Sir Mervyn King plans ‘grey gap year’

Governor of Bank of England will take extended holiday after stepping down this monthSir Mervyn King is to become one of the growing number of high-profile business and finance figures to take a so-called “grey gap year” when he steps down as governor of the Bank of England at the end of this month.The departing […]
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Mortgage lending buoys Bank of England figures

Lending to individuals is on the up, driven by mortgages, BoE figures show, but business lending hits a slumpLending to individuals rose in April, but figures from the Bank of England showed a sharp fall in the amount of borrowing done by businesses.Non-financial firms paid off £3bn of loans (including overdrafts) over the month, compared […]
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King’s Desert Island Discs song list sets off speculators

Twittersphere speculates on possible choices for outgoing Bank of England governor, with Dire Straits among suggestionsSir Mervyn King, the outgoing governor of the Bank of England, is to be Kirsty Young’s guest on Desert Island Discs.King, who is being by replaced the Canadian central bank governor Mark Carney, will be the castaway on Sunday on […]
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Bank of England MPC member warns UK faces years of weak growth | Larry Elliott

Director for markets Paul Fisher says economy’s transition to tougher post-crisis climate is not yet completeFears that Britain faces years more weak growth were raised by a leading Bank of England policymaker when he warned that adjustment to the tougher post-crisis climate was only two-thirds to three-quarters complete.Speaking in Cardiff on Friday, Paul Fisher said […]
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Bank of Ireland reverses mortgage rate increase for 1,200 borrowers

Following a review, some of the 13,500 customers told to expect a rise in the cost of their loans have had a reprieveBank of Ireland has written to 1,200 borrowers threatened with an increase in their mortgage rate to advise them they will not face the change after all, following a review of customer complaints.In […]
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High inflation here to stay, says leading forecaster

Despite impact on household budgets, Item Club said Bank of England was right to stick to its guns by allowing inflation to overshootHouseholds are facing a continued squeeze on their spending power after a leading forecaster warned that high inflation was here to stay.The Ernst & Young Item Club, which uses the Treasury’s model of […]
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International Monetary Fund warns on quantitative easing costs

Eonomists at the IMF found the Bank of England could sustain losses of anything up to 5.5% of GDP, or almost £80bn, when it sells the government bonds back into the marketThe Bank of England’s recession-busting policy of quantitative easing could end up costing the Treasury up to £80bn – more than outweighing any profits […]
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The King has left the building – and he seemed happy to go | Larry Elliott

Sir Mervyn King’s final quarterly inflation report was a low-key end to his 21 years at the Bank of EnglandIt was a low-key exit. Those expecting Sir Mervyn King to draw comparisons between his 21 years at the Bank of England and Sir Alex Ferguson’s 26 years at Old Trafford were disappointed. There was a […]
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James Gillray cartoon showing Bank of England as ‘old lady’ goes on display

1797 work includes first use of Bank’s nickname, the old lady of Threadneedle Street, in printThe vicious political cartoon in which the Bank of England’s famous nickname, the old lady of Threadneedle Street, first appeared in print is going on display at the bank for the first time.The 1797 cartoon, Political Ravishment or The Old […]
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