Bank of England (BoE)

Bank of England: Market ignores hawkish vote split

Bank of England: Market ignores hawkish vote split
The BOE left rates unchanged earlier today at 3.75%, as expected, however, there was a 6-3 split in favour of remaining on hold, with three MPC members voting for a rate hike. This is up from 2 members in June.

Bailey speech: Need to raise rates if Mideast conflict leads to second-round effects

Bank of England (BoE) Governor Andrew Bailey explains the decision to maintain the bank rate at 3.75% in a 6-3 vote split following the July monetary policy meeting and responds to questions from the press. "Lack of evidence so far does not rule out future second round effects."

Bailey speech: Encouraging CPI is below where we thought it would be

Bank of England (BoE) Governor Andrew Bailey explains the decision to maintain the bank rate at 3.75% in a 6-3 vote split following the July monetary policy meeting and responds to questions from the press. "UK market curve is entirely consistent with our reading of the economy."

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What is the BOE?

Founded in 1694, the Bank of England (BoE) is the central bank of the United Kingdom (UK). Known as ‘The old lady of Threadneedle Street’, the bank’s mission is "to promote the good of the people of the United Kingdom by maintaining monetary and financial stability".

The Bank of England is responsible for maintaining the UK’s economic stability. It operates monetary policy by adjusting the Bank Rate and, in certain circumstances, supplements this with measures such as quantitative easing.

The Bank of England decides monetary policy for the United Kingdom. Its primary goal is to achieve a steady inflation rate of 2%. Its tool for achieving this is via the adjustment of base lending rates. The BoE sets the rate at which it lends to commercial banks and banks lend to each other, determining the level of interest rates in the economy overall. This also impacts the value of the Pound Sterling (GBP).

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Who is BOE's Governor?

Andrew Bailey has been the Governor of the BoE since March 2020 and his appointment ends on March 2028. Previously, he served in the BoE as its Chief Cashier, Deputy Governor for Prudential Regulation and Chief Executive of the Financial Conduct Authority.

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The World Interest Rates Table

The World Interest Rates Table reflects the current interest rates of the main countries around the world, set by their respective Central Banks. Rates typically reflect the health of individual economies, as in a perfect scenario, Central Banks tend to rise rates when the economy is growing and therefore instigate inflation.