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Apr 16, 2024
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bank of england. and when you think you add to that the international monetary fund were weighing in, saying it was wrong to cut taxes for high earners. joe biden piled in before she resigned. i have some sympathy for her. i feel, had they actually cut spending in that budget, they might have got away with it. but probably the conclusion is they tried to do too much too soon. either way, we're now back to jeremy hunt and it almost makes no difference now economically , no difference now economically, i think, whether labour or the conservatives win the next election. i have some sympathy with truss. i believe the bank of england behaved appallingly. in a moment i'll discuss that with city grandee daniel hodson and see whether he agrees with my analysis i asked you earlier. how did the west get it so wrong over iran? what are your reactions coming in that are interesting ? alan in that are interesting? alan says we must decide whether or not it's in our interest to get rid of the iranian regime. if it
bank of england. and when you think you add to that the international monetary fund were weighing in, saying it was wrong to cut taxes for high earners. joe biden piled in before she resigned. i have some sympathy for her. i feel, had they actually cut spending in that budget, they might have got away with it. but probably the conclusion is they tried to do too much too soon. either way, we're now back to jeremy hunt and it almost makes no difference now economically , no difference now...
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Apr 12, 2024
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the way the bank of england communicates. i had a chance to speak to the former bank of england. >> i think it will partly because it shows the transparency with which the bank of england and governor speaks to all of us, media and the public, admitting that the forecast did not work well. i think they probably took a lesson from what happened about 18 months ago when they produced a forecast that showed a two-year recession caused by the rapid rise in interest rates. now that was headlines in the financial times and it was on radio and television. that itself conditions expectations in the country. they have to be careful of what they say and how they say it. i suspect not only the governor, but other mpc members are more careful and they just need to rehearse a little bit more. >> they have a communication problem more than a forecasting problem. >> they have a communication problem, but it is closely linked to forecasting. they use the forecast as the bedrock of their communication and i think it doesn't deserve to be used
the way the bank of england communicates. i had a chance to speak to the former bank of england. >> i think it will partly because it shows the transparency with which the bank of england and governor speaks to all of us, media and the public, admitting that the forecast did not work well. i think they probably took a lesson from what happened about 18 months ago when they produced a forecast that showed a two-year recession caused by the rapid rise in interest rates. now that was...
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Apr 17, 2024
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inaudible enough to get the bank of england, so we are happy with our base rate of the bank of england cutting cycle in august... inaudible given inflation, it could be a lot more this year. we given inflation, it could be a lot more this year.— more this year. we had been expecting — more this year. we had been expecting perhaps _ more this year. we had been expecting perhaps the - more this year. we had been expecting perhaps the us - more this year. we had been - expecting perhaps the us federal reserve to kind of set the trend worldwide, but given whatjerome powell has been saying, it doesn't appear to be the case. people talk about following the fed. could the third's delay have a ripple effect across the world? —— could the federal reserve's delay... ... inaudible — inaudible the riht thin for our econom , the right thing for our economy, but of course _ the right thing for our economy, but of course we _ the right thing for our economy, but of course we are _ the right thing for our economy, but of course we are looking - the right thing for our economy, but of course
inaudible enough to get the bank of england, so we are happy with our base rate of the bank of england cutting cycle in august... inaudible given inflation, it could be a lot more this year. we given inflation, it could be a lot more this year.— more this year. we had been expecting — more this year. we had been expecting perhaps _ more this year. we had been expecting perhaps the - more this year. we had been expecting perhaps the us - more this year. we had been - expecting perhaps the us...
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Apr 18, 2024
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some felt now the bank of england _ than japan. some felt now the bank of england may - than japan. some felt now the bank of england may not - than japan. some felt now the bank of england may not cut l bank of england may not cut interest rates before the summer. may not cut interest rates before an election. they think that is the right thing to do, do you back then? {iii to do, do you back then? of course i _ to do, do you back then? of course i do. it is what we have an independent bank of england. they have to make a judgement. what is interesting is that the budget, the idea that would hit our inflation target a year earlier than they thought. commentators think we may still hit the bank of england target in the next couple of months. what that says is the very difficult decisions we took when inflation was over 11% have borne fruit. we need to stick with that approach which is clearly working.— is clearly working. mobile broadband _ is clearly working. mobile broadband prices - is clearly working. mobile broadband prices are - is clearly working. mobile | broadband prices
some felt now the bank of england _ than japan. some felt now the bank of england may - than japan. some felt now the bank of england may not - than japan. some felt now the bank of england may not cut l bank of england may not cut interest rates before the summer. may not cut interest rates before an election. they think that is the right thing to do, do you back then? {iii to do, do you back then? of course i _ to do, do you back then? of course i do. it is what we have an independent bank of...
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Apr 17, 2024
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patrick, governor of the bank of england. and finally , bank of england. and finally, news suggested going vegan went to your health. and that to prove your health. and that doesn't surprise us particularly a study on the effects of veganism on the human body found that it increases the chances of high blood pressure compared to meat . before taking part meat eaters. before taking part in the study, volunteers had their tests to assess their blood tests to assess their blood tests to assess their health levels, and the authors found that meat based diets improved blood diets improved their blood pressure. what pressure. the heart wants what the heart wants, which is probably some foie gras. perhaps a friend of mine should take my advice. >> also eaten, vegan sausage rolls . are you? have you eaten vegan? >> i've not, but it's meant to be a monster hit for that bakery chain, isn't it? not bad. they're not bad. well i wouldn't have a vegan sausage roll. >> take it from me being a tory lowers your cholesterol. this is not the record, official not for the reco
patrick, governor of the bank of england. and finally , bank of england. and finally, news suggested going vegan went to your health. and that to prove your health. and that doesn't surprise us particularly a study on the effects of veganism on the human body found that it increases the chances of high blood pressure compared to meat . before taking part meat eaters. before taking part in the study, volunteers had their tests to assess their blood tests to assess their blood tests to assess...
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Apr 16, 2024
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patrick, governor of the bank of england. and finally , bank of england. and finally, news suggested going vegan went to your health. and that to prove your health. and that doesn't surprise us particularly a study on the effects of veganism on the human body found that it increases the chances of high blood pressure compared to meat . before taking part meat eaters. before taking part in the study, volunteers had their tests to assess their blood tests to assess their blood tests to assess their health levels, and the authors found that meat based diets improved blood diets improved their blood pressure. what pressure. the heart wants what the heart wants, which is probably some foie gras. perhaps a friend of mine should take my advice. >> also eaten, vegan sausage rolls . are you? have you eaten vegan? >> i've not, but it's meant to be a monster hit for that bakery chain, isn't it? not bad. they're not bad. well i wouldn't have a vegan sausage roll. >> take it from me being a tory lowers your cholesterol. this is not the record, official not for the reco
patrick, governor of the bank of england. and finally , bank of england. and finally, news suggested going vegan went to your health. and that to prove your health. and that doesn't surprise us particularly a study on the effects of veganism on the human body found that it increases the chances of high blood pressure compared to meat . before taking part meat eaters. before taking part in the study, volunteers had their tests to assess their blood tests to assess their blood tests to assess...
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Apr 17, 2024
04/24
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the inference from that is the bank of england waits for the fed to cut rates. our economists don't think that is right. they think the bank of england could cut in june and by more than the market expects. they are still concerned about inflationary pressures in the u.k.. let us look at the governor andrew berry. he seems to side with our economists in saying that the bank of england has a mind of its own. >> it is rather different between europe and the u.s.. i think there is more demand led ablation pressure that we are seeing. we are still seeing the extension of the process out of the -- the big supply shocks. course the governor referring to that demand led inflation that is present in the u.s. compared to the u.k.. marcus is currently seeing a first rate cut from the boe in september. we get a softer cpi print this morning. couldn't bring that forward to june? request that is under 10 minutes away from that inflation data. i want to thank you very much indeed. stay tuned for our interview with the form u.k. chancellor. plenty more coming up on bloomberg.
the inference from that is the bank of england waits for the fed to cut rates. our economists don't think that is right. they think the bank of england could cut in june and by more than the market expects. they are still concerned about inflationary pressures in the u.k.. let us look at the governor andrew berry. he seems to side with our economists in saying that the bank of england has a mind of its own. >> it is rather different between europe and the u.s.. i think there is more...
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Apr 18, 2024
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of course i do, because i think it's right that we have an independent bank of england. they have to make a judgment. but what is interesting is at the budget, the obr said that we would hit our inflation target a year earlier than they thought. many commentators think we may still hit the bank of england's target in the next couple of months. and what that said is that the very difficult decisions that we took when inflation was over 11% have borne fruit, and we now need to stick with that approach which is clearly working. but mobile, broadband prices are going up, living costs, housing, that's going up as well. it's still quite tough for people. it is very tough. and we have been through a very tough period. but when it comes to living standards, 18 months ago, the obr said we would have the biggest decline in living standards for half a century, actually, they have gone up and they are now saying we will return to pre—pandemic living standards two years earlier than they thought. so what we see is overall a picture that is much more positive than before, but we nee
of course i do, because i think it's right that we have an independent bank of england. they have to make a judgment. but what is interesting is at the budget, the obr said that we would hit our inflation target a year earlier than they thought. many commentators think we may still hit the bank of england's target in the next couple of months. and what that said is that the very difficult decisions that we took when inflation was over 11% have borne fruit, and we now need to stick with that...
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for example, of, you know, the bank of england and becoming a part of the establishment you could say being, getting, getting royalty titles, things like this. and, you know, huge financial empire that they've created. they're not the only banking family. they're not even necessarily the oldest banking family, but certainly you can say, you know, for very true reasons, for example, going back to how they set up in england. part of the great in this ology that they created was during the napoleonic wars. and i believe it was nathan roger at the time who was heading up the child bag. he basically had an amazing network of intelligence. and they found out through their network of intelligence that the point had lost the bottle of water loop. so they actually started to they using their intelligence as a say they made it a killing on the stock market. basically by doing all kinds of tricks, you know, pretending like they thought, you know, they basically initially made it seem like the british had lost. so people started selling their stock, then the brought jobs came in through their age
for example, of, you know, the bank of england and becoming a part of the establishment you could say being, getting, getting royalty titles, things like this. and, you know, huge financial empire that they've created. they're not the only banking family. they're not even necessarily the oldest banking family, but certainly you can say, you know, for very true reasons, for example, going back to how they set up in england. part of the great in this ology that they created was during the...
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Apr 22, 2024
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>> probably the bank of england but not by much. tom: you actually think the boe is going to move rates more? ok, within that context. in terms of the sequencing, how are you thinking about the sequencing of cuts? you buy into the view that the ecb goes in june. where does the fed land? where does the boe land? >> the bank of england -- in august the first time. inflation makes more progress. >> not until december for the fed in terms of the first cut coming through that. in the commodity currencies base, we have obviously looked at the run-up in oil in the last couple of weeks. it has come off given the lack of geopolitical catalyst over the weekend. in the commodity currencies base, how were you thinking about the role that china may play if there is an inflationary move there? >> that is a good question. we have seen some good growth rates from china recently which is probably the advantage for currencies for the dollar and currencies that are largely in relationship with the chinese economy. farther than that, i would not expect
>> probably the bank of england but not by much. tom: you actually think the boe is going to move rates more? ok, within that context. in terms of the sequencing, how are you thinking about the sequencing of cuts? you buy into the view that the ecb goes in june. where does the fed land? where does the boe land? >> the bank of england -- in august the first time. inflation makes more progress. >> not until december for the fed in terms of the first cut coming through that. in...
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Apr 17, 2024
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so i think that that but the bank of england, actually the bank of england, actually the bank of england, actually the bank of england is pretty ropey place at the moment. and the governor is a is a loose tooth. >> do you think that the bank of england should cut the base rate then, yes, i do, although it is, looking a little less likely now that the inflation didn't go down quite as much. but i think they should have been much more optimistic. >> yeah, it was, it was predicted to go fall to 3.1. and actually it was 3.2. they will cease. >> i get the impression that the bank of england is, is eager to seize any opportunity to be pessimistic. yeah and i think there were predictions that there were predictions that there would be quite a few interest rate cuts this year. i think people are very hastily kind of re—evaluated those predictions, predicting perhaps just one. do you think the bank of england is being a little bit too overcautious in this? and let's just been let's listen. we've just been talking much credit talking about how much credit sunak, should be given. sunak, etc. shou
so i think that that but the bank of england, actually the bank of england, actually the bank of england, actually the bank of england is pretty ropey place at the moment. and the governor is a is a loose tooth. >> do you think that the bank of england should cut the base rate then, yes, i do, although it is, looking a little less likely now that the inflation didn't go down quite as much. but i think they should have been much more optimistic. >> yeah, it was, it was predicted to...
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Apr 12, 2024
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pressure on the bank of england to lower interest rates. economic pressure is not as large as we started to date, uk economy is returning to growth already. as it dragged itself out, household spending power is beginning to improve. inflation still above the 2% inflation target, crucially the domestically generated parts of those inflations which the nbc has control over are even higher. so mrs inflation is above 6% currently. it will continue to slow for that the bank of england still has work to do here. we believe about hour, thank you. —— will leave it there for now. with the uk economy in such a weak state, many are calling on the bank of england to cut the cost of borrowing. it's a debate that could become increasingly politicised ahead of an expected election later this year. but the head of the international monetary fund has weighed into the debate, saying that central banks must resist pressure for early rate cuts, until inflation has been beaten. kristalina georgieva also warned of the danger of what she called, the tepid twe
pressure on the bank of england to lower interest rates. economic pressure is not as large as we started to date, uk economy is returning to growth already. as it dragged itself out, household spending power is beginning to improve. inflation still above the 2% inflation target, crucially the domestically generated parts of those inflations which the nbc has control over are even higher. so mrs inflation is above 6% currently. it will continue to slow for that the bank of england still has work...
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Apr 17, 2024
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but, as in the us, it is still above the bank of england's 2% target. george buckley is chief uk & euro area economist at nomura. nice to see you. it is interesting. listening to hear how things have changed, for the uk, a change for the better you think?— you think? everyone is exoecting _ you think? everyone is expecting inflation - you think? everyone is expecting inflation to i you think? everyone is i expecting inflation to fall. expectancy voltages over 3%. bearing in mind that we% still presented point with the bank of england like this to be. i think one of the big concerns the bank of england will still have after today's data is that services inflation, part of inflation at the bank of england policy can actually do something about is still going to be exceptionally high. it is going to be very close to 6% and it will be a source of concern for the bank of england and it is one reason why, we heard overnight, he was mother cut interest rates as quick as people are thinking.- people are thinking. giving interviews _ people are thinking. givin
but, as in the us, it is still above the bank of england's 2% target. george buckley is chief uk & euro area economist at nomura. nice to see you. it is interesting. listening to hear how things have changed, for the uk, a change for the better you think?— you think? everyone is exoecting _ you think? everyone is expecting inflation - you think? everyone is expecting inflation to i you think? everyone is i expecting inflation to fall. expectancy voltages over 3%. bearing in mind that we%...
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Apr 17, 2024
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guess of when the bank of england might cut the cost of borrowing. our bet is that the cutting cycle is actually august now. i have to admit that into this week we thought that there was more of a chance that the bank of england might be confirmed to cut as early as june. if wage data had continued to show further slowdown, if services inflation had moved slower than this, i'd say tentatively, but probably not enough to really get the bank of england to vote on cuts, so we are happy with our base rate of the bank of england starting its cutting cycle in august, as we have thought already for some time, given that domestic inflation has proved to be a lot more sticky here. we had been expecting perhaps the us federal reserve to kind of set the trend worldwide, but given whatjerome powell has been saying, it doesn't appear to be the case. people talk about following the fed. could the fed's delay have a ripple effect across the world? it can, to a certain extent, but i think every national central bank obviously needs to look at its domestic inflation
guess of when the bank of england might cut the cost of borrowing. our bet is that the cutting cycle is actually august now. i have to admit that into this week we thought that there was more of a chance that the bank of england might be confirmed to cut as early as june. if wage data had continued to show further slowdown, if services inflation had moved slower than this, i'd say tentatively, but probably not enough to really get the bank of england to vote on cuts, so we are happy with our...
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Apr 17, 2024
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the bank of england target of 296-— even below the bank of england taruet of 296. �* ., ., ., , target of 296. below, 0k, how does that feed into _ target of 296. below, 0k, how does that feed into interest _ target of 296. below, 0k, how does that feed into interest rates? - target of 296. below, 0k, how does that feed into interest rates? this i that feed into interest rates? this is the thing. _ that feed into interest rates? ti 3 is the thing, obviously the bank of england is projected and expected to cut interest rates at some point but for some uncertainty about when that will be, some of the figures released yesterday about the labour market may be give the bank of england reason to pause. we saw on positive news for people that wages are high, but they might be slightly concerned that if wages remain high thatis concerned that if wages remain high that is going to feed into the cost of services which might actually keep inflation may be a little bit stickier for longer. keep inflation may be a little bit stickierfor longer. i keep inflation may be a little bit stickier for long
the bank of england target of 296-— even below the bank of england taruet of 296. �* ., ., ., , target of 296. below, 0k, how does that feed into _ target of 296. below, 0k, how does that feed into interest _ target of 296. below, 0k, how does that feed into interest rates? - target of 296. below, 0k, how does that feed into interest rates? this i that feed into interest rates? this is the thing. _ that feed into interest rates? ti 3 is the thing, obviously the bank of england is projected...
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Apr 17, 2024
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wages are a big component of inflation in the long term, something i think the bank of england is going to want to see more evidence that wage growth is slowing before they cut interest rates, and i think the risk with the data that we have seen out of the uk in recent weeks, which has been quite strong, is that the bank of england is going to push back the timing of rate cuts, probably to the latter part of the summer, from the middle of year. 0k, the summer, from the middle of year. ok, ian stewart, chief economist at deloitte, thank you very much. still to come on the world today: dubai faces a deluge as parts of the gulf states are battered by the heaviest rainfall since records began. and the phone hacking fallout — hugh grant settles a privacy case against the publisher of the sun newspaper. around the world and across the uk, this is the world today on bbc news. the government's showdown with the house of lords over its rwanda deportation bill is continuing. comes after mps overturned the latest of changes to the bill were made by the lord on monday. the government down after o
wages are a big component of inflation in the long term, something i think the bank of england is going to want to see more evidence that wage growth is slowing before they cut interest rates, and i think the risk with the data that we have seen out of the uk in recent weeks, which has been quite strong, is that the bank of england is going to push back the timing of rate cuts, probably to the latter part of the summer, from the middle of year. 0k, the summer, from the middle of year. ok, ian...
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of england, if you're one of the major banking houses of england at that time, of course, you're going to get access to all the empire, and that's actually where the relationship seems to started with this. a rhodes, who was one of the great impaired british imperialists of the late 19th century when he went to south africa, a few people sort of to be yours. for example, that's basically us as a rhodes creation. he was, is, you know, it was the total races, the look down at the local africans and, and use them for slave labor. basically in the mines and diamond mining and gold. and i think i was an anglo american gold i think was essentially a is. but the point is that he was this massive imperialist who was a racist who believed the british empire had to control and ruled the world that he wanted the british empire to control of africa. he actually talked about the beginning of the holy lands. he wanted to between corporate america and to the british empire. that was, and he decreased in a basically his executor, the executor of his estate, was, who was it was a lord, i think a was a
of england, if you're one of the major banking houses of england at that time, of course, you're going to get access to all the empire, and that's actually where the relationship seems to started with this. a rhodes, who was one of the great impaired british imperialists of the late 19th century when he went to south africa, a few people sort of to be yours. for example, that's basically us as a rhodes creation. he was, is, you know, it was the total races, the look down at the local africans...
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Apr 14, 2024
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the bank of england is. so that's another great big loss for the taxpayer. >> the bank of england >> but is the bank of england basically failing the british pubuc basically failing the british public then? because public then? i mean, because this catalogue of this is sort of a catalogue of errors identified errors that you've identified here for here being responsible for recent high inflation, selling off bonds, costing us billions? >> yes. i think the bank has performed extremely badly over most of my adult lifetime . there most of my adult lifetime. there have been little periods when it's got it right . we've had a it's got it right. we've had a few years when it's worked, but it's been these big lurches in policy. it was the qe it's been these big lurches in policy. it was the oe and now the quantitative tightening policy, which is doing all the damage. now it was an extraordinary it's extraordinary policy. it's the kind that latin kind of thing that latin american central banks used to do up with inf
the bank of england is. so that's another great big loss for the taxpayer. >> the bank of england >> but is the bank of england basically failing the british pubuc basically failing the british public then? because public then? i mean, because this catalogue of this is sort of a catalogue of errors identified errors that you've identified here for here being responsible for recent high inflation, selling off bonds, costing us billions? >> yes. i think the bank has performed...
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Apr 23, 2024
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the bank of england moves as well. the bank of england moves as well. the bank of england and the ecb, high probability that those central banks will cut interest rates more than the federal reserve, and that implies that the strong dollar stays strong. implies that the strong dollar stays stroni. ., , ., ., implies that the strong dollar stays stron.. ., , ., ., ., . implies that the strong dollar stays stron.. . n, ., w strong. that is one to watch. bob, thanks for — strong. that is one to watch. bob, thanks forjoining _ strong. that is one to watch. bob, thanks forjoining us. _ strong. that is one to watch. bob, thanks forjoining us. now - strong. that is one to watch. bob, thanks forjoining us. now to - thanks forjoining us. now to australia. and its wine industry, where producers are relieved china's lawmakers have ended its tariffs on australian wine which led to a supply glut down under. but rekindling the business with the world's second largest economy, is going to take some time and effort, as phil mercer reports from sydney. the world has a
the bank of england moves as well. the bank of england moves as well. the bank of england and the ecb, high probability that those central banks will cut interest rates more than the federal reserve, and that implies that the strong dollar stays strong. implies that the strong dollar stays stroni. ., , ., ., implies that the strong dollar stays stron.. ., , ., ., ., . implies that the strong dollar stays stron.. . n, ., w strong. that is one to watch. bob, thanks for — strong. that is one to...
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Apr 17, 2024
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going to be away for the bank of england because - that is going to be away for the bank of england because it - that is going to be away for the . bank of england because it singles continued — bank of england because it singles continued elevated _ bank of england because it singles continued elevated upward - bank of england because it singles continued elevated upward price . continued elevated upward price pressure — continued elevated upward price ressure. , ., ., pressure. often you are quite confident _ pressure. often you are quite confident of _ pressure. often you are quite confident of making - pressure. often you are quite confident of making up - pressure. often you are quite - confident of making up predictions with interest rates but on this occasion? it with interest rates but on this occasion?— occasion? it is a hard call, i i think they — occasion? it is a hard call, i i think they will _ occasion? it is a hard call, i i think they will cut _ occasion? it is a hard call, i i think they will cut it - occasion? it is a hard call, i i think they will cut it i
going to be away for the bank of england because - that is going to be away for the bank of england because it - that is going to be away for the . bank of england because it singles continued — bank of england because it singles continued elevated _ bank of england because it singles continued elevated upward - bank of england because it singles continued elevated upward price . continued elevated upward price pressure — continued elevated upward price ressure. , ., ., pressure. often you...
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Apr 17, 2024
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what the bank of england had forecast. so essentially it's not a downward is up priors to that. so she's looking at the merits of that may rate cut. i think in general, the central banks are to some extent in the same book. you're here facing the situation where the disinflationary process is bumpy. it's not fully secured. so you want to go it slow and go at the measured pace. at the same time, i think for both the uk and the ecb, it's clear that the rate cuts are coming. the fed there's a little bit more of a weight still here. >> very clear. thank you for the conversation. >>> all right, coming up here on the show, adidas makes a surprise announcement following a stronger than expected first quarter. we'll have all the details coming up right after this break. hi. i'm wolfgang puck when i started my online store wolfgang puck home i knew there would be a lot of orders to fill and i wanted them to ship out fast that's why i chose shipstation shipstation helps manage orders reduce shipping costs and print out shipping labe
what the bank of england had forecast. so essentially it's not a downward is up priors to that. so she's looking at the merits of that may rate cut. i think in general, the central banks are to some extent in the same book. you're here facing the situation where the disinflationary process is bumpy. it's not fully secured. so you want to go it slow and go at the measured pace. at the same time, i think for both the uk and the ecb, it's clear that the rate cuts are coming. the fed there's a...
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Apr 2, 2024
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here in the uk, some news that will put further pressure on the bank of england to cut interest rates sooner rather than later. a shop price inflation has eased to its lowest rate bank since december 2021 coming in at 1.3 percent in march, down from 2.5 percent in february, according to the latest data from the british retail consortium. this is good news for households who are seeing the cost of the food shop come down. live now to jane foley — head of fx strategy at rabobank. once again, or evidence to show that inflation is headed in the right direction? it that inflation is headed in the right direction?— right direction? it certainly is even food _ right direction? it certainly is even food prices - right direction? it certainly is even food prices and - right direction? it certainlyl is even food prices and they have been quite sticky, food prices down for ten months but still at three 17%, still a little bit too high but certainly if we look at what the bank of england has forecast they think the official consumer price index, the official inflation measure hit the 2% targe
here in the uk, some news that will put further pressure on the bank of england to cut interest rates sooner rather than later. a shop price inflation has eased to its lowest rate bank since december 2021 coming in at 1.3 percent in march, down from 2.5 percent in february, according to the latest data from the british retail consortium. this is good news for households who are seeing the cost of the food shop come down. live now to jane foley — head of fx strategy at rabobank. once again, or...
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Apr 2, 2024
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we start in the uk, and some news that will put further pressure on the bank of england to cut interest rates sooner rather than later. shop price inflation has eased to its lowest rate since december 2021, coming in at 1.3% in march, down from 2.5% in february. that's according to the latest data from the british retail consortium. the fall has been driven by lower food prices and more competition between supermarkets. here to explain what that all means is harvir dhillon, an economist from the british retail consortium. great to have you with us, all indications, figures are economically travelling in the right direction, is it sustainable? it will be sustainable over the coming months. we are still expected to see quite a sharp fall in the headline rate of inflation during april when ofgem, energy price regulator, when its price cap comes down. over the current months we should see more easing pressure in terms of inflation. towards the end of the year whether that persists remains open to some uncertainty. haw year whether that persists remains open to some uncertainty.- open to som
we start in the uk, and some news that will put further pressure on the bank of england to cut interest rates sooner rather than later. shop price inflation has eased to its lowest rate since december 2021, coming in at 1.3% in march, down from 2.5% in february. that's according to the latest data from the british retail consortium. the fall has been driven by lower food prices and more competition between supermarkets. here to explain what that all means is harvir dhillon, an economist from...
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Apr 19, 2024
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if the ecb and bank of england has made similar moves and articulate the differences with europe and the u.s., that gives european bonds better opportunity to decouple and provide stimulus that europe requires with the weak economic growth and low inflation rate. >> daniel, yesterday, we heard from the new york fed president making comments there is no rush to cut rates on top of that, suggesting that if inflation were to increase once again that the central bank should be prepared to hike rates. mentioning the word hike is interesting. we have projections from lagarde that we will see the yield reaching 5% on the ten-year yield. how likely is that given this commentary from the fed? >> it is feasible. we touched 4.7%. it is feasible given the information on the data coming out of the states. we don't see it going further beyond that. the cost of funding for the u.s. fed federal deficit is high and getting higher that isa concern among central banks and politicians about the cost of funding any further north than 5%. that's why we need to see decoupling between europe and the u.s. eu
if the ecb and bank of england has made similar moves and articulate the differences with europe and the u.s., that gives european bonds better opportunity to decouple and provide stimulus that europe requires with the weak economic growth and low inflation rate. >> daniel, yesterday, we heard from the new york fed president making comments there is no rush to cut rates on top of that, suggesting that if inflation were to increase once again that the central bank should be prepared to...
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Apr 15, 2024
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she'd like rid of the bank of england governor, andrew bailey, for a start. he is choosing not to respond. now, if you are a tad sceptical, thinking, why does liz truss deserve airtime? every former prime minister deserves scrutiny. and this is also part of a debate within the conservative party about its future. i began by asking her what she would say to those who think her time in downing street left the uk an international laughing stock. well, i don't... i don't think that's true. but you lasted... all the stuff about lasting less time than a lettuce... this is just pathetic point—scoring. address directly our viewer or listener who looks back 18 months and remembers that mini budget and blames you for mortgages going sky high, for the country feeling poorer, for the economy getting into a spin, and says that you were the author of that and it was a disaster. well, the mortgages getting higher was a phenomenon that was happening around the world. interest rates were going up. they'd been too low for too long. in fact, it was a failure of the bank of en
she'd like rid of the bank of england governor, andrew bailey, for a start. he is choosing not to respond. now, if you are a tad sceptical, thinking, why does liz truss deserve airtime? every former prime minister deserves scrutiny. and this is also part of a debate within the conservative party about its future. i began by asking her what she would say to those who think her time in downing street left the uk an international laughing stock. well, i don't... i don't think that's true. but you...
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Apr 12, 2024
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looking ahead to former fed chair's review of the bank of england forecasting models. how this changes the game for investors. we are joined from bloomberg economics. a pleasure to have you. let's start with the data. gdp figures, does it suggest stagnation if we throw recession off the table? anna: for today we are expecting a flat reading of gdp and modest growth of .1%. ratings might not sound that positive but they confirm u.k. economy has turned a page after the recession we had. now the question is whether this is a rebound. or whether you will endanger inflation progress. we think we're looking at .2% growth rate for the first quarter and that is how it will stay. and a lot of drivers sustaining growth. and then on the second question, it is a good change from two years of stagnation into one year of .2 growth. growth will not be strong, it will run below u.k. supply growth. kriti: feels like the u.k. is not on the same path. forget the u.s., but the ecb is doing its thing. you have three central banks diverging. talk about this review. perhaps the dismissal of
looking ahead to former fed chair's review of the bank of england forecasting models. how this changes the game for investors. we are joined from bloomberg economics. a pleasure to have you. let's start with the data. gdp figures, does it suggest stagnation if we throw recession off the table? anna: for today we are expecting a flat reading of gdp and modest growth of .1%. ratings might not sound that positive but they confirm u.k. economy has turned a page after the recession we had. now the...
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Apr 16, 2024
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it was a failure of the bank of england not to put them up earlier, which would have helped stem inflation. it earlier, which would have helped stem inflation.— earlier, which would have helped stem inflation. it was your actions which led to _ stem inflation. it was your actions which led to the _ stem inflation. it was your actions which led to the spiralling - stem inflation. it was your actions which led to the spiralling mess. i j which led to the spiralling mess. i don't agree with it. the markets went into turmoil, you slack—jawed sanswer. == went into turmoil, you slack-“awed sanswer. , ., . ~ went into turmoil, you slack-“awed sanswer. -- you sacked your chancellor. _ sanswer. -- you sacked your chancellor. the _ sanswer. -- you sacked your chancellor. the fact - sanswer. -- you sacked your chancellor. the fact is, - sanswer. -- you sacked your. chancellor. the fact is, growth sanswer. -- you sacked your- chancellor. the fact is, growth was not high enough, but wasn't enough money coming into the exchequer, meaning squeeze is. you had the bank of england running monetary p
it was a failure of the bank of england not to put them up earlier, which would have helped stem inflation. it earlier, which would have helped stem inflation.— earlier, which would have helped stem inflation. it was your actions which led to _ stem inflation. it was your actions which led to the _ stem inflation. it was your actions which led to the spiralling - stem inflation. it was your actions which led to the spiralling mess. i j which led to the spiralling mess. i don't agree with it....
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Apr 17, 2024
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she names the governor of the bank of england, the treasury, the bank of england, the treasury, the office for budget responsibility, the american president is blamed at one point. we even learned that the poor old letters was part of the state —— who are old lettuce. does the premise agree it was the unfunded tax cut, tens of billions of pounds of unfunded tax cuts, that crash the economy and left millions paying more on their mortgages, wasn't it? everyone knows that two years ago i was not afraid to repeatedly warn about what her economic policies would lead to, even if it wasn't what people wanted to hear at the time. mr speaker, iwas what people wanted to hear at the time. mr speaker, i was right... what people wanted to hear at the time. mr speaker, iwas right... i was right then that i am also right now when i say that his economic policies would be a disaster for britain. he would send inflation up, mortgages up, and taxes up and working people would pay the price. appreciate the prime minister having the stomach to say it out loud but everyone knows it is the tory party's obse
she names the governor of the bank of england, the treasury, the bank of england, the treasury, the office for budget responsibility, the american president is blamed at one point. we even learned that the poor old letters was part of the state —— who are old lettuce. does the premise agree it was the unfunded tax cut, tens of billions of pounds of unfunded tax cuts, that crash the economy and left millions paying more on their mortgages, wasn't it? everyone knows that two years ago i was...
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Apr 15, 2024
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in fact, it was a failure of the bank of england not to put them up earlier, which would have helped stem inflation. but it was your actions that led to that spiralling economic mess. well, i don't agree with that. i don't agree with that. but the markets went into turmoil. you had to sack your chancellor. you were gone within a few weeks. what happened was we put forward the mini budget, which was about addressing the economic problems britain had, because the fact is, growth was not high enough, there wasn't enough money coming in to the exchequer. that meant squeezes on public services. you had the bank of england, which was running monetary policy, actively not supporting what the government was doing. do you think andrew bailey, the governor, should be out? well, i don't support his continuation in thejob. we didn't know we were sitting on a tinderbox. which you set fire to. well... i just wonder if it all sounds like you are looking for somebody else to blame. well, what i am saying is, yes... it was somebody else's fault? well, i'm not saying i'm perfect, nobody�*s perfect.
in fact, it was a failure of the bank of england not to put them up earlier, which would have helped stem inflation. but it was your actions that led to that spiralling economic mess. well, i don't agree with that. i don't agree with that. but the markets went into turmoil. you had to sack your chancellor. you were gone within a few weeks. what happened was we put forward the mini budget, which was about addressing the economic problems britain had, because the fact is, growth was not high...
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Apr 30, 2024
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bank of england have made some terrible, terrible decisions. obr have, but they're in the business of forecasting . business of forecasting. >> still, what i really want to ask you is, as a former labour adviser, the labour party is going to get in possibly at an election and if it did, it would then have all this money that it would say we're going to hold the bonds to maturity. we're not going to make tax payers pay £179 billion bingo funds, all their expenditure . their expenditure. >> well, i think that my opinion is, as you said , that, you know, is, as you said, that, you know, you have the european central bank and then you have the swiss national bank as well. and they don't they don't pay all of that. >> that's right. >> that's right. >> they don't they for once, i agree with the european central bank. >> yes. unusual. yes. >> yes. unusual. yes. >> so why is it that in the uk we are not using that money for, you know, schools or hospitals or all of these other problems that we have . that we have. >> but because joe's point is a very
bank of england have made some terrible, terrible decisions. obr have, but they're in the business of forecasting . business of forecasting. >> still, what i really want to ask you is, as a former labour adviser, the labour party is going to get in possibly at an election and if it did, it would then have all this money that it would say we're going to hold the bonds to maturity. we're not going to make tax payers pay £179 billion bingo funds, all their expenditure . their expenditure....
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Apr 16, 2024
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and in fact it was a failure of the bank of england not to put them up earlier, which would have helped stem inflation. but earlier, which would have helped stem inflation.— stem inflation. but it was your actions that — stem inflation. but it was your actions that led _ stem inflation. but it was your actions that led to _ stem inflation. but it was your actions that led to that - stem inflation. but it was your i actions that led to that spiralling economic mess? trio actions that led to that spiralling economic mess?— actions that led to that spiralling economic mess? ., ., �* ., economic mess? no i don't agree with that. the markets _ economic mess? no i don't agree with that. the markets went _ economic mess? no i don't agree with that. the markets went into _ economic mess? no i don't agree with that. the markets went into turmoil, l that. the markets went into turmoil, ou have that. the markets went into turmoil, you have to — that. the markets went into turmoil, you have to sack _ that. the markets went into turmoil, you have to sack your— that. the markets went into
and in fact it was a failure of the bank of england not to put them up earlier, which would have helped stem inflation. but earlier, which would have helped stem inflation.— stem inflation. but it was your actions that — stem inflation. but it was your actions that led _ stem inflation. but it was your actions that led to _ stem inflation. but it was your actions that led to that - stem inflation. but it was your i actions that led to that spiralling economic mess? trio actions that led to...
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Apr 9, 2024
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> the last meeting we got from the bank of england is a move to the dovish side. you no longer have members voting for a hike. that move will shift. you have seen the inflation come down dramatically. a year ago, no market participant was looking for cuts from the bank of england. that changed because the inflation outlook has come down. actually in the second quarter, you expect inflation to undershoot the bank of england. you could get cuts as early as june. that's what the economy is telling you. >> i don't think anyone is expecting any further hikes from the boj soon. what do you think they might do old intervention front, s skyla? we play have been getting more jaw boning from the governor there. does the break necessitate intervention or not necessarily? >> i think the struggle is the intervention which is them talking down the currency. you can have fx reserves to supporting the yield target. you can't continue selling. there is a limited amount of fx. history tells you that doesn't get you a sustained appreciation in dollar/jpy. they are trying to hold the
> the last meeting we got from the bank of england is a move to the dovish side. you no longer have members voting for a hike. that move will shift. you have seen the inflation come down dramatically. a year ago, no market participant was looking for cuts from the bank of england. that changed because the inflation outlook has come down. actually in the second quarter, you expect inflation to undershoot the bank of england. you could get cuts as early as june. that's what the economy is...
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Apr 16, 2024
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in fact, it was a failure of the bank of england not to put them up earlier, which would have helped stem inflation. but it was your actions that led to that spiralling economic mess. well, i don't agree with that. i don't agree with that. but the markets went into turmoil. you had to sack your chancellor. you were gone within a few weeks. what happened was we put forward the mini budget, which was about addressing the economic problems britain had, because the fact is, growth was not high enough, there wasn't enough money coming in to the exchequer. that meant squeezes on public services. you had the bank of england, which was running monetary policy, actively not supporting what the government was doing. do you think andrew bailey, the governor, should be out? well, i don't support his continuation in the job. we didn't know we were sitting on a tinderbox. which you set fire to. well... i just wonder if it all sounds like you are looking for somebody else to blame. well, what i am saying is, yes... it was somebody else's fault? well, i'm not saying i'm perfect, nobody�*s perfect.
in fact, it was a failure of the bank of england not to put them up earlier, which would have helped stem inflation. but it was your actions that led to that spiralling economic mess. well, i don't agree with that. i don't agree with that. but the markets went into turmoil. you had to sack your chancellor. you were gone within a few weeks. what happened was we put forward the mini budget, which was about addressing the economic problems britain had, because the fact is, growth was not high...
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Apr 17, 2024
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of england. so, it may wait a bit longer to cut interest rates. economists expect that to happen perhaps at the meeting in june or even august. some in the city say maybe even later, perhaps september, perhaps not till november. and many out there need the relief. council tax especially, it's just gone shooting up. so it is getting more difficult every day, so i don't see any real changes. the most expensive thing is the accommodation and the oil and petrol. when the petrol prices are increasing, everything is increasing. i've not particularly- seen a considerable drop in anything, unfortunately. but hopefully, fingers crossed, things will start to improve. . ready to head to work, but only after sam's forked out much more for car insurance, although filling up costs slightly less than a year ago. but petrol prices could rebound if unrest in the middle east escalates, risking more bumps in the road to lower inflation. it's been tough — not just in this country — and for many, the journey isn'
of england. so, it may wait a bit longer to cut interest rates. economists expect that to happen perhaps at the meeting in june or even august. some in the city say maybe even later, perhaps september, perhaps not till november. and many out there need the relief. council tax especially, it's just gone shooting up. so it is getting more difficult every day, so i don't see any real changes. the most expensive thing is the accommodation and the oil and petrol. when the petrol prices are...
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Apr 26, 2024
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so how can we take the bank of england and the fed seriously. they don't seem to know what they're doing. >> forecasting is always very difficult especially in respect of the future. but having said that, the bank of england's forecasts haven't always been great. in fact , one of the great. in fact, one of the sharpest criticisms of the central bank by observers has been that they have been consistently a bit too optimistic. they were too optimistic. they were too optimistic about how much inflation would rise and they've been too optimistic. so far about how quickly it will fall. and that means it's one of the reasons why the markets now are only predicting two interest rates cuts, each of only a quarter of a point by the end of this year, again from 5.25% to 4.75. that is still much higher than that period of low interest rates that, as you allude to, we've got used to we've got used to this idea that prices didn't rise very much, that the cost of money, the cost of borrowing was cheap. and of course, the consequence of that was for many, many
so how can we take the bank of england and the fed seriously. they don't seem to know what they're doing. >> forecasting is always very difficult especially in respect of the future. but having said that, the bank of england's forecasts haven't always been great. in fact , one of the great. in fact, one of the sharpest criticisms of the central bank by observers has been that they have been consistently a bit too optimistic. they were too optimistic. they were too optimistic about how...
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Apr 10, 2024
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and of course the late queen would be the face of bank of england notes for the next 64 years. she saw them being printed for herself in 1981 at the bank's printing works in essex. the king apologised for the delay in receiving the notes caused by his cancer treatment. but today the phrase cash is king felt more than appropriate for this particular moment. amna: join us back here tomorrow night as judy woodruff travels to oregon for look at the growing political divide between rural and urban areas in the u.s.. that is the newshour for tonight. geoff: i'm geoff bennett. for all of here at the pbs newshour, thanks for joining us and have a good evening. >> major funding for the pbs newshour has been provided by -- >> this is a pocket dial. -- consumer cellular, this is sam. how may i help you? with consumer cellular you get nationwide coverage with no contract. that's kind of our thing. have a nice day. ♪ >> moving our economy for 160 years. bnsf, the engine that can -- connects us. >> certified professional planner professionals are committed to acting in the clients best int
and of course the late queen would be the face of bank of england notes for the next 64 years. she saw them being printed for herself in 1981 at the bank's printing works in essex. the king apologised for the delay in receiving the notes caused by his cancer treatment. but today the phrase cash is king felt more than appropriate for this particular moment. amna: join us back here tomorrow night as judy woodruff travels to oregon for look at the growing political divide between rural and urban...
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Apr 8, 2024
04/24
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the governor of the bank of england has already it did it will require retiring the boe charts. the economic outcomes are different variables. in the u.k. we don't have a dot plot unlike the fed. i don't know what you call this talk of mountains. seems like a dot plot to me. it seems like they will be replaced with scenarios. this is the sort of situation you have if the economy does x versus y. we are waiting for the new deputy governor to take a seat on the monetary positive commission. she does not join the mpc is a letter on. another big question to the report is whether the make inlet will continue to use the market path for interest rates as the conditioning assumption for its forecast. he created a lot of confusion for saying there will be a recession but recession was conditioned on rates following the market path which the bank did not endorse. there are confusing. they managed to even confuse the u.k. newspapers. we await that report on friday. we got india is vying to take china's engineering crown. this is bloomberg. ♪ >> welcome back to bloomberg daybreak: europe.
the governor of the bank of england has already it did it will require retiring the boe charts. the economic outcomes are different variables. in the u.k. we don't have a dot plot unlike the fed. i don't know what you call this talk of mountains. seems like a dot plot to me. it seems like they will be replaced with scenarios. this is the sort of situation you have if the economy does x versus y. we are waiting for the new deputy governor to take a seat on the monetary positive commission. she...
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Apr 16, 2024
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and in fact, it was a failure of the bank of england not to put them up earlier, which would have helped stemmed inflation. but it was your actions that led to that spiralling economic mess. well, i don't agree with that. i don't agree with that. but the markets went into turmoil, you had to sack your chancellor, you were gone within a few weeks. what happened was we put forward the mini budget, which was about addressing the economic problems britain had, because the fact is growth was not high enough, there wasn't enough money coming into the exchequer. that meant squeezes on public services. you had the bank of england, which was running monetary policy, actively not supporting what the government was doing. do you think andrew bailey, the governor, should be out? well, i don't... i don't support his continuation in thejob, no. we didn't know we were sitting on a tinderbox. mm, which you set fire to. well, i'm not sure... ijust wonder if it is all sounds like you're looking for somebody else to blame. well, i do believe that... i mean, what i am saying is, yes... it was somebody else'
and in fact, it was a failure of the bank of england not to put them up earlier, which would have helped stemmed inflation. but it was your actions that led to that spiralling economic mess. well, i don't agree with that. i don't agree with that. but the markets went into turmoil, you had to sack your chancellor, you were gone within a few weeks. what happened was we put forward the mini budget, which was about addressing the economic problems britain had, because the fact is growth was not...
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Apr 15, 2024
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the bank of england does get named. yeah, the governor and the idea that the prime minister should pick and choose who the governor of the bank of england is and sack them at whim and at will, when the prime minister was about certain was unsighted about certain consequences of her budget, well, sacked personally well, she'd sacked personally sacked the permanent secretary of treasury. yeah. tom of the treasury. yeah. tom scholar, it's the sort of as i said at the beginning, it's like it when i was. it's never her fault. when i was at school, i went to a scottish secondary school, and nobody would ever take responsibility for any bad acts. we thought acts. they did. and we thought in end decided that the in the end we decided that the school should be it wisnae school motto should be it wisnae me. and that like that's me. and that sounds like that's the for button. the title for john button. >> these >> and some of these constitutional will constitutional debates will go on many, years . in on for many, many years. in a
the bank of england does get named. yeah, the governor and the idea that the prime minister should pick and choose who the governor of the bank of england is and sack them at whim and at will, when the prime minister was about certain was unsighted about certain consequences of her budget, well, sacked personally well, she'd sacked personally sacked the permanent secretary of treasury. yeah. tom of the treasury. yeah. tom scholar, it's the sort of as i said at the beginning, it's like it when i...
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Apr 11, 2024
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the same could be said of the uk economy and what we are expecting from the bank of england. do you think it is fair, orthe england. do you think it is fair, or the comparison that we have had and heard a lot of, in terms of the divergence between the eurozone, the uk and the us? . ., , . ., the eurozone, the uk and the us? ., ,. ., the eurozone, the uk and the us? . ,. ., us? what is clear, as you can see from _ us? what is clear, as you can see from the _ us? what is clear, as you can see from the currency - us? what is clear, as you can - see from the currency movement as well, the dave andrews may well be a bit more pronounced between europe and the us, so we think about the uk, the trade—off between growth and inflation still applies. talking about labour shortage, talking about muted growth to start cutting. from there onwards, similar to what is happening in eurozone, the depth of rate cuts will be likely, shallower compared to previous cycles because again given the lower productivity as well as labour shortage, where will see persistent inflationary pressure that r
the same could be said of the uk economy and what we are expecting from the bank of england. do you think it is fair, orthe england. do you think it is fair, or the comparison that we have had and heard a lot of, in terms of the divergence between the eurozone, the uk and the us? . ., , . ., the eurozone, the uk and the us? ., ,. ., the eurozone, the uk and the us? . ,. ., us? what is clear, as you can see from _ us? what is clear, as you can see from the _ us? what is clear, as you can see...
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Apr 16, 2024
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on the other hand the bank of england has been concerned about the labour market, because it was very tight, because there was a lot of demand and wages were rising quite sharply, it had been hesitant to cut interest rates. that is also changing now, wage growth is slowing although it is still outpacing inflation and because we have see that rise in unemployment, economists are saying the bank may feel it can cut interest rates perhaps as soon as june, so there could be a bit of a silver lining there for some. dharshini david, thank you. a muslim student has lost a high court challenge to a ban on praying at school. a secondary school in wembley in north london introduced a ban last year after some pupils began praying in the playground during breaks. today's case had argued that the move discriminated against muslim pupils who make up about half of the pupil population but that was rejected by the court. here 5 our education editor branwenjeffreys. morning. katharine birbalsingh says her school is the strictest in england. last year, a ban on prayer was brought in, leading to this le
on the other hand the bank of england has been concerned about the labour market, because it was very tight, because there was a lot of demand and wages were rising quite sharply, it had been hesitant to cut interest rates. that is also changing now, wage growth is slowing although it is still outpacing inflation and because we have see that rise in unemployment, economists are saying the bank may feel it can cut interest rates perhaps as soon as june, so there could be a bit of a silver lining...
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Apr 17, 2024
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of england. markets are in doubt about that right now, suggesting those cuts, there'll be fewer of them and it come later in the year, which is one of the key debates here in the us as the imf and world bank, globalfinance ministers and bankers meet in the us to discuss the future of rates and central bank policy and the world economy. new zealand �*s premises is the cost—of—living crisis continues to affect the country's economy but that he has high hopes for investment and growth. i caught up investment and growth. i caught up with christopher luxon during his first official trip to singapore. we have been dealing with some challenging local economic at home where we have had government spending out of control and driving high level of inflation that's slowed our economic growth down and obviously, it puts at risk rising levels of unemployment but even in the 150 days also set up we are making great progress on getting to the root cause which is lowering inflation so that we can lower int
of england. markets are in doubt about that right now, suggesting those cuts, there'll be fewer of them and it come later in the year, which is one of the key debates here in the us as the imf and world bank, globalfinance ministers and bankers meet in the us to discuss the future of rates and central bank policy and the world economy. new zealand �*s premises is the cost—of—living crisis continues to affect the country's economy but that he has high hopes for investment and growth. i...