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Search resuls for: "Charlie Bean"


9 mentions found


☆ Britain is facing a mortgage crisis. There are no easy answers
  + stars: | 2023-06-23 | by ( Anna Cooban | ) edition.cnn.com   time to read: +6 min
Mortgage painThe announcement comes a day after the Bank of England raised interest rates by half a percentage point to help bring down stubborn inflation. More than 2 million UK mortgage holders paying a fixed interest rate are facing an increase of hundreds of pounds in monthly repayments when they are forced to refinance this year and next. Many borrowers bought their homes when mortgage rates were closer to 1% or 2%. That sets the country apart from other major economies, including the United States, where on both measures inflation has started to ease. After the latest rise in interest rates Thursday, Hunt said the government would “stick to [its] guns” on keeping rates high to tame high prices.
Persons: Rishi Sunak, Jeremy Hunt, Sarah Coles, Hargreaves Lansdown, ”, Matt Hammerstein, David Duffy, Debbie Crosby, James Manning, ” Max Mosley, Jake Berry, Sunak, Liz Truss, Brexit, Mark Carney, Charlie Bean, Hunt, ” — Hanna Ziady Organizations: London CNN, UK Treasury, HSBC, Lloyds Banking Group, Barclays, BCS, CNN, Bank of England, National Institute of Economic, Social Research, Virgin Money, Conservative Party, Institute for Fiscal Studies, European Union, Bank of, Daily Telegraph, BBC Radio Locations: United Kingdom, United States, Britain
☆ UK should consider interest cut on banks' BoE reserves - former deputy governor
  + stars: | 2022-11-01 | by ( ) www.reuters.com   time to read: +2 min
LONDON, Nov 1 (Reuters) - Britain should consider changing the Bank of England's policy of paying interest to banks on the reserves they hold there, former BoE deputy governor Charlie Bean said on Tuesday. Banks are paid interest on the reserves at whatever is the BoE's current interest rate - just 0.1% a year ago, but 2.25% now and set to rise further. Those flows have reversed: now the government foots the bill for any losses the BoE makes as it pays higher interest on bank reserves issued for its QE programme. BoE Governor Andrew Bailey has said the current system is essential to transmit changes in the BoE's official interest rate through to the wider economy. However Tucker, who was deputy governor from 2009 to 2013 and is now a researcher at Harvard University, said similar effects could be achieved by paying interest on just 100 billion pounds of reserves.
☆ Analysis: UK's Hunt faces triple threat from debt, recession and Conservative rebels
  + stars: | 2022-10-25 | by ( William Schomberg | ) www.reuters.com   time to read: +5 min
Hunt, re-appointed to his job by new Prime Minister Rishi Sunak on Tuesday, is due to announce a budget plan on Oct. 31. Hunt, a former foreign and health minister, was rushed in as Truss's new finance minister after she fired her friend and fellow low-tax disciple Kwarteng less than two weeks ago in a bid to appease the markets. Hunt immediately ripped up Truss and Kwarteng's programme, reversing most of its 45 billion pounds of tax cuts, and he warned of tough decisions ahead to restore Britain's economic credibility. But the scale of the problem remains huge, with health, education and other public services in Britain under huge strain after more than a decade of tough controls on public spending. Just as important in the short term, Hunt and Sunak must decide what to do with Britain's hugely expensive energy price cap for homes and businesses.
☆ Kwasi Kwarteng: Liz Truss fires finance minister and ditches big tax cut
  + stars: | 2022-10-14 | by ( Julia Horowitz Luke Mcgee Mark Thompson | Julia Horowitz | Luke Mcgee | ) edition.cnn.com   time to read: +5 min
London CNN Business —UK Prime Minister Liz Truss has fired finance minister Kwasi Kwarteng and ditched a big part of her discredited economic strategy in a desperate bid to rescue her month-old premiership. “It was right, in the face of the issues we had, that I acted decisively to ensure that we had economic stability,” Truss said Friday. Kwarteng presented a “mini budget” just three weeks ago, promising tax cuts worth £45 billion ($50 billion) and increased borrowing with the hope of boosting UK economic growth. “Liz Truss’ reckless approach has crashed the economy, causing mortgages to skyrocket, and has undermined Britain’s standing on the world stage,” he said. Kwarteng had flown back from the IMF meeting in Washington, D.C., overnight for discussions with Truss.
☆ Liz Truss was defeated by the bond market. Investors aren’t satisfied yet
  + stars: | 2022-10-14 | by ( Julia Horowitz | ) edition.cnn.com   time to read: +5 min
London CNN Business —After a bruising three-week battle with bond markets, UK Prime Minister Liz Truss admitted defeat on Friday. The price of 30-year UK government debt, which has been whipsawed in recent weeks, fell after the press conference. The Bank of England was forced to announce three separate interventions to avoid a full-scale meltdown in the UK government bond market. That’s putting investors on edge, especially since more details on the revised Truss plan aren’t formally expected until Oct. 31. Global dynamics could also make it more difficult for UK markets to find their footing even as the government backtracks.
☆ The UK is gripped by an economic crisis of its own making
  + stars: | 2022-09-29 | by ( Mark Thompson | ) edition.cnn.com   time to read: +8 min
“While this is welcome, the fact that it needed to be done in the first place shows that the UK markets are in a perilous position,” said Paul Dales, chief UK economist at Capital Economics, commenting on the bank’s intervention. “It wouldn’t be a huge surprise if another problem in the financial markets popped up before long,” Dales added. The UK government should also postpone its tax cuts, El-Erian said. We look like reckless gamblers who only care about the people who can afford to lose the gamble,” one former Conservative minister told CNN. “Truss and Kwarteng are now facing a severe economic crisis as the world’s financial markets wait for them to make policy changes that they and the Conservative party will find unpalatable,” the Eurasia analysts wrote.
☆ Former Bank of England official slams ‘really stupid’ UK government decisions
  + stars: | 2022-09-28 | by ( Julia Horowitz | ) edition.cnn.com   time to read: +3 min
London CNN Business —Former Bank of England Deputy Governor Charlie Bean said the central bank will almost certainly announce an emergency interest rate hike before its next scheduled meeting in November, predicting that turmoil would continue to roil UK markets. Investors have lost faith in the government’s ability to manage the economy and public finances, he said, commenting on a market crash sparked by the UK government’s plan to slash taxes and boost borrowing in the face of high inflation. “Sterling and UK government bonds look vulnerable at the moment, and if there is another bout of significant downward pressure, I think the bank really will have to act,” Bean told CNN Business. “The bank is between a rock and a hard place here, because the real issue obviously is fiscal policy,” Bean said. “They might do these sorts of things for an emerging market country that has been on the edge for a while.”
☆ Markets in a tailspin get a big dose of chill from the Bank of England
  + stars: | 2022-09-28 | by ( Allison Morrow | ) edition.cnn.com   time to read: +7 min
The global financial system is “like a pressure cooker” right now, said Chris Turner, global head of markets at ING. Once, the idea of paying sticker price at a dealership was laughable — a trap that only suckers would fall into. The South Korean company’s sedans and SUVs are selling for about 6% over their sticker price, according to data from Edmunds.com. Used car prices — which shot up to dizzying heights early in the pandemic — have finally begun falling. “Speak to any (very) large used car dealer and you will hear the same - an absolute vortex of deflation is coming to used car prices,” tweeted Ophir Gottlieb, the CEO of Capital Market Laboratories, earlier this month.
☆ Former BoE deputy governor Bean: Emergency bank meeting may have made sense
  + stars: | 2022-09-27 | by ( ) www.reuters.com   time to read: 1 min
City workers walk past the Bank of England in the City of London, Britain, March 29, 2016. REUTERS/Toby Melville/LONDON, Sept 27 (Reuters) - Former Bank of England Deputy Governor Charlie Bean said he would likely have advised the central bank to call an emergency meeting following market turmoil this week, and that the lesson of emergency interventions was "you go big, and you go fast". "On this occasion if I had still been at the bank in my role as deputy governor I certainly would have been counselling the governor that I think this is one of those occasions where it might have made sense (to call a meeting)," he told BBC radio. "The key thing is, if you call it, you have to take significant action." Register now for FREE unlimited access to Reuters.com RegisterReporting by Kylie MacLellan, writing by William JamesOur Standards: The Thomson Reuters Trust Principles.
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