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BEA 1998
The Monetary Policy Committee (MPC) is a committee of the Bank of England, which meets for three and a half days, eight times a year, to decide the official interest rate in the United Kingdom (the Bank of England Base Rate). It is also responsible for directing other aspects of the government's monetary policy framework, such as quantitative easing and forward guidance. The Committee comprises nine members, including the Governor of the Bank of England, and is responsible primarily for keeping the Consumer Price Index (CPI) measure of inflation close to a target set by the government, currently 2% per year (as of 2019). Its secondary aim – to support growth and employment – was reinforced in March 2013. Announced on 6 May 1997, only five days after that year's General Election, and officially given operational responsibility for setting interest rates in the Bank of England Act 1998, the committee was designed to be independent of political interference and thus to add cre ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Monetary Policy
Monetary policy is the policy adopted by the monetary authority of a nation to control either the interest rate payable for very short-term borrowing (borrowing by banks from each other to meet their short-term needs) or the money supply, often as an attempt to reduce inflation or the interest rate, to ensure price stability and general trust of the value and stability of the nation's currency. Monetary policy is a modification of the supply of money, i.e. "printing" more money, or decreasing the money supply by changing interest rates or removing excess reserves. This is in contrast to fiscal policy, which relies on taxation, government spending, and government borrowing as methods for a government to manage business cycle phenomena such as recessions. Further purposes of a monetary policy are usually to contribute to the stability of gross domestic product, to achieve and maintain low unemployment, and to maintain predictable exchange rates with other currencies. Monetary ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Asset Purchase Facility
The Bank of England is the central bank of the United Kingdom and the model on which most modern central banks have been based. Established in 1694 to act as the English Government's banker, and still one of the bankers for the Government of the United Kingdom, it is the world's eighth-oldest bank. It was privately owned by stockholders from its foundation in 1694 until it was nationalised in 1946 by the Attlee ministry. The Bank became an independent public organisation in 1998, wholly owned by the Treasury Solicitor on behalf of the government, with a mandate to support the economic policies of the government of the day, but independence in maintaining price stability. The Bank is one of eight banks authorised to issue banknotes in the United Kingdom, has a monopoly on the issue of banknotes in England and Wales, and regulates the issue of banknotes by commercial banks in Scotland and Northern Ireland. The Bank's Monetary Policy Committee has devolved responsibility for ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Deputy Governor Of The Bank Of England
A Deputy Governor of the Bank of England is the holder of one of a small number of senior positions at the Bank of England, reporting directly to the Governor. According to the original charter of 27 July 1694 the Bank's affairs would be supervised by a Governor, the Deputy Governor and 24 directors. Since then, however, the role of Deputy Governor has been split and redefined three times (by the Bank of England Act 1998, the Financial Services Act 2012 and again in 2014), such that, as of May 2016, there are four Deputy Governors ( Sir Jon Cunliffe, Ben Broadbent, Sam Woods and Sir David Ramsden). They have special responsibility for financial stability, monetary policy, prudential regulation and markets and banking respectively. In 2013, the position of Chief Operating Officer (COO) was created and has the same status and remuneration as a Deputy Governor. Under Schedule 1 of the Bank of England Act 1998 (as amended), Deputy Governors are appointed for five year terms, and a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Kevin Warsh
Kevin Maxwell Warsh (born April 13, 1970) is an American financier and bank executive who served as a member of the Federal Reserve Board of Governors from 2006 to 2011. During and in the aftermath of the 2008 financial crisis, Warsh acted as the central bank's primary liaison to Wall Street and served as the Federal Reserve's representative to the Group of Twenty (G-20) and as the Board's emissary to the emerging and advanced economies in Asia. Prior, he served as Special Assistant to the President for Economic Policy and Executive Secretary of the White House National Economic Council. He is the Shepard Family Distinguished Visiting Fellow in Economics at Stanford University's Hoover Institution, a scholar and lecturer at the Stanford Graduate School of Business, a member of the Group of Thirty, a member of the Panel of Economic Advisers of the Congressional Budget Office, and a former steering committee member of the Bilderberg Group. He has conducted research in the field of ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
2016 United Kingdom European Union Membership Referendum
The United Kingdom European Union membership referendum, commonly referred to as the EU referendum or the Brexit referendum, took place on 23 June 2016 in the United Kingdom (UK) and Gibraltar to ask the electorate whether the country should remain a member of, or leave, the European Union (EU). It was organised and facilitated through the European Union Referendum Act 2015 and the Political Parties, Elections and Referendums Act 2000. The referendum resulted in 51.9% of the votes cast being in favour of leaving the EU. Although the referendum was legally non-binding, the government of the time promised to implement the result. Membership of the EU had long been a topic of debate in the United Kingdom. The country joined the European Communities (EC), principally the European Economic Community (EEC) or Common Market, the forerunner to the European Union, in 1973, along with the European Coal and Steel Community (ECSC), and the European Atomic Energy Community (EAEC or Eu ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Deflation
In economics, deflation is a decrease in the general price level of goods and services. Deflation occurs when the inflation rate falls below 0% (a negative inflation rate). Inflation reduces the value of currency over time, but sudden deflation increases it. This allows more goods and services to be bought than before with the same amount of currency. Deflation is distinct from disinflation, a slow-down in the inflation rate, i.e. when inflation declines to a lower rate but is still positive. Economists generally believe that a sudden deflationary shock is a problem in a modern economy because it increases the Real versus nominal value (economics), real value of debt, especially if the deflation is unexpected. Deflation may also aggravate recessions and lead to a deflationary spiral. Some economists argue that prolonged deflationary periods are related to the underlying of technological progress in an economy, because as productivity increases (Total factor productivity, TFP), t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Federal Reserve Board
The Board of Governors of the Federal Reserve System, commonly known as the Federal Reserve Board, is the main governing body of the Federal Reserve System. It is charged with overseeing the Federal Reserve Banks and with helping implement the monetary policy of the United States. Governors are appointed by the president of the United States and confirmed by the Senate for staggered 14-year terms.See Statutory description By law, the appointments must yield a "fair representation of the financial, agricultural, industrial, and commercial interests and geographical divisions of the country". As stipulated in the Banking Act of 1935, the Chair and Vice Chair of the Board are two of seven members of the Board of Governors who are appointed by the President from among the sitting governors of the Federal Reserve Banks. The terms of the seven members of the Board span multiple presidential and congressional terms. Once a member of the Board of Governors is appointed by the preside ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Mervyn King, Baron King Of Lothbury
Mervyn Allister King, Baron King of Lothbury (born 30 March 1948) is a British economist and public servant who served as the Governor of the Bank of England from 2003 to 2013. He is a School Professor of Economics at the London School of Economics. He is also the Chairman of the Philharmonia. Born in Chesham Bois, Buckinghamshire, King attended Wolverhampton Grammar School and studied economics at King's College, Cambridge, St John's College, Cambridge, and Harvard University. He then worked as a researcher on the Cambridge Growth Project, taught at the University of Birmingham, Harvard and MIT, and became a professor of economics at the London School of Economics. He joined the Bank of England in 1990 as a non-executive director, and became the chief economist in 1991. In 1998, he became a deputy governor of the bank and a member of the Group of Thirty. King was appointed as governor of the Bank of England in 2003, succeeding Edward George. Most notably, he oversaw the ban ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Financial Crisis Of 2007–08
Finance is the study and discipline of money, currency and capital assets. It is related to, but not synonymous with economics, the study of production, distribution, and consumption of money, assets, goods and services (the discipline of financial economics bridges the two). Finance activities take place in financial systems at various scopes, thus the field can be roughly divided into personal, corporate, and public finance. In a financial system, assets are bought, sold, or traded as financial instruments, such as currencies, loans, bonds, shares, stocks, options, futures, etc. Assets can also be banked, invested, and insured to maximize value and minimize loss. In practice, risks are always present in any financial action and entities. A broad range of subfields within finance exist due to its wide scope. Asset, money, risk and investment management aim to maximize value and minimize volatility. Financial analysis is viability, stability, and profitability asse ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Treasury Committee
The House of Commons Treasury Committee (often referred to as the Treasury Select Committee) is a select committee of the House of Commons in the Parliament of the United Kingdom. The remit of the committee is to examine the expenditure, administration and policy of HM Treasury, with all of its agencies and associated bodies, including HM Revenue and Customs, the Bank of England, the Prudential Regulation Authority, the Financial Conduct Authority, the Royal Mint, and so on. Since 2010 the Treasury Committee has taken on new powers, including the right to veto appointments to the independent Office for Budget Responsibility, and has forced the Financial Services Authority to publish a detailed report into its handling of the collapse of Royal Bank of Scotland. Membership As of November 2022, the members of the committee are as follows: Changes since 2019 2017–2019 Parliament The chair was elected on 12 July 2017, with the members of the committee being announced on 11 Sep ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
RPIX
{{short description, Measure of inflation RPIX is a measure of inflation in the United Kingdom, equivalent to the all items Retail Price Index (RPI) excluding mortgage interest payments. History It was the UK's target rate of inflation from October 1992 to December 2003. From June 1997, the Bank of England was given the task of setting interest rates to meet an inflation target of 2.5 per cent on the RPIX measure. Mortgage interest payments were excluded from the inflation target because otherwise the Bank's behaviour would be distorted. Any rate rise from the Bank, aimed at bringing inflation lower, would have the side effect of raising interest payments on variable-rate mortgages, causing higher inflation on any broad measure such as RPI. Targeting RPI would thus create a vicious circle of higher rates, something avoided by using RPIX as the target. In December 2003 the Bank's target measure was changed to the Consumer Price Index, or CPI, and the target was set at 2 per cent ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Gordon Brown
James Gordon Brown (born 20 February 1951) is a British former politician who served as Prime Minister of the United Kingdom and Leader of the Labour Party (UK), Leader of the Labour Party from 2007 to 2010. He previously served as Chancellor of the Exchequer in Tony Blair's Premiership of Tony Blair, government from 1997 to 2007, and was a Member of Parliament (United Kingdom), Member of Parliament (MP) from 1983 to 2015, first for Dunfermline East (UK Parliament constituency), Dunfermline East and later for Kirkcaldy and Cowdenbeath (UK Parliament constituency), Kirkcaldy and Cowdenbeath. He is the most recent Labour politician as well as the most recent Scottish politician to hold the office of prime minister. A Doctor of Philosophy, doctoral graduate, Brown studied history at the University of Edinburgh, where he was elected Rector of the University of Edinburgh, Rector in 1972. He spent his early career working as both a lecturer at a further education college and a t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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