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Added on the 29/03/2016 18:59:04 - Copyright : Reuters EN
BOE governor Mark Carney faces probing questions from UK politicians as the central bank prepares for the economic fallout from a referendum on EU membership - and warns of the impact on the economy and on the UK as a banking sector hub. David Pollard reports.
On Friday, Goldman Sachs predicted the UK's economy will grow 7% in 2021. The growth will be led by the coronavirus vaccine rollout and a Brexit trade deal. Over half of the country's population is expected to be immunized by March. Business Insider reports there will be a significant rebound in economic activity from the second quarter of next year. New trade restrictions are likely to weigh on potential growth in the coming years. Goldman said the drag will mostly be slow to materialize. UK GDP will end the year 11.7% under its pre-pandemic level, twice as much as Germany, France, and Italy.
The Bank of England announces it will hold its key interest rate at 5.25 percent, a day after the Federal Reserve also froze borrowing costs as global inflation retreats. The BoE had already kept its rate steady at the central bank's previous monetary policy meeting in September, snapping a streak of 14 hikes in a row. But Governor Andrew Bailey says it is "much too early" to think about cutting rates. IMAGES
The Bank of England announces in a press conference it is hiking its key interest rate by 0.75 percentage points, the biggest increase in 33 years, to fight inflation set to peak around 11 percent in recession-hit Britain. The latest rate hike mirrors aggressive rate-tightening by central banks worldwide as economies battle the highest prices in decades. SOUNDBITE
Extinction Rebellion block roads outside Bank of England in London. They pledged to stay sitting in the road outside the building until the governor of the bank and the British prime minister declare an end to all new fossil fuel funding in line with Extinction Rebellion’s demands, according to a press release from the movement. IMAGES
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