Bankers Told No Bonus Payouts

The Prudential Regulation Authority has written to banks and insurers to tell them not to pay out dividends or buy back shares and forget about their bonuses. British banks have complied and even European banks are following suit. The Bank of England thinks the scale of the challenge ahead means they need to keep their cash reserves. Bank shares have fallen hard on the news…

mdi-timer 1 April 2020 @ 09:38 1 Apr 2020 @ 09:38 mdi-twitter mdi-facebook mdi-whatsapp mdi-telegram mdi-linkedin mdi-email mdi-comment View Comments
Bank of England Emergency Rate Cut from 0.75% to .25%

The Bank of England has announced an unexpected cut to interest rates in response to the “economic shock” of the coronavirus.

The Monetary Policy Committee unanimously agreed to reduce the main bank rate by 50 basis points to 0.25% at a special meeting yesterday.

mdi-timer 11 March 2020 @ 07:14 11 Mar 2020 @ 07:14 mdi-twitter mdi-facebook mdi-whatsapp mdi-telegram mdi-linkedin mdi-email mdi-comment View Comments
Treasury’s Remain Plot To Ensure an Anti-Brexit Governor of the Bank of England

A leaked shortlist for the next Governor of the Bank of England made its way from the highest levels of the Treasury to the pages of The Times last Saturday, and has now been followed up by an orchestrated letter signed by Remain supporting MPs. The letter is a not-so-subtle attempt to confirm the leak by making the Civil Service’s recommendation list public and therefore making it politically harder for the Chancellor to appoint a Brexiteer to the role.

Guido understands that up to ten people were interviewed for the role of Governor by the Treasury run Selection Panel and four names are in the process of being put forward to the Chancellor. According to the Times‘ leak, Brexit backer and former Boris advisor Gerard Lyons has been kept off the list, with the Treasury instead keen to install John Kingman – an ardent pro Remain supporter. This appears to be his compensation for having lost out to Tom Scholar for the lead mandarin role at the Treasury…

The Treasury look like they are keen to put him up against The Financial Conduct Authority’s Andrew Bailey who has been widely discredited in the City following a series of blunders.

Meanwhile the Chair of the Court at the Bank of England, Bradley Fried, has been involved in the selection process and testified early this summer to the Treasury Select Committee that appointing a female or ethnic minority Bank of England governor would be “an inspirational moment” for the nation. Two of the other names mentioned in the Times were former Gordon Brown advisor and Labour Peer Baroness Shriti Vadera and ardently anti-Brexit director of the LSE Dame Minouche Shafik.

Ultimately the decision is up to Sajid. Brexiteers will be hoping he doesn’t just bend to the will of the Civil Service…

mdi-timer 10 September 2019 @ 12:15 10 Sep 2019 @ 12:15 mdi-twitter mdi-facebook mdi-whatsapp mdi-telegram mdi-linkedin mdi-email mdi-comment View Comments
Hammond Hires ‘Diversity Focused’ Recruitment Firm To Find Next Bank of England Governor

For the first time in the Bank of England’s 325 year history, the Chancellor has hired a recruitment firm to seek out the next Governor of the Bank of England to replace Mark Carney when his term ends in January 2020. Naturally you would expect Hammond to chose a firm that specialises in high level finance executives. Instead, he’s picked Sapphire Partners – an all-female partnered firm advised by a certain Cherie Booth that specialises in promoting women and minority candidates…

It seems strange that for the most senior job in the world’s most significant financial centre, the Chancellor has hired a firm not to seek out the most talented candidates of any gender or race based on knowledge and experience. Instead it seems he’s specifically looking to promote candidates based on their gender and race…

UPDATE: A Treasury source defends the decision to Guido: “A competitive process was used with a number of firms approached to tender these services. It was all in line with the Bank of England’s procurement policy.” It’s not the first time the Treasury have partnered with Sapphire, they were also used to hire two new members of the Bank’s Financial Policy Committee earlier this year…

mdi-timer 7 May 2019 @ 10:59 7 May 2019 @ 10:59 mdi-twitter mdi-facebook mdi-whatsapp mdi-telegram mdi-linkedin mdi-email mdi-comment View Comments
Petition: Put Maggie on the New £50

Ministers ditched plans to scrap the £50 note this weekend and revealed that a brand new shiny redesigned £50 note will be introduced in 2020. There are plans to hold a competition to design the new note, and with only one woman apart from the Queen featured on any of the new polymer notes so far, Guido has made a helpful suggestion in the interests of gender equality. Add your voice to the calls to put the UK’s greatest Prime Minister on the new note by signing the petition here…

mdi-timer 15 October 2018 @ 14:44 15 Oct 2018 @ 14:44 mdi-twitter mdi-facebook mdi-whatsapp mdi-telegram mdi-linkedin mdi-email mdi-comment View Comments
Bank of England Upgrades Growth Forecasts

The Bank of England has upgraded its growth forecast for 2018 to 1.8%, up from 1.6%. Remember the Treasury said we would be in recession by now. Anyone really believe they didn’t fiddle the figures?

mdi-timer 8 February 2018 @ 12:28 8 Feb 2018 @ 12:28 mdi-twitter mdi-facebook mdi-whatsapp mdi-telegram mdi-linkedin mdi-email mdi-comment View Comments
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