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BOE |
Written by Bank of England |
Feb 13 08 04:41 GMT
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The disruption to global financial and credit markets continued. Current and expected policy rates fell. Sterling depreciated substantially. In the United Kingdom, output growth moderated to around its long-term historical average rate. Consumer spending growth appeared to soften and the climate for investment deteriorated. International prospects worsened, especially in the United States. Under the assumption that Bank Rate falls in line with market yields, the Committee's central projection is for output growth to slow markedly this year and then gradually start to recover. The risks to growth are weighted to the downside. |
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BOE |
Written by Bank of England |
Feb 07 08 06:04 GMT
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The Bank of England's Monetary Policy Committee today voted to reduce the official Bank Rate paid on commercial bank reserves by 0.25 percentage points to 5.25%. The prospects for output growth abroad have deteriorated and the disruption to global financial markets has continued. In the United Kingdom, credit conditions for households and businesses are tightening. Consumer spending growth appears to have eased. Although the substantial fall in the sterling exchange rate is likely to promote re-balancing of total demand, output growth has moderated to around its historical average rate and business surveys suggest that further slowing is in prospect. These developments pose downside risks to the outlook for inflation. |
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BOE |
Written by Bank of England |
Jan 22 08 14:45 GMT
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It is four months since Northern Rock came to the Bank of England for support. And the headlines continue to be dominated by its fate. Northern Rock, however, is not the epicentre of the present global banking crisis. That lies in the very substantial losses made by many banks in the main financial centres as a result of the collapse of the US sub-prime mortgage market. |
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BOE |
Written by Bank of England |
Jan 07 08 05:00 GMT
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Weighing up all these arguments, most Committee members concluded that Bank Rate should be left unchanged this month. However, some members thought that an immediate cut was warranted. The Governor invited the Committee to vote on the proposition that Bank Rate should be maintained at 5.75%. Seven members of the Committee (the Governor, Rachel Lomax, Kate Barker, Charles Bean, Tim Besley, Andrew Sentance and Paul Tucker) voted in favour of the proposition. Two members of the Committee (John Gieve and David Blanchflower) voted against, preferring a reduction in Bank Rate of 25 basis points. |
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BOE |
Written by Bank of England |
Dec 19 07 05:01 GMT
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Conditions had deteriorated across a range of financial markets during the month. Spreads on a number of asset-backed securities had widened further, partly prompted by downgrades from rating agencies. Further declines in the value of these securities and a series of announcements by banks had accentuated concerns about the distribution and scale of possible losses from the recent financial market turmoil. |
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BOE |
Written by Bank of England |
Oct 17 07 04:54 GMT
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The Governor invited the Committee to vote on the proposition that Bank Rate should be maintained at 5.75%. Eight members of the Committee (the Governor, Rachel Lomax, John Gieve, Kate Barker, Charles Bean, Tim Besley, Andrew Sentance and Paul Tucker) voted in favour of the proposition. David Blanchflower voted against, preferring a reduction in Bank Rate of 25 basis points. |
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