Sunday, 6 May 2012

Economics

The latest news, analysis and comment on the UK and global economy.

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ECONOMICS NEWS

Bankers' vitriol has masked King's uncomfortable message

I don't know Sir Mervyn King particularly well. I've talked with the Bank of England Governor รก deux just a few times over the years, always at official functions.

05 May 2012

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Bank set to hold QE on inflation fears

The Bank of England is expected to freeze its £325bn stimulus programme, signalling it is more concerned about high inflation than Britain's return to recession.

05 May 2012

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Credit crunch? I’m to blame

OK, I bought It bags and shoes, but nobody warned me not to, says Judith Woods.

05 May 2012

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Debt crisis: as it happened - April 4, 2012

British shares dropped sharply on Friday as global stock markets fell after weaker-than-expected US jobs figures and poor eurozone services data cast doubts over recovery in the world economy.

04 May 2012

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US jobs data disappoints as workers give up

US unemployment fell to 8.1pc in April as 115,000 jobs were created, but the bulk of the drop was due to the hundreds of thousands of Americans who stopped looking for work.

04 May 2012

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Eurozone services sector contracts sharply in April

The eurozone's vast services sector shrivelled at a much faster rate in April than initially thought, a business survey showed on Friday, suggesting that the bloc's recession could extend through to mid-year.

04 May 2012

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House prices fall 2.4pc as tax break ends

House prices continued to "fluctuate quite widely" in April as the average price dropped 2.4pc, said mortgage lender Halifax.

04 May 2012

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King's view of crisis triggers calls for review

Sir Mervyn King has come under increasing pressure to launch an official review of the Bank of England's handling of the financial crisis amid accusations that he has "rewritten history" to suit the institution.

04 May 2012

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Mervyn King has given us more questions than answers

So, did Sir Mervyn King really know what was going on before the financial crisis and did the Bank really warn us, however sotto voce, that banks needed as much as £100bn in extra capital?

04 May 2012

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Debt-laden households to delay recovery until 2019

Wealth among Britain's homeowners will not return to pre-recession levels until 2019, as almost 1m highly indebted "zombie" households hold back recovery, a leading think tank has warned.

04 May 2012

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Lord O'Donnell to 'think about' running for BoE Governor

Lord O'Donnell has said he will "think about" being the next Governor of the Bank of England - defying the Chancellor's efforts to shut-down the succession debate.

04 May 2012

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Debt crisis: as it happened, May 3, 2012

Eurozone growth must be "put back at the centre of the agenda," ECB president Mario Draghi said on Thursday, though he added that growth and fiscal compacts could work hand in hand.

03 May 2012

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Mervyn King: more right than most, but still badly wrong

Sir Mervyn wants a legacy of reform, but it is his failings that will be best remembered, believes Jeremy Warner.

03 May 2012

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Mario Draghi calls for binding 'growth pact'

Mario Draghi has called for eurozone leaders to agree labour and structural reforms that are binding - "not unlike" the fiscal pact.

03 May 2012

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UK services growth falls but offers hope of recession escape

Growth in Britain's dominant services sector slowed more sharply than expected in April, suggesting the economy got off to a weak start in the second quarter.

03 May 2012

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How Sir Mervyn King has rewritten history

As confessions go, it was right up there with “the dog ate my homework”.

03 May 2012

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US unemployment claims dip

The number of Americans seeking unemployment benefits fell to 365,000 last week, taking the largest monthly move downwards in nearly a year.

03 May 2012

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ECB holds key interest rate steady at 1pc

The European Central Bank (ECB) held its key interest rates steady, as expected, leaving eurozone borrowing costs at the historic lows they have been at since December.

03 May 2012

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Bank of England offers Premier League financial advice

Last night Sir Mervyn King, the governor of the Bank of England, called for stricter regulation in the banking sector to prevent another crippling financial crisis. This morning he praised UEFA for attempting the same thing.

03 May 2012

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Sir Mervyn King sees 'steady, slow recovery' during 2012

Sir Mervyn King claimed that the UK's economy will make a "steady, slow recovery" during 2012, as he admitted that the Bank of England must take a "share of the responsibility" for the financial crisis.

03 May 2012

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Mervyn King: BoE should have done more

The Governor of the Bank of England tells a BBC radio 4 lecture that they should have been 'shouting from the roof tops' about the dangers of a banking crisis.

03 May 2012

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Sir Mervyn King admits BoE failed over financial crisis

Sir Mervyn King has said - in a rare admission - that the Bank of England failed to do enough to warn about the risks building up in the banking sector ahead of the financial crisis.

03 May 2012

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Government borrowing to rise despite austerity

Government borrowing will rise this year despite £18bn of planned austerity measures due to falling tax receipts and weaker growth, the CBI has warned.

03 May 2012

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Sir Mervyn King blasts banks for bringing UK to brink of ruin

Sir Mervyn King has attacked Britain's banks for bringing the country to the brink of ruin and demanded urgent reform to spare "our grandchildren" a similar fate.

02 May 2012

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Sir Mervyn King's speech: in full

Sir Mervyn King has attacked Britain's banks for bringing the country to the brink of ruin and demanded urgent reform to spare "our grandchildren" a similar fate. Here is his speech on the BBC Today Programme Lecture in full.

02 May 2012

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