UK DOWNGRADES ECONOMIC FORECASTS; RETURN TO POST-PANDEMIC LEVEL DELAYED TO END 2022
By Laurie Laird LONDON (MaceNews) – The UK economy – already lagging its developed-world peers – will recover more slowly than expected, according to updated forecasts released on Wednesday. Output will not regain its pre-pandemic level until the final quarter of 2022, according to UK’s top finance official, Chancellor Rishi Sunak, delivering his spending statement […]
BANK OF ENGLAND’S CHIEF ECONOMIST PREDICTS PERMANENT SCARRING TO THE LABOUR MARKET
By Laurie Laird LONDON (MaceNews) – The UK labour market could suffer permanent scarring as a result of the coronavirus, according to a top central banker. “There’s a good chance that coronavirus will” accelerate a shift toward knowledge-based digital industries that was already in train before the pandemic ravaged the economy, Bank of England Chief […]
BOE DEFENDS FORECASTS AS AGENTS QUERY OPTIMISTIC ASSUMPTIONS
By Laurie Laird LONDON (MaceNews) – Top Bank of England officials Friday reiterated the downside risks to forecasts of a smart economic rebound under questioning from the BoE’s regional representatives about the Bank’s baseline forecasting assumptions. The central forecast released Thursday “is sensible,” albeit with “very substantial” downside risk, said Governor Andrew Bailey, addressing a […]
BOE’S HALDANE: MPC MULLING SUB-ZERO RATES DESPITE STRONG ECONOMIC RECOVERY
By Laurie Laird LONDON (MaceNews) – The Bank of England is continuing to assess the efficacy of negative interest rates, despite a stronger-than-expected economy recovery, the bank’s chief economist said Monday. Sub-zero interest rates are “actively under review,” said Andy Haldane, addressing the UK’s Treasury Select Committee. The bank could also consider expanding its quantitative […]
UK PM MAY VOWS TO ‘SEE BREXIT THROUGH’
By Laurie Laird LONDON (MaceNews) – British Prime Minister Theresa May has pledged to lead the UK out of the European Union, but her forceful claim to the premiership failed to dispel concerns that she could face a leadership challenge over the coming days. Addressing a hastily-called press conference Thursday, May reaffirmed her commitment to “see […]