#bank-of-england

#bank-of-england

Asked whether sufficient safeguards exist to prevent those in positions of power from misusing market-sensitive information, Bailey said there was a "very clear" legal framework for dealing with potential breaches and that it was appropriate for the Mandelson allegations to be handled by law enforcement. He also stressed that the focus should remain on Epstein's victims, asking: "How is it that we live in a society that this happened and was allowed to happen?"

A combination of budget jitters and rising bets in favour of a December rate cut from the Bank of England have kept sterling firmly on the back foot so far this week, with the pound slumping towards the 1.31 level on the dollar yesterday, and to its lowest level on the euro since May 2023.

UK unemployment has risen to its highest level since the 2021 lockdown, while wage growth has cooled to its weakest pace in more than three years. The figures, released on Tuesday, show the unemployment rate increased to 4.8% in the three months to August, up from 4.7% in the previous quarter - the highest reading since the three months to May 2021. A single-month estimate put joblessness even higher, at 5.3%, marking the steepest rise since October 2020.

"Liberal Democrats will stand firmly behind Bank of England independence, just as we have stood against recent attacks on the independence of our judiciary. "Trump's threats to sack governors of the Fed if they don't do what he wants are causing economic panic in the United States," Sir Ed said. "That is the last thing we need here at home - we cannot let Trump's America become Farage's Britain."

The Treasury assumes taxes will need to rise by £30 billion, with the Office of Budget Responsibility expected to lower its forecasts for Britain's productivity growth. Each percentage point of growth is worth about £10bn in tax and the OBR is expected to lower its forecast by 0.2%. On top of that the government needs to cover the cost of lost revenues when MPs rebelled against welfare reforms. Finally, higher debt interest payments due to rising gilt yields have added to the burden.

They form part of a new exhibition looking at the rebuilding works that took place a century ago, replacing most of the interior behind its famous solid fortress wall with the modern bank that's there today. The exhibition, in the museum's rotunda, shows the various stages of the rebuilding process, from demolition of the old, discoveries of the even older in the basements, and how the current bank building was constructed.