Bank of England

Nationwide boss Joe Garner volunteers to take a huge pay cut during coronavirus crisis

by

The boss of Britain’s biggest building society is taking a huge pay cut to show solidarity with staff and customers in the pandemic. Joe Garner, who is chief executive of the Nationwide, is sacrificing around £1.2million in pay, pension and bonus. He is the first boss of a major financial institution to volunteer for a … Read more

Bank of England governor will not order printing of money to fund a surge in Government spending

by

Bank of England governor Andrew Bailey says he will not order printing money to fund a surge in Government spending amid coronavirus battle Bank of England gov Andrew Bailey: world faces a ‘time of great uncertainty’ But he opposes calls for the BoE to print money simply to help the government  Banks helping governments to spend raises … Read more

Coronavirus crisis could push unemployment levels in UK and US beyond 1930s Great Depression

by

Unemployment caused by the coronavirus crisis could in months be worse than during the 1930s Great Depression, a former Bank of England official has warned.   David Blanchflower, who was part of the Bank during the 2008 financial crisis, said unemployment is rising at the fastest rate in living memory as job losses mount around the … Read more

Bank of England faces tightest of calls in Mark Carney’s final rates meeting

by

Will interest rates be cut? Bank of England faces tight call as Mark Carney’s final meeting debates the post-election economic bounce Bank of England governor Mark Carney to hold final rates meeting on Thursday Economists are split on whether rates will be held at 0.75% or cut to 0.5%  A surprisingly strong set of economic … Read more