Financial crisis could be worst ever
by Jan HarrisThe financial crisis of the 1930s was dubbed the Great Depression, but the current crisis could be even greater, according to Bank of England governor Sir Mervyn King. Growing fears of a double-dip recession have led the Bank to announce another injection of £75bn into the economy through a further round of quantitative easing (QE). [...]
October 5, 2011
UK economic growth at 0.1% in Q2
by Kay MitchellThe Office for National Statistics (ONS) has today announced the UK economy grew by 0.1% in the second quarter – slightly less than a previous estimate of 0.2%. Today’s reading is the third and final one for the April to June period and third quarter figures will be available later this month. In the meantime, [...]
September 27, 2011
BCC urges fresh round of QE
by Kay MitchellThe British Chambers of Commerce (BCC) is calling for a fresh round of quantitative easing (QE) – a scheme designed to stimulate growth within the economy. The leading business group has written to Chancellor George Osborne to ask him to consider the option when he delivers his autumn statement later this year. At the Bank [...]
September 23, 2011
CBI: UK manufacturing orders fall in September
by Kay MitchellThe Confederation of British Industry’s (CBI) industrial trends survey today revealed factory orders fell in September after growing in August. The survey’s total order book balance fell to -9 this month from August’s reading of +1 – way below forecasts of a reading of -5. In the meantime, the export order book balance fell considerably [...]
September 21, 2011
Bank minutes suggest further round of QE
by Kay MitchellMinutes of the Bank of England’s September 7-8 meeting have been released today and have revealed all nine members of the Monetary Policy Committee (MPC) voted to keep interest rates at the historic low of 0.5%. This was the second consecutive month that the Committee voted unanimously to keep rates at the record low after [...]
September 16, 2011
Vince Cable supports fresh round of QE
by Kay MitchellBusiness Secretary Vince Cable has today said the Bank of England should consider a fresh round of quantitative easing (QE) to stimulate the economy. A recent slew of weak data has also led some analysts to believe that the central bank will consider further QE – also known as printing money. In a pamphlet published [...]
September 15, 2011
Bank of England policymaker calls for state-owned SME bank
by Jan HarrisAdam Posen a rate setter on the Bank of England’s Monetary Policy Committee (MPC) wants the Government to establish a state-run bank focused on helping small UK businesses. The bank would resemble the USA’s Small Business Administration (SBA) and would help small businesses secure credit. America’s SBA was established in 1953 and offers loans and [...]
September 12, 2011
UK business confidence sinks to two-year low
by Kay MitchellA survey among UK companies has found that confidence has fallen to a level not seen since June 2009. BDO’s output index, which measures businesses’ predictions about their turnover, slumped to 93.6 last month from 95.0 in July – the lowest in 26 months. Peter Hemington, a partner at the accountancy firm, said it is [...]