George Osborne accused of obstructing MPs over Co-op and Lloyds Bank deal August 20, 2014 George Osborne was accused of unreasonably withholding information on ministers’ meetings with Lloyds and Co-op bankers in a series of confrontational letters published yesterday. He was accused of obstructing MPs trying to work out whether the government pressured bank executives into their ill-fated deal. The chancellor claims ongoing probes prevent him from telling the Treasury [...]
MPs to grill Bank’s Mark Carney on Osborne interest rate pact claim August 18, 2014 Bank of England governor Mark Carney will be quizzed by MPs next month over whether he has faced any political pressure to keep interest rates at their historic low. Carney and chancellor George Osborne have been hit by suggestions this week that they struck a deal to keep rates low until after the election. Mark [...]
Carney must have agreed with Osborne’s interest rate policy to get governor’s post August 18, 2014 Tim Wallace takes a look at the evolving relationship between the Treasury and the Bank of England. Bank of England governor Mark Carney was appointed in November 2012 by George Osborne, in a move which was at the time seen as a masterstroke by the chancellor. Osborne had shown that he was extraordinarily [...]
George Osborne and Mark Carney hit by interest rate stitch-up row August 18, 2014 City MP Mark Field last night questioned the independence of the Bank of England, sensationally suggesting that governor Mark Carney and chancellor George Osborne had made a pact that would ensure interest rates remained at their historic low until next year’s general election. A Treasury source hit back, saying “The idea that there is some [...]
Osborne awaits Lloyds share price rise before next stock sell off August 13, 2014 The Treasury is waiting for Lloyds’ share price to jump again before it sells the next tranche of shares in the bank. Lloyds’ share price has fallen by around seven per cent in the past two months, in line with the rest of the sector, putting the brakes on the privatisation of the bailed out [...]
George Osborne makes a quick buck on £20 Bitcoin buy at Level 39 August 6, 2014 As the Chancellor of the Exchequer, you might expect George Osborne would like to keep his own pocket money in good old, Bank of England-regulated, sterling. But it’s apparent a trip to trendy FinTech den Level 39 has left Osborne with a sense of adventure – he’s gone where no chancellor has gone before – [...]
Osborne announces plans to explore the future of Bitcoin August 6, 2014 George Osborne has announced plans to explore how cryptocurrencies such as Bitcoin can play a role in the UK financial system. The chancellor has commissioned the Treasury to produce a report on digital currencies, examining their potential benefits and risks, which is set to be published in the Autumn. Osborne said he aims to make the UK [...]
Osborne vows to make London world’s centre for finance tech August 5, 2014 Britain will offer prizes for finance technology innovators in a new bid to become the world’s leading centre for the sector, chancellor George Osborne will say today. The new drive will see UK Trade and Investment (UKTI) market the capital harder around the globe to attract more firms. And the Treasury, Bank of England and law [...]
Osborne: HS3 rail link between Leeds and Manchester would make a northern powerhouse August 5, 2014 A high-speed rail connection between Leeds and Manchester would boost the northern economy, chancellor George Osborne has said. Speaking to the BBC Osborne said that a HS3 line would forge a "northern powerhouse," allowing the region to "take on the world." Such developments would come with a £7bn price tag, but the figure could fall if [...]
Failure to cut deficit poses challenge to Treasury as George Osborne struggles to meet fiscal targets July 22, 2014 The economic recovery is still failing to cut the government’s huge budget deficit, with analysts yesterday suggesting that chancellor George Osborne might not be on course to reach his own fiscal targets. The UK borrowed £11.37bn excluding one-off interventions in June, barely less than in the same month last year. In June 2013, public borrowing [...]