Bank of England (BOE)


BoE hikes key rate to 1% in May, forecasts recession

BoE's Bailey: Food prices are a major worry for the UK and developing world

BoE Governor Andrew Bailey on Monday said that food prices are a major worry for the UK and developing world, reported Reuters. Speaking alongside Bailey at a House of Commons Treasury Committee, BoE's Michael Saunders said that inflation would still be well above the bank's target this year even if the BoE had tightened policy sooner, a sentiment with which BoE Deputy Governor Ramsden agreed. Bailey earlier said that he is not at all happy about the inflation outlook and that it is a bad situation to be in.

BoE last movements on coronavirus countering

BoE's Pill: We still have some way to go in tightening

Bank of England (BOE) Chief Economist Huw Pill said on Friday that they still have some way to go in policy tightening, as reported by Reuters. "Supported by the independence accorded to the MPC, we are able to take the sometimes tough decisions to bring inflation back to 2%," also noted.

Latest BoE related News


BoE April meeting review

Breaking: BoE hikes interest rates by 25 bps to 1.0%, GBP briefly spikes

The BoE on Thursday raised interest rates by 25 bps to 1.0%. Six of the bank's nine rate-setters supported the 25 bps hike, though three wanted a larger 50 bps move. The rate hike was in line with expectations, but the vote split was more hawkish than expected, with a Reuters poll showing that eight had been expected to support a 25 bps hike and one support no hike.


BoE March meeting review


BoE February meeting review


BoE November meeting review


BoE September meeting review


BoE August meeting review

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Big Picture

Brexit is far from over

The UK has formally left the EU on January 31, 2020. However, Britain remains in a transition period, retaining most rights and obligations throughout the transition period which expires at the end of the year.

UK Prime Minister Boris Johnson has ruled out extending the implementation phase despite the COVID-19 pandemic. The deadline to request for such a prolongation passed on June 30. Without an accord, Britain will shift to World Trade Organization rules in 2021, an outcome seen as unfavorable for both sides, and especially the UK.

Several rounds of face-to-face and online talks have failed to yield substantial progress, with London and Brussels unable to reach a "landing zone" on fisheries, regulation, and a "level-playing field" – the EU's demand that the UK follows its rules in return for easy market access. Several political analysts expect to see progress only close to year-end.

What is the BOE?

Founded in 1694, the Bank of England (BoE) is the central bank of the United Kingdom. Sometimes known as the ‘Old Lady’ of Threadneedle Street, the Bank’s mission is "to promote the good of the people of the United Kingdom by maintaining monetary and financial stability".

The Bank of England is responsible for keeping the UK’s economy on the right track. They operate monetary policy by moving Bank Rate up and down and, in certain circumstances, we also supplement this with measures such as quantitative easing.

The official website, on Twitter and YouTube

Who is BOE's president?

Andrew Bailey is Governor of the BoE and Chairman of the Monetary Policy Committee, Financial Policy Committee and the Prudential Regulation Committee. The Governor joined the Bank on 16 March 2020. His appointment as Governor was approved by Her Majesty the Queen.

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Bailey on his profile and Wikipedia



Interest rates latest news

The World Interest Rates Table

The World Interest Rates Table reflects the current interest rates of the main countries around the world, set by their respective Central Banks. Rates typically reflect the health of individual economies, as in a perfect scenario, Central Banks tend to rise rates when the economy is growing and therefore instigate inflation.