growth had leveled off.”
Local councils have lost up to £683 million from pension funds because of the falling value of investments in coal, campaigners have claimed.
Inflation slipped back to zero last month as petrol price falls and muted rises for new fashion ranges kept a lid on the cost of living. The Consumer Price Index (CPI) rate of inflation fell from 0.1% in July. CPI has hovered around zero since February. It means the Bank of England continues to face little pressure to raise interest rates, though some officials think underlying inflationary pressure is building as the economy recovers. Inflation was pulled lower as the price of a litre of diesel fell by 6.2p and petrol by 2.4p, both more sharply than in the same period last year, according to the Office for National Statistics (ONS).
Bank of England governor Mark Carney said the fall in the oil price was a “net positive development” for the UK. Presenting the Bank’s financial stability report in London, he said: “We should be clear that the 40%-plus drop will flow quickly through to consumers and increase real disposable income and is a net positive for the UK economy.” But Mr Carney warned that the fall in the oil price also presented some risks to financial stability.