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Top related persons:
Benjamin Nabarro - 2 BoE - 1 Maja Smiejkowska - 1 Andrew Bailey's - 1 Bailey - 1 Catherine Mann - 1 Catherine Evans - 1
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Citi - 2 Labour Party - 1 Bank of England - 1 REUTERS - 1 Monetary - 1 European Central Bank - 1 Barclays - 1 Data - 1

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☆ U.K. Labour Party win is 'relatively positive,' economist says
  + stars: | 2024-07-05 | by ( ) www.cnbc.com   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailU.K. Labour Party win is 'relatively positive,' economist saysBenjamin Nabarro, chief U.K. economist at Citi, says the results of the U.K. general election were expected and offer the country "an opportunity for genuine policy stability after a period of obvious volatility."
Persons: Benjamin Nabarro Organizations: Labour Party, Citi
☆ Bank of England readies what may be its final rate hike
  + stars: | 2023-09-17 | by ( Andy Bruce | ) www.reuters.com   time to read: +3 min
A general view of the Bank of England (BoE) building, the BoE confirmed to raise interest rates to 1.75%, in London, Britain, August 4, 2022. All but one of 65 economists polled by Reuters in recent days predicted the BoE will raise Bank Rate to 5.5% on Thursday from 5.25%, which would mark its highest level since 2007. If Bank Rate does peak at 5.5% - from a starting point of 0.1% - it would rank fourth on the list of Britain's biggest tightening cycles of the last century, behind surges that took place in the late 1980s and in the early- and late-1970s. The European Central Bank also cited a weak economic outlook when it hiked rates last week and signalled that would be its last such move in the current cycle. Inflation figures for August due on Wednesday are likely to buck the falling trend thanks to rising petrol prices.
Persons: BoE, Maja Smiejkowska, Andrew Bailey's, Bailey, Benjamin Nabarro, Catherine Mann, Catherine Evans Organizations: Bank of England, REUTERS, Reuters, Monetary, European Central Bank, Barclays, Data, MPC, Citi, Thomson Locations: London, Britain
☆ UK inflation expectations ease as BoE considers next rate hike
  + stars: | 2023-05-01 | by ( ) www.reuters.com   time to read: +1 min
LONDON, May 1 (Reuters) - Inflation expectations in Britain eased in April, bank Citi said on Monday, offering some relief to the Bank of England which is expected to announce a 12th straight interest rate hike next week with investors betting on further increases after that. "However, today’s data still suggest UK inflation expectations overall remain anchored at target-consistent levels," Nabarro said. "With acute shortages and food inflation primarily responsible for recent volatility, we think risks around these data are more likely to ease in the months ahead than intensify further." The BoE is widely expected to raise borrowing costs again on May 11 after its monthly monetary policy meeting, with inflation running at five times its 2% target. Investors are putting a 92% probability on a 25 basis-point increase in Bank Rate to 4.5% and roughly 50 chance of hitting 5% by August.
☆ Sunak looks set to become next UK PM after Johnson quits race
  + stars: | 2022-10-24 | by ( Kate Holton Elizabeth Piper | Kate Holton | Elizabeth Piper | ) www.reuters.com   time to read: +4 min
Sunak, the 42-year-old former finance minister, could be named leader as soon as Monday to replace Liz Truss, becoming Britain's third prime minister in less than two months. "The United Kingdom is a great country but we face a profound economic crisis," Sunak said in a statement declaring his candidacy on Sunday. Should she fail to hit the threshold, Sunak would become prime minister. "He's not taking anything for granted at all," interior minister Grant Shapps, a supporter of Sunak, told BBC television. If chosen, the former Goldman Sachs analyst would be the United Kingdom's first prime minister of Indian origin.
☆ Reactions: UK's Truss fires Kwarteng, set to U-turn on tax cuts
  + stars: | 2022-10-14 | by ( ) www.reuters.com   time to read: +5 min
LONDON, Oct 14 (Reuters) - British Prime Minister Liz Truss fired her finance minister Kwasi Kwarteng and news reports said she will scrap later on Friday parts of the economic programme of big, unfunded tax cuts that they delivered last month. Consequently, the scope for a rally in gilts (move lower in yields) and sterling would seem to be limited." BENJAMIN NABARRO, ECONOMIST, CITI"The key issue in the near term is the contradiction between monetary and fiscal policy. RACHEL REEVES, OPPOSITION LABOUR PARTY'S FINANCE CHIEF"This humiliating u-turn is necessary - but the real damage has already been done. We may well be through the worst of the volatility but I fear that the UK is nowhere near out of the woods."
☆ Strikes, possible blackouts and a plunging currency: Brits are being hit by a wave of bad news
  + stars: | 2022-10-13 | by ( Elliot Smith | ) www.cnbc.com   time to read: +7 min
'The recession has begun' The U.K. is the only G-7 economy not to have re-attained its pre-pandemic GDP level by the second quarter of 2022, Citibank Chief U.K. The ONS said GDP was only just returning to its pre-pandemic level, highlighting the challenge facing Prime Minister Liz Truss' "growth, growth, growth" agenda. "We now believe the recession in the U.K. has begun in the third quarter of 2022 and will likely last for three quarters. "The cost of living crisis is having a detrimental effect on individuals, not only financially, but physically and mentally too." Members of the CWU (Communication Workers Union) also continue to strike, including 115,000 postal employees of former state monopoly Royal Mail.
☆ Bank of England warns risks to UK financial stability haven't gone away
  + stars: | 2022-10-11 | by ( Mark Thompson | ) edition.cnn.com   time to read: +4 min
A slump in UK government bonds that promise to protect investors from inflation — known as index-linked gilts — was the latest source of risk, it said. “Dysfunction in this market, and the prospect of self-reinforcing ‘fire sale’ dynamics pose a material risk to UK financial stability,” it said in a statement. Starting Tuesday, the Bank of England will include index-linked gilts in its emergency £65 billion ($71.7 billion) bond-buying program announced on Sept. 28. The market meltdown began after Prime Minister Liz Truss’ government unveiled £45 billion in unfunded tax cuts on Sept. 23. And with monetary and fiscal policy now working in opposite directions, we think the broader risks around UK monetary [and] financial stability are growing,” he added.
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