Bank of England

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Britain Cuts Rates to Lowest Since 1694

That's when the Bank of England was established

(Newser) - In an attempt to shore up a post- Brexit economy, the Bank of England did something Thursday it hasn't done since 2009: cut interest rates. The rates went from 0.5% to 0.25%, the lowest they've been since the bank's beginnings in 1694, the Atlantic reports.... More »

New £5 Note to Feature Winston Churchill

New note will begin circulation in 2016

(Newser) - Former Prime Minister Winston Churchill will be immortalized on the new £5 note, reports the BBC . The redesigned bills are due to start circulating in 2016, and the new £5 note will feature a 1941 image of Churchill on the reverse of the note, along with his famous... More »

NY Fed Kept Mouth Shut About Barclay's Libor Scheme

Staffers knew about rate fixing

(Newser) - Barclays admitted that it was rigging Libor to the Federal Reserve Bank of New York back in 2008—and the New York Fed, and its then-head Timothy Geithner, told precisely no one. Geithner has said he sounded the alarm on Libor in 2008, and indeed, the Fed did suggest reforms... More »

British Rate-Fixing Scandal Takes 'Mind-Blowing' Turn

Matt Taibbi: Libor scandal goes 'down the rabbit hole' of banking

(Newser) - The scandal over rigged Libor rates, the benchmark rate used for interest rates on trillions of dollars worth of loans, is quickly growing past Barclays and threatens to engulf the Bank of England and a dozen other banks, including several in the US, reports the Wall Street Journal . Barclays officials... More »

Central Banks Move to Ease Market Strains

Stock futures surge on the news

(Newser) - Central banks around the world plan to ease the strain on the global financial system by taking coordinated action to prevent a lack of liquidity, they announced in a statement this morning—news that sent stock futures soaring more than 250 points . The Bank of Canada, Bank of England, Bank... More »

G20 Protest Proves More Lark Than Bite

Some London violence, but festive, 'street party' atmosphere prevails

(Newser) - Several broken windows aside, the G20 protests are shaping up to be more street party than angry mob, Time reports. Unlike traditional, oft-violent British protests, this one is intended to be “a peaceful and fun street party,” organizers say. Indeed, while some anarchists chucked beer cans at cops,... More »

UK Fails to Sell Its Top Bonds

Auction of government debt falls short, casts doubt on Brown's call for 2nd stimulus

(Newser) - Britain's central bank yesterday failed to complete its auction of government bonds for the first time in over a decade, reports the Telegraph. The auction of 40-year gilts fell short a day after the Bank of England governor warned that the country could not afford a second fiscal stimulus, as... More »

UK Drops Rates to 0.5%, Begins 'Printing Money'

Quantitative easing begins with $108B of new money

(Newser) - The Bank of England cut interest rates today by 50 basis points to an all-time low of 0.5% and began a far more drastic process: quantitative easing, or "printing money." The Times of London reports that the Bank received permission from the government this morning to spend... More »

Bank of England Orders Its Women Into Heels, Lipstick

When in trouble, male execs turn to makeup

(Newser) - The battered Bank of England has ordered its female workers into heels and at the very least lipstick, igniting a firestorm of controversy. The institution, facing one of the worst economic slumps in history, took time out to hold a seminar teaching its women how to look "feminine" without... More »

25 People Responsible for the Crisis

Greenspan, King, and Clinton all played a role, the Guardian writes

(Newser) - The current recession is a wholly man-made phenomenon, the Guardian reminds us, and they’ve got the names of those responsible. Here are four from their list of 25:
  • Alan Greenspan: Fed chair for 19 years, Greenspan kept interest rates low as the housing bubble developed, backed subprime lending and
... More »

Stocks Fall as Bank Woes Trump Obama Hope

Royal Bank of Scotland's troubles ripple across Atlantic

(Newser) - Any excitement on Wall Street about Barack Obama’s inauguration was drowned out this morning by worries over Europe’s banking sector, the Journal reports. The Dow dropped more than 110 points, while the Nasdaq and S&P dropped 2% and 2.2% respectively. Those tumbles track drops in Europe... More »

UK Slashes Interest Rates to All-Time Low of 1.5%

50-point cut less than business groups had hoped for

(Newser) - The venerable Bank of England cut interest rates today by 50 basis points, trimming them to 1.5%—their lowest since the bank's founding in the 17th century. Investors had expected the move, although business organizations had pressed for a 100-point cut. Yesterday, Britain's finance minister admitted that the recession... More »

Stocks Go South at Bell

Dow down 150

(Newser) - Stocks took a modest dip at the open, amid a weak round of retail sales numbers and general economic pessimism. The Dow fell 81 points, while the S&P and Nasdaq dropped 1.3% and 1.4% respectively, the Wall Street Journal reports. Stocks started to the downside yesterday, but... More »

Euro Central Banks Slash Interest Rates

Bank of England drops rate to 2%, ECB to 2.5%, Sweden to 2%

(Newser) - The Bank of England cut interest rates a full 1% today to 2%, the lowest level since 1939, and the European Central Bank followed with a cut of 75 basis points, to 2.5%, the largest cut in its 10-year history, MarketWatch reports. Those moves came on the heels of... More »

'Race to Zero' Under Way as Central Banks Cut Rates

With Fed at 1% and European, Asian banks trimming, no-interest loans not far off, perhaps

(Newser) - Interest rates around the world are falling, with no end in sight as central banks hack away at obstacles to lending and try to jump-start their economies, Bloomberg reports. With the US rate at 1%, the Bank of England yesterday cut its key figure to 3%, the lowest since 1955,... More »

Retail Fears Drive Stocks Down

Same-store sales weak in October

(Newser) - Stocks took a modest slide at the open today, thanks to dismal data from retailers. The Dow fell 57 points, while the Nasdaq and S&P dropped 1.1% and 0.9% respectively, the Wall Street Journal reports. Most retailers, with the notable exception of Wal-Mart, posted bleak same-store sales... More »

UK Hacks Rates by 1.5% as Markets Fall; EU Trims .5%

Grimmer-than-expected economic news pummels the global economy

(Newser) - The Bank of England—under massive pressure to stem the red ink drowning the continent's economy—slashed its key lending rate by an unprecedented 150 basis points today, reports Reuters. The move, which set the rate at 3%, dwarfed the 75-point cut market watchers had anticipated. Moments later the European... More »

Dow Down 74 After Volatile Day

Late rally evaporates after Fed confirms cut, but most of Tuesday's gains are preserved

(Newser) - Volatility ruled Wall Street today as investors waffled in their response to the expected Fed rate cut, MarketWatch reports. Though the session’s final hour saw the Dow rocket to a 250-point gain in light trading, that evaporated and the Dow closed down 74.16 at 8,990.96. The... More »

Global Stocks Pounded, Dollar Hits Record Highs

Greenback soars to 5-year high against the pound

(Newser) - Stocks in Asia and Europe dove once again today, with banks leading losses as the continuing economic downturn hit corporate profits. The Nikkei in Tokyo closed down 6.8%, and London's FTSE opened down 2.3% after the Bank of England said that the country is in a recession. Meanwhile... More »

Fed Joins 5 Central Banks in Shock Rate Cut

US, EU, UK, others offer 50-point reduction to reverse diving markets

(Newser) - The Federal Reserve and five other central banks cut interest rates by 50 basis points in an emergency attempt to stem the economic effects of the credit crisis, reports Bloomberg. The move brings the American benchmark rate to just 1.5%, while the European Central Bank and the monetary authorities... More »

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