The Bank of England has quietly shelved its dedicated committee of experts – created to select historical characters for inclusion on banknotes – in order to replace Winston Churchill and Alan Turing with squirrels. Mealy-mouthed excuses include that animals are easier to forge and the public interest in nature ’emerged’ in consultation…
In 2013 the BoE under Carney founded a five-strong Banknote Character Advisory Committee to manage the selection of individuals to appear on new notes. The terms of reference for the committee say the “Bank seeks to celebrate individuals that have shaped British thought, innovation, leadership, values and society. The Bank represents on its notes a person or small group of individuals whose accomplishments or contributions have been recognised widely at the time, or judged subsequently to have been of lasting benefit to the United Kingdom and, in some cases, beyond.” That doesn’t include badgers…
The advisory committee has appeared in BoE annual reports until 2021 and the Treasury claimed it was still in operation as recently as November last year. The membership: “The standing members of the Committee shall comprise the Deputy Governor for Monetary Policy (Chair), the Chief Cashier and at least three external members, as invited by the Governor. Internal members are ex officio; external members shall serve a five year term, renewable for a further five years.” There has been no public notice of the committee’s abolition – it did not appear in the Bank’s latest annual report…
The Bank of England has quietly buried the purpose of its dedicated committee by opening a consultation and ditching historical characters from banknotes. Too lazy to put up with whiny complaints from commentators – no one complains about squirrels because they aren’t powerful symbols…
Along with its interest rate decision the Bank of England has downgraded its growth projections for the UK. Unemployment resulting from tax hikes and the minimum wage hike are to blame…
Growth forecasts are down this year to 0.9% from 1.2% in November and 1.5% in 2027 compared to 1.6% in November. Downgrades all round…
The Bank said employment growth is “zero… due to cost pressures from higher employer national insurance contributions and the national living wage.” What more damage will Reeves and Torsten Bell be able to inflict if they make it to the next Budget?
The Monetary Policy Committee of the Bank of England has voted to hold interest rates at 3.75%. A majority of 5–4 hold to cut. Close…
The Monetary Policy Committee of the Bank of England has voted to slash interest rates to 3.75%. It was a 5-4 decision, with the Bank’s governor Andrew Bailey casting the swing vote. He said this afternoon:
“We still think rates are on a gradual path downward but with every cut we make, how much further we go becomes a closer call…”
The lowest level since February 2023…
The Monetary Policy Committee of the Bank of England has voted to hold interest rates at 4%. For another month…
A majority of 5–4. Four members voted to reduce Bank Rate by 0.25 percentage points, to 3.75%. Close…
The Bank of England’s chief economist Huw Pill has today warned that inflation is now at a higher risk of remaining persistent. The Bank of England growing increasingly cautious on another rate cut…
In yesterday’s monetary policy briefing the BoE said inflationary risks are up since May. Pill said in a briefing just now that “there is some shift in the balance of risks on inflation… At the margin, there has been an upward shift in inflation risks for 2-3 years’ time. There is a risk of spillover into more persistent inflation.” Unemployment is acting as an “offsetting factor”…
The BoE has said that inflation is set to peak at 4% at September after rising to 3.5% in the second quarter of the year. Andrew Bailey yesterday said domestic effects such as vehicle excise duty and additional taxes were pushing up inflation. Reeves will not be enthused by high inflation covering pretty much the length of the parliament…
Former Treasury minister and adviser to Burnham in the Makerfield campaign Lord Jim O’Neill, who has turned down a role in his government, said Burnham’s first statement Commons was:
“The last thing investors wanted to hear… gilt yields have risen by a 0.25% in one day, which is a lot. We’ve not had that since Liz Truss days… If your country is under the focus of ‘can they come up with a sensible fiscal strategy’ on a day when the markets think ‘well no, you’re not showing any sign of it’ you’re going to have a tough day…if it stays like this your mortgage rate is going up.”