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☆ 'It's our duty': Bank of England chief says cutting rates just before a UK election wouldn't be an issue
▼ + stars: | 2024-05-09 | by ( Matt Clinch | ) www.cnbc.com time to read: +1 min

Bank of England Governor Andrew Bailey addresses the media during the central bank's Monetary Policy Report press conference at the Bank of England, in London, Britain, on February 1, 2024. LONDON — Bank of England Governor Andrew Bailey on Thursday played down any political pressure received by his institution, confirming that a rate cut immediately before a General Election wouldn't be out of the question. This is especially true in election cycles if citizens are dealing with an economic downturn or a cost-of-living squeeze. The Bank of England, which became officially independent in 1998, is no stranger to this pressure with elections expected before the end of this year. The Bank is nearing its first rate cut since 2020, despite holding steady on Thursday.

Persons: Andrew Bailey, wouldn't, Bailey, CNBC's Steve Sedgwick, it's Organizations: England, Bank of England, LONDON — Bank of England Locations: London, Britain

☆ Bank of England chief hints the market could be getting it right on rate cuts
▼ + stars: | 2024-02-01 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +1 min

LONDON — Bank of England Governor Andrew Bailey on Thursday signaled that financial markets may be correct in their expectations for the future path of rate cuts. Speaking to CNBC, Bailey said he was "not going to commit" to a specific timeline for rate cuts, but added that he did not object to the market consensus. "I'm not going to give a view on how many cuts there'll be and when they will be. But I think that view that the market is taking is not one I object to," he told CNBC's Steve Sedgwick. Investors priced in four rate cuts by the end of this year after the central bank voted to hold interest rates steady at 5.25% earlier Thursday.

Persons: Andrew Bailey, BOE, Bailey, I'm, CNBC's Steve Sedgwick Organizations: Bank of England, City of, LONDON — Bank of England, CNBC, Monetary Locations: City, City of London

☆ Bank of England chief Bailey defends record growth upgrade, admits communication error
▼ + stars: | 2023-05-11 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +1 min

LONDON — Bank of England Governor Andrew Bailey on Thursday defended an about-turn in the bank's U.K. growth forecast, saying its "biggest upgrade" ever reflected the rapidly shifting economic landscape. At its policy meeting earlier Thursday, the central bank said it no longer expects the U.K. to enter into recession this year. "They are conditional on financial market prices, they're conditional on commodity prices, they're conditional on government policies. So, as those conditions change, we change our forecasts," he said. "We have deal with all these things, which is why our forecasts do change and do evolve," he said.

☆ 'Be very vigilant': Bank of England chief says the market is testing banks to identify weakness
▼ + stars: | 2023-03-28 | by ( Elliot Smith | ) www.cnbc.com time to read: +1 min

Andrew Bailey, Governor of the Bank of England, attends the Bank of England Monetary Policy Report Press Conference, at the Bank of England, London, Britain, February 2, 2023. LONDON — Bank of England Governor Andrew Bailey on Tuesday vowed to be "very vigilant" amid ongoing volatility and suggested that the market is "testing out" banks to find weaknesses. Global banking stocks have taken a beating in March, as contagion fears spread following the collapse of U.S.-based Silicon Valley Bank — the largest bank failure since the financial crisis — and the emergency rescue of Credit Suisse by Swiss rival UBS . Deutsche recovered partially on Monday to lead gains as the market panic appeared to subside, after First Citizens agreed to buy a large chunk of failed Silicon Valley Bank's assets. "I also think what we saw at the tail end of last week, Friday in particular, when there were quite sharp market movements [were] moves in markets to, if you like, test out firms," Bailey told lawmakers.

☆ Bank of England chief says pay raise negotiations should factor in falling inflation
▼ + stars: | 2023-02-09 | by ( Elliot Smith | ) www.cnbc.com time to read: +2 min

Andrew Bailey, Governor of the Bank of England, attends the Bank of England Monetary Policy Report Press Conference, at the Bank of England, London, Britain, February 2, 2023. Pool | ReutersLONDON — Bank of England Governor Andrew Bailey has urged workers and employers to consider the expected sharp fall in inflation this year when negotiating pay settlements. The soaring cost of living in the country has led to widespread industrial action among public sector workers, whose average pay increases drastically lag those of the private sector. "It very much depends what form it would take and let's also remember that, at the moment ... all of these pay settlements are under the level of inflation," Bailey said. What I would urge, particularly going forwards because we think inflation is going to fall very rapidly, that that is taken into account."

☆ We're not 'inflation nutters,' top Bank of England economist says
▼ + stars: | 2022-11-08 | by ( Elliot Smith | ) www.cnbc.com time to read: +1 min

The Bank of England accepted a record amount of gilts at a reverse auction on Wednesday. LONDON — Bank of England policymakers are not "inflation nutters" but tightening of monetary policy is necessary to prevent surging prices becoming entrenched in the economy, the central bank's Chief Economist Huw Pill said Tuesday. "We're not meant to be inflation nutters. We are meant to sort of manage this trade-off in a way that avoids unnecessary, counterproductive maybe, disruptions to the real economy," Pill said at a conference organized by Swiss bank UBS . The Bank of England has come under criticism for being too slow off the mark in its efforts to rein in sky-high inflation.

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