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The Bank of England’s Monetary Policy Committee voted yesterday to hold interest rates at 0.5 per cent for the sixth month running. The MPC also voted to make no change to the pace at which it is pumping cash into the economy through its quantitative easing (QE) programme — retaining the size of the programme at [...] The Bank of England should carry out its threat to penalise high street lenders by cutting the interest it pays on cash held by them in its reserve accounts, The Times monetary policy committee (MPC) recommends. The plan was mooted last month by Mervyn King, the Bank Governor, as part of efforts to encourage lenders to [...] The European Central Bank (ECB) said yesterday that it was in no mood to withdraw the emergency measures it has been using to stimulate the eurozone economy in the face of the global financial crisis. Jean-Claude Trichet, the President of the ECB, said that it was too soon to end its support measures. Apart from reducing [...] The IMF said that they expects the global economy to recover in the first half of next year despite worse-than-expected figures from the eurozone economy showing that GDP shrank by 2.5 per cent during the first quarter. The quarterly fall in GDP in the eurozone– a key measure of economic health – takes the annual decline [...] The UK’s Quarterly inflation report by the Bank Of England emphasising a slow and uncertain recovery. The inflation report is the first since the introduction of QE in March and the report was eagerly awaited to assess the inflation projections in the UK. Mr King was downbeat in his assessment of the UK economy [...] Rearguard action by Germans to stave off ‘undesirable option’ dismissed by central bank’s governing council as ECB cuts loans rates to 1%. The European Central Bank is now following the policy first adopted by the Bank of England and America’s Federal Reserve The European Central Bank has cut interest rates a quarter point to a record low [...] The Fed stuck to their guns following the March announcement that they will still purchase a total of up to $1.25 trillion of agency mortgage-backed securities and up to $200 billion of agency debt by the end of the year, as well as $300 billion of Treasury securities by autumn. On the upside the FED [...] Sterling hit a five week high against the euro and rose against the dollar on Tuesday as the UK currency was bolstered by renewed demand for London-listed equities. Global risk appetite had been whetted by strong earnings figures from US investment bank Goldman Sachs released on Monday, with sterling benefiting due to the UK economy’s perceived [...] It is only a few weeks since quantitative easing programmes were launched on both sides of the Atlantic – but already the effectiveness of the measures is being questioned. That is because the purchase of government bonds by both the US Federal Reserve and the Bank of England is not helping sustain lower yields. And it raises [...] The G20 Conference in London stole the Press Inches but it was the yesterday’s economic and trading data plus financial announcements that provided the market with more interest. From the US we had several very interesting pieces of news – both good and not so good, but Wall Street ended focusing on the positive and the [...] Registered Office in England, 24 Charlton Drive, GL53 8ES, UK- 3506015 • Data Protection Registration Number- PZ5407728
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