Bank of England

‘It’s time for a grown-up conversation about taxing wealth’

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https://morningstaronline.co.uk/article/its-time-grown-conversation-about-taxing-wealth

 model houses on a pile of coins and bank notes

TUC hits back at banking boss who suggested public-sector pay should be curbed because the economy falling

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TUC general secretary Paul Nowak said that while the government has “taken the right approach” by investing in public services and infrastructure, “the job of securing growth is far from over — and more support is needed to see that investment sustained in the long term.”

“That’s why it’s time for a grown-up conversation about taxing wealth and financial institutions,” he said.

“It’s only right that banks, gambling companies and the wealthiest in our society contribute their fair share to fund our schools, hospitals and local authorities.

“The government needs to ensure it can repair and rebuild our vital public services along with wider critical national infrastructure.”

Mr Nowak also called on the Bank of England to further Bank of England to “ease the pressure on household budgets and to make it more affordable for businesses to invest.”

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Ooriginal article at https://morningstaronline.co.uk/article/its-time-grown-conversation-about-taxing-wealth

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Scientists for XR occupy the Bank of England lobby

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https://morningstaronline.co.uk/article/scientists-xr-occupy-bank-england-lobby

 Scientists occupy the lobby of the Prudential Regulation Authority (PRA), part of the Bank of England, July 23, 2025

FIVE scientists occupied the Bank of England today, demanding that fossil fuel investments be treated as high-risk in the banking and insurance sectors through the implementation of regulatory standards known as capital requirements.

The Extinction Rebellion action saw scientists occupy the lobby of the Prudential Regulation Authority (PRA) as employees filed into the building to start their day.

Protesters held signs reading: “Climate tipping points = economic risk” and “Ecosystem collapse is financial collapse, capital requirements for fossil fuels now.”

The protest took place during the PRA’s public consultation on climate risk in insurance and banking.

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https://morningstaronline.co.uk/article/scientists-xr-occupy-bank-england-lobby

Donald Trump urges you to be a Climate Science denier like him. He says that he makes millions and millions for destroying the planet, Burn, Baby, Burn and Flood, Baby, Flood.
Donald Trump urges you to be a Climate Science denier like him. He says that he makes millions and millions for destroying the planet, Burn, Baby, Burn and Flood, Baby, Flood.
Nigel Farage urges you to ignore facts and reality and be a climate science denier like him. He says that Reform UK has received millions and millions from the fossil fuel industry to promote climate denial and destroy the planet.
Nigel Farage urges you to ignore facts and reality and be a climate science denier like him. He says that Reform UK has received millions and millions from the fossil fuel industry to promote climate denial and destroy the planet.
Experienced climbers scale a rock face near the historic Dumbarton castle in Glasgow, releasing a banner that reads “Climate on a Cliff Edge.” One activist, dressed as a globe, symbolically looms near the edge, while another plays the bagpipes on the shores below. | Photo courtesy of Extinction Rebellion and Mark Richards
Experienced climbers scale a rock face near the historic Dumbarton castle in Glasgow, releasing a banner that reads “Climate on a Cliff Edge.” One activist, dressed as a globe, symbolically looms near the edge, while another plays the bagpipes on the shores below. | Photo courtesy of Extinction Rebellion and Mark Richards
Continue ReadingScientists for XR occupy the Bank of England lobby

Chancellor’s ‘black hole’ claim ‘unnecessary and unhelpful’, says ex Bank of England economist

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https://news.sky.com/story/chancellors-black-hole-claim-unnecessary-and-unhelpful-says-ex-bank-of-england-economist-13213523

Andy Haldane

Former senior economist Andy Haldane told Sky News that Rachel Reeves’s comments earlier this summer had spooked consumers, businesses and investors.

The chancellor’s claim of a £22bn “black hole” in government finances was “unnecessary and probably unhelpful economically”, a former Bank of England chief economist has said.

Andy Haldane told Sky News’ Politics Hub with Sophy Ridge that Rachel Reeves’s statement in July was a “bad idea” because it generated a sense of “fear and foreboding” just when there was a new-found confidence in the UK.

Ms Reeves made the claim within weeks of taking office in what was widely seen as a warning that her first budget in October would be a painful mix of spending cuts and tax rises.

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He said: “The black hole event was unnecessary and probably unhelpful economically.

“It’s one thing to reveal a black hole, if that indeed is what it is. But just leaving that to sit for three months I think was a bad idea.”

Asked what the government should have done, he said it was “much better to say nothing until you provide solutions”.

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https://news.sky.com/story/chancellors-black-hole-claim-unnecessary-and-unhelpful-says-ex-bank-of-england-economist-13213523

Continue ReadingChancellor’s ‘black hole’ claim ‘unnecessary and unhelpful’, says ex Bank of England economist

UK economy suffering ‘long-term’ economic cost of Brexit, Goldman Sachs group says

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https://leftfootforward.org/2024/02/uk-economy-suffering-long-term-economic-cost-of-brexit-goldman-sachs-group-says/

“The evidence points to a significant long-run output cost of Brexit,” the economists at Goldman’s wrote.

Yet more evidence has emerged of just how disastrous the decision to leave the EU has been for the UK economy, with economists at Goldman Sachs group saying that real GDP has underperformed by about 5%.

In a research note published earlier this month, Sven Jari Stehn and colleagues said that Brexit had resulted in reduced growth and higher inflation, with ‘reduced international trade, weak business investment and a drop in migrants coming from Britain’s largest trade partner all contributing’, Bloomberg has reported.

It comes as a number of studies have warned of the harmful consequences of Brexit, with the Bank of England saying last year that the decision to leave the EU has cost the average UK household £1,000, due to a lack of investment following the referendum.

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https://leftfootforward.org/2024/02/uk-economy-suffering-long-term-economic-cost-of-brexit-goldman-sachs-group-says/

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Mark Carney demolishes Brexit and Liz Truss’ economic policies

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Image of Liz Truss and Kwasi Kwarteng
Liz Truss and Kwasi Kwarteng. “Some people said we were in too much of a rush – and it is certainly true that I didn’t just try to fatten the pig on market day, I tried to rear the pig and slaughter it as well. I confess to that.”

https://leftfootforward.org/2023/09/mark-carney-demolishes-brexit-and-liz-truss-economic-policies/

The former governor of the Bank of England, Mark Carney, has taken apart the arguments of Brexiteers as well as the economic policies of Liz Truss during a speech at the Global Progress Action Summit in Montreal, where he praised “progressive” policies while attacking “far-right populists”.

Carney, who was governor between 2013 to 2020, accused those who backed quitting the European Union of wanting to “tear down the future” and also launched a scathing attack on the disastrous economic policies of Liz Truss.

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Turning his attention to Truss, Carney said that when Brexiteers tried to create Singapore on the Thames, the Truss government instead delivered Argentina on the Channel – and that was a year ago.

“Those with little experience in the private sector – lifelong politicians masquerading as free marketeers – grossly under-value the importance of mission, of institutions, and of discipline to a strong economy.

“And the bad news is that while these tactics never work economically, they can work politically. Brexit happened, Donald Trump was elected. So we can’t dismiss the impact of anger, but we must resist its power.”

https://leftfootforward.org/2023/09/mark-carney-demolishes-brexit-and-liz-truss-economic-policies/

Continue ReadingMark Carney demolishes Brexit and Liz Truss’ economic policies