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The governor of the Bank of England said he would be willing to implement further rounds of asset purchases – also known as quantitative easing - in an effort to rebalance the UK economy and issued a stark warning to the financial sector ahead of bonus season in the City of London.
David Cameron’s pledge to curb executive pay and stop “rewards for failure” is set to face its biggest test, as Royal Bank of Scotland prepares to offer a bonus of more than £1 million ($1.54 million) to its chief executive, even though the state-controlled bank’s share price has almost halved in a year, the Financial Times reports.
The United Kingdom will retain its triple-A credit rating this year thanks to the Bank of England’s policy of quantitative easing and demand for UK gilts, City-based analysts told CNBC.
The United Kingdom is likely already back in recession and may see unemployment approach three million before the end of the year, economic think tank the Ernst & Young Item Club forecast on Monday.
There was a wide-ranging change of the guard in Europe in 2011. In 2012, there could be an even bigger shift, with several key countries facing possible changes at the top.
The brawl has made for cracking entertainment. It's been a super-fun read. But it's time for government officials in the United Kingdom and France to shut their traps and get their heads back into the game of saving the euro zone's economy.
UK Prime Minister David Cameron on Monday defended his decision to veto European Union treaty changes at last week's summit of EU leaders, saying he was faced with a choice of treaty change without safeguards for Britain, or no treaty.
The UK had no choice but to opt out of further treaty changes and did the right thing by exercising its veto, analysts told CNBC Friday.
British Prime Minister David Cameron is facing criticisms of leaving the UK isolated after he said he would not agree to a new European Union treaty.
There is clearly a risk that the UK will head into recession in the final quarter of the year, the Bank of England's Monetary Policy Committee member Ben Broadbent told CNBC Thursday.
It is perfectly obvious that the euro zone cannot run as it is without fiscal union and a surrender of sovereignty, Lord Digby Jones, former director general at the Confederation of British Industry told CNBC Monday.
Occupy London Stock Exchange demonstrators announced on Friday they had “repossessed” a building belonging to Swiss investment bank UBS in Hackney East London.
The City of London Corporation - the executive body representing the district in the UK’s capital - has re-launched its legal bid to evict protestors who have been encamped around St Paul’s Cathedral since October 15 after saying that negotiations with the protestors had collapsed.
It was supposed to be a “day of rage” as students protested against increases in university tuition fees that are going to triple to as much as 9,000 pounds ($14,360) a year -- and the financial system which they see as responsible for robbing them of their future.
The City of London Corporation joined St Paul’s Cathedral on Tuesday in suspending legal action against a group of protestors camped by the side of the cathedral.
The standoff between Occupy London Stock Exchange protestors, the Corporation of London and St Paul's Cathedral took another dramatic turn Monday afternoon as the Dean of St Paul's, the Right Reverend Graeme Knowles, resigned over his handling of the protests.
David Cameron has urged colleagues to stop talking down the economy as he tries to drown out a growing chorus of doomsayers with a resolutely upbeat assessment of the nation’s prospects, in an article for the FT.
Protestors who have been camping outside St Paul's Cathedral in London for two weeks vowed on Friday to fight any attempt to evict them as representatives of the City of London approved a legal bid to remove them.
David Cameron has urged European leaders to take a “big bazooka” approach to resolving the eurozone crisis, warning they have just a matter of weeks to avert economic disaster. The FT reports.
It’s getting colder in London. We had a lingering summer, but that is over. Not such a great time to be on the streets for any longer than you have to. The central heating goes on and the thick duvet is very welcome.