Mervyn King Archive

King Says U.K. Recovery May Be ‘Long, Hard Slog’

[Skip to the end] So how about recommending a suspension VAT for a bit??? King Says U.K. Recovery May Be ‘Long, Hard Slog’ by Robert Schmidt June 24 (Bloomberg) — “There has to be a risk that it will be a long, hard slog” because of the problems in the banking system, ...Read More

2008-08-13 UK News Highlights

[Skip to the end] Highlights: BoE Cuts Growth Forecasts, Jobless Climbs U.K. Unemployment Rose the Most Since 1992 in July Surge in credit card debt charge-offs U.K. Homebuilders Fall as Unemployment Rise May Worsen Slump     Article snip: BoE Cuts Growth Forecasts, Jobless Climbs (Bloomberg) The BoE cut its forecast for ...Read More

TimesOnline: Latest on BoE rate setting

The mainstream view remains the cost of a near term recession in order to bring prices under control now is far less than the cost of a recession later if you support growth now and let prices continue higher. Bank of England holds interest rate at 5% by Gary Duncan, Grainne Gilmore ...Read More

RE: BOE letter

[Skip to the end] (an interoffice email) > >   On Tue, Jun 17, 2008 at 7:58 AM, DV wrote: > >   Mervyn King was required this morning to write a letter to the >   Chancellor explaining why inflation was greater then 3% in the UK >   (released this morning at 3.2% vs. 3% previously). The letter ...Read More

FT: Detail of BOE plan

Looks functionally the same as direct lending to the banks vs their mortgage-backed securities. Don’t know why they are taking this indirect route. Maybe because the Fed is also doing a security lending facility vs direct lending, and the BOE doesn’t want to show them up by doing it right as a ...Read More

King Says U.K. Inflation May Match Fastest Pace in a Decade

States the issues clearly: King Says U.K. Inflation May Match Fastest Pace in a Decade (Bloomberg) Bank of England Governor Mervyn King said inflation may match the fastest pace in at least a decade this year and require an explanation to the Treasury, a sign that policy makers have limited scope to ...Read More