Bank of England | South China Morning Post
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Bank of England

Britain to ease rules for branches of Chinese and other non-EU banks

Bank of China (UK) in London is one of 145 branches of foreign banks in Britain. Photo: Enoch Yiu

Britain’s central bank set lighter conditions on Wednesday for branches of Chinese and other non-European investment banks as part of efforts to bolster London’s role as a financial centre.

Wednesday, 26 February, 2014, 3:07pm

Interest rates kept on hold in Europe

The European Central Bank leaves rates unchanged at its meeting on Thursday. Photo: AFP

The European Central Bank (ECB) left interest rates at a record low 0.5 per cent yesterday and affirmed they will remain there for some while to come and could yet fall further.

2 Aug 2013 - 3:17am

Canadian becomes first foreigner to head Bank of England today

Mark Carney faces a tough task

Canadian Mark Carney begins his job as governor of the Bank of England (BoE) today, joining an institution divided on whether to pump out more cash stimulus to boost Britain's fragile recovery.

1 Jul 2013 - 4:17am

Britain’s bankers look forward to Carney era

Mark Carney takes the helm of the Bank of England on July 1. Photo: AP

To many in the City of London financial centre, incoming Bank of England governor Mark Carney looks and sounds like one of them.

His instincts for finance were shaped at the outset by 13 years working for Goldman Sachs - a contrast with his predecessor Mervyn King, an academic economist.

King, like many in the country, has barely disguised his disdain for bankers.

26 Jun 2013 - 11:44am

China, Britain central banks agree on currency swap line

Bank of England governor Mervyn King. Photo: Reuters

The deal was agreed Saturday between Bank of England governor Mervyn King, who steps down at the end of the month, and his counterpart Zhou Xiaochuan of the central People’s Bank of China.

23 Jun 2013 - 1:24pm

Bankers' high pay is governments' fault

European Union. Photo: Bloomberg

Ten times as many London-based bankers as previously expected could be caught by Europe's cap on bonuses in a fresh sign that regulators are attempting to clamp down on City of London pay.

21 May 2013 - 5:46am 1 comment

Don't demonise bankers, says outgoing Bank of England governor

Outgoing Bank of England governor Mervyn King delivers one of his last quarterly inflation reports last week. Photo: Bloomberg

The outgoing Bank of England governor has called on the British people not to "demonise" bankers, prompting debate on how much responsibility he should take for the financial crisis.

21 May 2013 - 5:40am

Bank of England set to hold rates after upbeat data

The Bank of England is expected to leave rates unchanged on Thursday. Photo: Reuters

The Bank of England is expected this week to hold record-low interest rates and its quantitative easing cash stimulus, after encouraging British economic growth data and despite fresh moves elsewhere to loosen monetary policy, dealers said.

8 May 2013 - 2:05pm

'Modest' upward trend in UK house prices predicted

George Osborne. Photo: Reuters

Prices rose 0.2 per cent from the previous month to an average £163,943 (HK$1.95 million), the mortgage unit of Lloyds Banking Group said. From a year earlier, values were up 0.3 per cent.

10 Apr 2013 - 5:47am

U.K. banks told to raise an extra £25b

The Bank of England recommended Wednesday that the nation's lenders increase their capital buffers by 25 billion pounds ($37.9 billion) by the end of the year to ensure they can cover potential losses and keep lending in the event of future crises. Photo: AP

Banks need to set aside more money to cover bigger potential losses on commercial real estate and from the euro area, possible fines for mis-selling and stricter risk models, the Bank of England said following a report by the Financial Services Authority.

28 Mar 2013 - 5:52am

Bank of England to decide over stimulus

The Bank of England must decide this week whether to pump out more cash stimulus to boost a British economy at risk of its third recession since the 2008 global financial crisis.

6 Mar 2013 - 2:17pm

China and Britain to sign yuan-pound swap deal

BOE governor Mervyn King. Photo: Bloomberg

BOE governor Mervyn King and his PBOC counterpart, Zhou Xiaochuan, met in Beijing yesterday. Both central banks will "facilitate" talks on the yuan-pound arrangement, the BOE said.

23 Feb 2013 - 6:39am

Business Digest, February 14, 2013

Peugeot Citroen posts first loss in 3 years

Bank of England governor Mervyn King said Britain faced more inflation and a muted economic recovery. "Inflation is likely to rise further in the near term and may remain above the 2 per cent target for the next two years," King said. 

14 Feb 2013 - 4:53am

Bank of England's lending scheme fuels rise in Britain's house prices

Bank of England's Funding for Lending Scheme eased conditions in the home-loan market. Photo: Reuters

Data showed mortgage approvals rose to an 11-month high in December as the central bank's Funding for Lending Scheme eased conditions in the home-loan market. The bank is counting on the programme to encourage lending and provide a boost to an economy that is close to slipping back into a recession.

6 Feb 2013 - 4:59am

Bank regulators must beware lure of protectionism

Banking regulations are feared to freeze out foreign competition. Photo: Bloomberg

When Mark Carney replaces Mervyn King as governor of the Bank of England in July, the world will be deprived of King's witty public utterances. My favourite came when, commenting on strong retail-sales figures during one Christmas period, he cast doubt on their significance for assessing the state of the economy.

31 Dec 2012 - 3:23am