The Bank of England looks set to raise interest rates on Thursday (2 August) to their highest level since the financial crisis, defying warnings that it is taking a gamble ahead of Brexit, the terms of which remain unclear.
The Bank of England said a transition period after the Britain leaves the European Union would give banks more time to make orderly changes as Brexit poses risks to financial stability.
Bank of England Governor Mark Carney called today (7 April) for Britain and the EU to reach a sweeping deal to recognise each other’s bank rules after Brexit or risk a potentially damaging hit to financial services across Europe.
The Brexit vote has shaken the City of London but will not destroy it despite creating uncertainty, the newly-installed Lord Mayor of the financial hub told AFP.
British retail spending bounced back in July as sales promotions and good weather outweighed any immediate concern about the consequences of Britain's decision to leave the European Union, a survey showed on Tuesday (8 August).
The Bank of England on Thursday slashed interest rates to a record low 0.25 percent and announced a vast stimulus package to combat economic fallout from Britain's looming EU exit.
Activity in Britain's crucial services sector sank in July following the vote to leave the EU, a survey by the research Markit group showed today (3 August), making a recession more likely.
Sterling traded below a recent one-month high against the dollar on Monday (8 February), as uncertainty about Britain's place in the European Union and diminishing rate hike prospects kept investors cautious.
Former EU Trade Commissioner Peter Mandelson has warned eurosceptics that a British renegotiation of its relationship with Europe after a ‘Brexit’ would take up to a decade.
The European Union's plans to boost market-based financing for its flagging economy risks harming consumers unless there is more emphasis on investor protection, Britain's top markets regulator said on Monday.
Mark Carney, the Governor the Bank of England, has urged the eurozone to move towards fiscal union and end its hardline austerity policies in a bid to promote growth.