Bank of England interest rate rise: why this could be the last increase for a while: The Bank of England, London. cristapper/Shutterstock The Bank of England has increased its benchmark interest rate to 4.5% – the seventh rise since May 2022, when the base rate was just 1%. It is now at the highest level …
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Digital bank runs: social media played a role in recent financial failures but could also help investors avoid panic: SObeR 9426/Shutterstock A crisis of confidence in the US banking sector led people to pull their money from banks including Silicon Valley Bank and Credit Suisse, and more recently, First Republic Bank and California-based PacWest Bancorp. …
Why you should care about bumper bank profits: khunkornStudio/Shutterstock The Bank of England has raised interest rates 11 times since December 2021 but, while this may boost bank profits, it is less likely to boost many people’s bank balances. Alongside the sharp spike in interest rates over the past year, many big names in the …
Rising inflation will continue to cause political headaches for the government, but also for the Bank of England: Rising prices. Ink Drop/Shutterstock The Bank of England raised its main interest rate for the eleventh time in a row to 4.25% at its March meeting. At its previous meeting in February the Bank was optimistic about …
Soaring interest rates contributed to recent bank failures – and there could be more to come: Sven Hansche/Shutterstock US bank regulators closed Silicon Valley Bank (SVB) on March 10 2023, after it suffered US$ 42 billion (£35 billion) of deposit withdrawals in a 24-hour period. This was the largest bank failure since the 2008 global …
The World Bank used to cause untold harm – but 30 years ago it started reforming. What went right: Photo by Celal Gunes/Anadolu Agency via Getty Images Development projects can have profound impacts on their societies. There are many benefits that flow from building new roads and power plants, and from modernising agricultural practices. But …
How to make your clothes last longer – it’s good for your bank account and the environment too: Every garment will wear out after repeated wearing and washing. On average, an item of clothing lasts around five years before being thrown away. However, disposing of clothing, both used and unworn, usually carries an environmental cost. …
Interest rates: why the Federal Reserve and Bank of England should still raise them (a bit): What will the Federal Reserve and Bank of England do with benchmark interest rates in the wake of the banking crisis? Traditionally, controlling inflation has been the prime mandate of central banks. With annual inflation hitting double digits in …
The European Central Bank seems to have got away with raising interest rates in the middle of a banking crisis – here’s why: Not for turning: ECB President Christine Lagarde. Sueddeutsche Zeitung Photo In the middle of a market panic that has felled two US banks and pushed several others to the brink, the European …
Silicon Valley Bank: 19th-century financial crises show how today’s regulators could help repair the economy: A bank failure wipes out the money available to its customers and freezes any capital that’s already in circulation. Depositors, borrowers and owners or shareholders all suffer as a result, as does wider economic activity and often the communities or …
Nigeria’s central bank made critical mistakes that doomed the country’s currency redesign: People queue outside a bank in Lagos on February 22, 2023. Nigeria was hit with a scarcity of cash after the central bank began to swap old Naira notes for new bills. Patrick Meinhardt / AFP Nigeria has successfully introduced new banknotes on …
Silicon Valley Bank: how interest rates helped trigger its collapse and what central bankers should do next: A former prime minister of Britain, Harold Wilson, is famous for remarking that a week is a long time in politics. But in the world of finance, it seems everything can change in just two days. Only 48 …
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Tackling climate change will require reforming the World Bank and IMF – here are two options: Prime Minister of Barbados, Mia Mottley, a UN climate summit. PA Images/Alamy Stock Photo, Author provided A global transition to a low-carbon economy will require investments of at least US$ 4 trillion a year (£3.4 trillion) according to the …
Rising interest rates: why the Bank of England has increased rates again and what to expect next: The Bank of England has increased UK interest rates by 0.75%, the biggest increase in 30 years. A year ago the interest rate was 0.1%, today it is 3%. While the speed of the increase is certainly surprising …
Bank of England bonds rescue has two ugly implications: more inflation and an even weaker pound: With UK government bonds and sterling both falling hard in recent days, the Bank of England has been forced to step in. Only a few months after it started tightening monetary policy to fight inflation by raising benchmark interest …