Speculations surrounding Mark Carney future brought to an end

Speculations surrounding Mark Carney future brought to an end.

Mark Carney, Governor of Bank of England (BoE) and Chairman of the G20’s Financial Stability Board advised he will stay on at BoE, on the same day the Pound was appointed October’s worst performing currency. Carney has been managing Britain’s economy for the past three years and will remain at the BoE until end of June 2019 to see out turbulent Brexit negotiations. He will undertake the task of protecting the UK economy over the negotiations of Brexit that begin in March 2017. Carney will forfeit 3 additional years of…

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Bank of England resorts to drastic measures to prevent recession in UK

Bank of England

The Bank of England (BoE) have decided to take drastic actions to stop the UK entering a recession by cutting interest rates from 0.5% to 0.25% and pushing billions of newly created money into the economy. This is the lowest level interest rate cut in the institution’s history of 322 years.

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UK still in uncertainty as Bank of England eases bank rules

UK still in uncertainty as Bank of England eases bank rules

Mark Carney, the Bank Governor , said “The UK is in a time of uncertainty and significant economic adjustment.” The BoE was in the process of building bank balance sheets but have now had to reverse their policies. They will reduce the amount of capital that banks must hold by £5.7 billion. This will raise the banks’ capacity to lend to UK households and businesses by up to £150 billion.

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Bank of England considers the idea of introducing a plastic pound

After it has experimented with ultra-low interest rates and various bond-buying program in order to keep rates from rising, Bank of England is now considering another innovative measure – introducing plastic banknotes. It announced on  Tuesday that it is starting a public consultation over whether to replace cotton-paper £5 and £10 bank notes with plastic-feeling polymer “fivers” and “tenners” in 2016. The new bills will have the British Second World War leader Winston Churchill on them. If this idea is realized it will represent another break with tradition for the 319…

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