'Crisis economy' UK: You're in as bad a state as eurozone, says new Bank chief as IMF urges Osborne to ditch austerity packageMark Carney compared the UK to basket case countries in the eurozoneThe IMF has slashed its growth forecast for the UK over next two years By Alex Brummer PUBLISHED: 23:15 GMT, 18 April 2013 | UPDATED: 06:33 GMT, 19 April 2013 Warning: Mark Carney, who takes over from Sir Mervyn King in July, compared the UK with basket case countries in the eurozone in a brutal assessment of the economic outlook Britain was last night branded a ‘crisis economy’ by incoming Bank of England governor Mark Carney. The Canadian, who takes over from Sir Mervyn King in July, compared the UK with basket case countries in the eurozone in a brutal assessment of the economic outlook
Recovery is in sight, says Sir Mervyn: Bank of England chief gives Chancellor a boost ahead of the Budget By Becky Barrow and Hugo Duncan PUBLISHED: 01:20 GMT, 15 March 2013 | UPDATED: 01:20 GMT, 15 March 2013 The Bank of England's governor said last night that the 'recovery is in sight' in a boost for the Chancellor ahead of his Budget next week. In a rare television interview, Sir Mervyn King said Britain's anaemic economic growth is finally drawing to an end following the long and painful downturn. It comes at a time of growing fears that the country could be heading for a triple-dip recession, but his comments suggest any further slump will be short-lived.
Split RBS into a 'good' and 'bad' bank now urges Bank Governor Mervyn King as he slams current system as a 'nonsense'Taxpayers will have to bear the costs of reprivatisation, King warnsRBS is currently holding the wider economy back, the Governor saidCriticisms come just days after RBS boss Stephen Hester said plans to return to the private sector were on track from 1.8 billion in 2011.
UK could introduce new banknotes made of plastic says incoming Bank of England governorMark Carney said bank is 'exploring a variety of options' when asked about introducing plastic notesHe said they are 'cleaner and greener' and 'good value'Also described the notes as 'better for the environment' By Louise Eccles PUBLISHED: 05:38 GMT, 18 February 2013 | UPDATED: 10:44 GMT, 18 February 2013 Possibility: Mark Carney, the incoming governor of the Bank of England, said the bank was 'exploring a variety of options' when asked about introducing plastic notes The incoming Bank of England governor has said he is ‘exploring’ the introduction of plastic banknotes in Britain.
Bank of England to warn living costs 'will keep soaring for two years' rounded off the worst four years for Britain’s economy, outside the aftermath of war, since the 1830s – leaving the UK on the brink of triple-dip recession. ‘The UK is set for a slow but sustained recovery,’ the Bank said last week. Sir Mervyn has said the economy will ‘zig-zag’ in and out of growth for some time, a warning he may repeat on Wednesday.
Nearly half of families are worried about debts as toxic combination of runaway inflation and low wage growth means they struggle to make ends meetAverage household now 22 a month worse off than a year agoHouseholds are cutting spending, looking for extra work or asking for helpBank of England says consumer spending has been 'flat' since end of 2009 | UPDATED: 00:04 GMT, 18 December 2012 Nearly half of all households in Britain are worried about their debts as the squeeze on family finances intensifies, the Bank of England warns today. A toxic combination of runaway inflation and low wage growth has left millions struggling to make ends meet in the run up to Christmas. The average household is now 22 a month worse off than they were a year ago, according to a study from the Bank, blowing a 264 hole in annual family budgets
New Bank of England boss hints he will tear up rule book to get the economy movingCanadian Mark Carney suggests inflation target could be ditched to focus on unemploymentGood news for mortgage holders as new Bank governor hints at low rates for years to comeHe will replace Sir Mervyn King in June next year | UPDATED: 13:48 GMT, 12 December 2012 Mark Carney, the new Bank of England governor, said it might be necessary to abandon the inflation target to prioritise growth The Canadian who will take over the Bank of England has suggested he will be more aggressive in trying to get the British economy moving. Mark Carney hinted that he thought boosting growth is more important than keeping inflation under control.
Banks are accused of not being as strong as they claim and hiding 60bn black hole from investorsSir Mervyn King said the black hole was 'holding back our recovery'Bank of England blamed shortfall on hidden losses on loans, mis-selling scandals and 'misleading' accounting by country's biggest lendersIt ordered audit into banks' finances and called for lenders to raise funds | UPDATED: 00:11 GMT, 30 November 2012 Sir Mervyn King said banks need to raise 60billion to protect against future losses British banks are not as strong as they claim and could need to raise as much as 60billion of emergency funds to protect against future losses, the Bank of England warned yesterday. Its governor, Sir Mervyn King, said the black hole at the heart of the banking system was ‘holding back our recovery’ and must be tackled ‘head on’. The Bank blamed the shortfall on hidden losses on toxic loans, the mounting bill from mis-selling scandals, and ‘misleading’ accounting by the country’s biggest lenders – Royal Bank of Scotland, Lloyds Banking Group, Barclays and HSBC
Banks giving 'misleading' details about bad debts and may have to set aside 35billion more, BoE warns | UPDATED: 14:47 GMT, 29 November 2012 Britain's banks could be 'misleading' investors by failing to account properly for bad loans, including where they have given borrowers leeway on their debts, the Bank of England has warned. The Bank of England urged lenders to take action to bolster their balance sheets and reveal the full extent of losses on bad debts, as well as expected compensation bills, in particular for mis-sold payment protection insurance (PPI). The UK's four biggest banks – HSBC, Lloyds Banking Group, Barclays and Royal Bank of Scotland – could need to increase their capital reserves by as much as 35billion between them, according to the Bank