Pound falls as Bank of England says Boris Johnson's Brexit deal will hurt UK economy

Pound falls as Bank of England says Boris Johnson’s Brexit deal will hurt UK economy

The pound fell against the dollar and euro on Thursday after the Bank of England said that Boris Johnson’s Brexit deal would hamper UK economic growth. Two BoE policymakers also voted unexpectedly to cut interest rates to support the stalling economy which has been battered by tumbling investment, poor productivity growth and lacklustre exports. Sterling slid 0.3 per cent […]

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Ethnic minorities in UK earn 10% less than white workers, Bank of England research shows

Ethnic minorities in UK earn 10% less than white workers, Bank of England research shows

Ethnic minorities in the UK earn around 10 per cent less than white workers, even once individual and job characteristics are taken into account, the Bank of England has found. The central bank set out to go beyond simple data on pay differences and added another layer of analysis to remove the effects of such […]

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World sleepwalking to another financial crisis, says Mervyn King | Business

The world is sleepwalking towards a fresh economic and financial crisis that will have devastating consequences for the democratic market system, according to the former Bank of England governor Mervyn King. Lord King, who was in charge at Threadneedle Street during the near-death of the global banking system and deep economic slump a decade ago, […]

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Mark Carney: Brexit deal will boost flagging global economy | Business

The Brexit deal agreed between London and Brussels will boost growth and could be a turning point for the global economy, the governor of the Bank of England, Mark Carney, has said. In an interview with Bloomberg TV in Washington Carney said: “It is good news that there is an agreement. I would expect the […]

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How the wheels came off Facebook’s Libra project | Technology

When Facebook announced plans to launch a digital currency earlier this summer, it added a full-blown revolution in global finance to its typically-vaulting Silicon Valley mission statement: to create a digital currency alongside its efforts to bring the world closer together through networks. Over the past month, that mission has gone badly awry. The Libra […]

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Banks expect to cut business lending at fastest rate since 2008 crash | Business

Banks expect to cut their lending to businesses in the run-up to Christmas at a rate not seen since the financial crash a decade ago. A survey of the banking sector by the Bank of England showed that banks plan to reduce their lending in response to rising defaults and a fall in demand. The […]

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Financial leaders must prepare for risks such as Brexit, says regulator | Business

Financial leaders must prepare for risks such as Brexit, says regulator | Business

Global authorities gathering in Washington this week must stand ready to address emerging risks including a global economic downturn and Brexit, the leading body for global financial stability has warned. The Financial Stability Board – which was formed after the 2008 banking crisis that brought the financial system to its knees – said that while […]

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Even if there is a Brexit deal, a UK interest rate cut seems likely | Nils Pratley | Business

Even if there is a Brexit deal, a UK interest rate cut seems likely | Nils Pratley | Business

Call it a full house of poor economic news. The services sector is contracting, according to the purchasing managers’ index, joining the manufacturing and construction industries in negative territory. In big picture terms, there are no bright spots. The official data, which measures actual economic activity as opposed to managers’ view of prospects, may yet […]

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World economy faces weakest growth since financial crisis, warns OECD - business live | Business

World economy faces weakest growth since financial crisis, warns OECD – business live | Business

Mark Carney, Governor of the Bank of England (BOE). Photograph: Mike Segar/Reuters Good morning, and welcome to our rolling coverage of the world economy, the financial markets, the eurozone and business. Like Supreme Court justices, central bankers have been the ‘adults in the room’ during these times of economic upheaval. So, after an intriguing Federal […]

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Brexit: No deal could wipe 5.5 per cent off economy despite preparations, says Bank of England

Brexit: No deal could wipe 5.5 per cent off economy despite preparations, says Bank of England

The Bank of England has scaled back its worst case estimates for the damage a no-deal Brexit would inflict on the UK economy, but warned crashing out of the EU could still shrink GDP by 5.5 per cent. Governor Mark Carney said the impact of a disorderly Brexit “would now be less severe” because of […]

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