The Bank of England's top brass defended their record on Britain's monetary policy on Thursday, after a cabinet minister talked openly about diluting the central bank's operational independence.
Speaking shortly after the BoE raised interest rates to 1.75% from 1.25%, BoE Governor Andrew Bailey said it is important for the central bank to make policy decisions independent of the government.
Attorney General Suella Braverman - a key Truss ally - has said the BoE was too slow to raise interest rates in the face of rising inflation. The BoE now predicts inflation will peak at more than 13%, more than six times its target. "The last time this was done was in 1997 - it's right and it's ripe now to review whether that is the right settlement.""But there are many other models around the world where central banks have different degrees of independence over monetary policy," she said.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
European Markets Head for Higher Open; Big Bank of England Hike ExpectedEuropean stocks are expected to open higher on Thursday, builing on gains made in the previous session.
Read more »
2 suspects arrested after following victim from bank to steal cash; known as ‘bank jugging’Two people from Texas are behind bars after being accused of following a man from a bank in Baldwin County. Once he stopped at a gas station, the thieves broke in to his vehicle and stole his money.
Read more »
Bank of America Dismisses Assertion That Blockchains Have no Intrinsic Value, Citing Transaction Fees.BankofAmerica expects cash flows in the form of transaction fees to continue accelerating for blockchains that have strong user growth and development as well as a clear use case. By willcanny99
Read more »
New Zealand job market tight, adding pressure for central bankNew Zealand’s jobless rate held just above historic lows while wage inflation hit a 14-year high, raising the prospect that the central bank might have to increase rates more aggressively than economists expect.
Read more »
Kenai Peninsula Food Bank runs out of fuel money - Alaska Public MediaThe Kenai Peninsula Food Bank has burned through its entire fuel budget for the year due to exceptionally high gas prices.
Read more »
Swiss Crypto Bank Sygnum Adds Support for Cardano (ADA) StakingAfter allowing investors to earn ETH through Ethereum staking, the bank has now done the same with Cardano ADA.
Read more »