Bank of England news and archive

Bank of England maintains interest rate at 5 percent

The Bank of England has placed the UK’s interest rate on hold at 5 percent after it was reported that inflation rates stayed at 2.2 percent in August, above the bank’s 2 percent target. The widely-expected decision was made following a meeting by the Monetary Policy Committee (MPC), who voted by a majority of eight to one to maintain the current...

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Bank of England increases interest rates to 5.25 percent

The Bank of England has hiked interest rates to their highest level in 15 years. On Wednesday, The Bank of England’s Monetary Policy Committee (MPC) voted by a majority of six to three to increase the interest rates by 0.25 percentage points to 5.25 percent. Two members preferred to increase the rates by 0.5 percentage points to 5.5 percent,...

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UK to enter recession later this year, Bank of England warns

The UK is set to fall into recession between October and December, the Bank of England has warned. It said it expects the recession to last until the end of 2023, which would be the longest since the 2008 financial crisis. “Inflationary pressures in the United Kingdom and the rest of Europe have intensified significantly since the May Monetary...

Retail

Still 200 million old 10 pound notes in circulation

Shops are still giving out old 10-pound notes, even though the paper note featuring Charles Darwin will cease to be legal tender from Thursday, March 1. The Bank of England has not yet urged retailers to stop circulating the notes, however, it has stated that even though more than 73 percent of 10 pound notes in circulation are the new polymer...

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What could the interest cut rate mean for retailers?

The Bank of England (BoE) has slashed interest rates to a record low of 0.25 percent, in an attempt to hold off a Brexit recession. It is first time in seven years that the Bank has announced a reduction, which sees interest rates at their lowest point since the Bank of England was founded in 1694. The decision is part of a larger package which...

Culture

Alexander McQueen to grace the new 20 pound note?

The Bank of England has called upon the general public to help decide which painter, sculptor or designer should become the face of the next 20 pound note and according to rumours, the late Alexander McQueen could be one of the front runners to appear on the note. Governor Mark Carney announced the public consultation during a presentation at...