Discover and read the best of Twitter Threads about #bankofengland

Most recents (12)

Thoughts on the #BankofEngland intervention… 🧵

The Bank will carry out *temporary* purchases of long-dated UK government bonds from 28 Sep to 14 Oct to stabilise the market.

The purchases ‘will be carried out on whatever scale is necessary’, but are *strictly time-limited*…
At the same time, the #MPC is pausing the start of active #QT (i.e. selling bonds bought under #QE) until 31 Oct.

This might be reviewed depending on economic and market conditions, but the annual target of £80bn of sales is unchanged, so this is a delay rather than a U-turn...
In my view, this is a sensible and proportionate response.

Of course, it would be better if this hadn’t been necessary, but the aim was to lower gilt yields and the intervention has worked: 30-year yields have fallen by one full percentage point (!) today... Image
Read 7 tweets
Really staggering 🇬🇧mini-budget just announced here in London. Ain’t nothing mini about it.

Record-setting borrowing *and* tax cuts. £100 billion price tag. No-tax & spend. Trickle down economics on steroids. Throws fiscal sustainability out the window.

A huge political gamble
The £45 billion in tax cuts just announced, mostly given to the wealthy & businesses, is biggest tax cut since 1972, when Chancellor Barber had his "dash for growth". It's 2% of GDP.

That ended in disaster. It's generally regarded as the most damaging UK budget in modern history
The #Truss & #Kwarteng trickle-down economics policy changes include:

🧐Highest income tax rate (45% for ⬆️150K) abolished
🍾Scrapping cap on bankers bonuses
🏨Scrapping planned increase in corporation tax
🏘️Cutting stamp duty
Read 12 tweets
#Banks raking in #billions by not to passing on #benefits of rising #interestrates
Britain's biggest banks have not passed on the gains of interest rate risers to #savers, earning them billions.
thelondoneconomic.com/politics/banks…
#ToryEconomics #ShellGame #Economy #bubble
/2 According to The #Times, the latest results of #Barclays, #HSBC, #Lloyds, #NatWest and #Santander show they held as much as £673.5 billion in cash and balances at central banks at the end of June.

Most of this is expected to be held at the #bankofengland
/3 analysts said, where it is earning interest at a 14-year high of 1.75 per cent.
If the £673.5 billion was held at the Bank for a year at the present rate, it would earn the five biggest banks £11.78 billion in #interest.
Read 5 tweets
Companies are paying inflation busting #dividends at cost to the rest of the #economy, including their #employees
#ToryEconomics #ToriesDestroyingOurCountry #Inflation
taxresearch.org.uk/Blog/2022/08/2…
/2 Richard Murphy: "We are continually being told by Tory politicians and the #bankofengland that #businesses must not give #employees #payrises that might match #inflation because this would create an inflationary spiral. But what about dividends?
/3 Aren’t they the real cause of the problem? A thread…
We researched 182 companies that had continuously been in the FTSE 100 from 2009 to 2019 to provide data for the research. Some of these are amongst the biggest companies you’ve heard of. Others are somewhat smaller.
Read 19 tweets
Don't blame #Putin or #Covid for your sky-high grocery bill. Blame the elites who collude with the biggest scam in history, involving #CentralBanks and their friends in finance, under the cover of the pandemic
A thread on #QuantitativeSleazing ...
wiki.p2pfoundation.net/Responding_to_… Image
Since the start of the pandemic in March 2020, #CentralBanks in the West began pouring trillions into the coffers of large corporations, making their #stockmarket friends rich while making us poorer through high #inflation
#QuantitativeSleazing
wiki.p2pfoundation.net/Responding_to_… Image
#CentralBanks should not favour one business over another by giving them easy loans. Helping large & dirty corporations outcompete smaller firms is anti-business, anti-markets, anti-democratic & anti-sustainability. Such #QuantitativeSleazing makes mockery of green promises Image
Read 18 tweets
Thanks to @GeoffCutmore, @cnbcKaren & the #SquawkBox team for having me on this morning's show.

We discussed #bonds & #centralbanks, touched on #supplychains & talked of #Growth's vulnerability, #commodities' appeal.

Slide deck follows:-

1/14
Is your box still backed up in port? How much does the onward haulage cost? What happens to #freight rates after #LNY/#Beijing2022?
2/14
The bet is that #energy cannot *possibly* rise as far and fast this year as last, but what about all the other inputs? To what extent are these and other costs yet to be passed on?

#PPI #CPI

3/14
Read 15 tweets
Thanks to @steve_sedgwick & @cnbcKaren for having me on #CNBC #SquawkBox this AM.

What did we discuss? Well, #inflation of course!

I prepared some slides for the show which I'm happy to present in this thread.
1/n
#macro #Fed #Yellen #JeromePowell #bankofengland #QE
Are people in denial or is the #centralbank money flood just drowning all the signals?
2/n
#inflation
#Commodities, #freight, #carbon - and a whole lot besides - sure do cost a lot more, these days.
3/n
Read 14 tweets
I have been warning for ~4 years that this was the ultimate goal.

Rule One of modern politics is that if #Technology empowers servitude, #surveillance, or social engineering those in power will seek to exploit it.

#bankofengland sees #CBDC as a tool: #socialcredit +#NetZero
You @SteveBakerHW @DesmondSwayne @DavidDavisMP @Mark_J_Harper @SirGrahamBrady @Fox_Claire are valiantly resisting vxxne passes, but are you alert to this, much more overarching, more intimately intrusive horror?
ALL to be watched, weighed, tracked, traced, rationed, restricted?
The shorthand I use is #Sinification: what #XiJinping’s #CCP did in #China yesterday, his proselytes & admirers -like #KlausSchwab- promote today, Big Tech, Pharma & Finance offer to enable tomorrow & YOUR government plans to introduce -on some pretext or other- the day after.
Read 7 tweets
In preparation for my slot on #SquawkBox yesterday, I sent the guys a few slides as a synopsis of my last, detailed subscriber report for the discussion.

I called it #Pyromania. Feel free to take a look

1/x

#macro #bonds #commodities #dollar #inflation #centralbanks #fiscal
Is it possible to overkill an act of overkill? #JeromePowell & #JanetYellen seem set to let us find out.

2/x
Not that they're alone in their folly, of course. The #ECB is outodoing them handsomely, while the #bankofengland is breaking records stretching back to its founding, 327 years ago.
#centralbanks
3/x
Read 10 tweets
.@bankofengland is right that our strong vaccine rollout is essential for our economic recovery. And we will undoubtedly have a big bounce as things reopen. But let’s remember that is from the very low position of being 10% down. #economy

bbc.co.uk/news/business-…
This initial bounceback will be driven by those who have been lucky enough to maintain or grow their incomes during Covid as they splash out with their excess savings and make up for lost time. #bankofengland #economy #thread
But vaccines can’t reopen businesses already closed, save jobs already lost, pay off the debts of over-leveraged SMEs, or plug the huge holes in the finances of the unlucky 3.8m excluded from Covid income support for the past 10 months. @ExcludedUK #ExcludedUK #thread
Read 5 tweets
#Venezuela suing the #bankofengland for the theft of 31 tons of gold. telesurenglish.net/news/Venezuela…
Last year: #Italy fears similar theft by the Bank of England, after the seizure of #Venezuela's assets. telesurenglish.net/news/Italy-Fea…
Further to the crimes against #Venezuela: US mercenaries and their families believed their coup attempt was backed by #Trump : nypost.com/2020/05/18/ex-…
Read 3 tweets
A thread on why #ESG +ethical #capitalism is going to define so much of #2020

- from the #CityofLondon + your pension fund, to #COP26
- #ESG + consequential actions, not #divestment, is the weapon in combatting #climatechange 1/ ftadviser.com/pensions/2019/…
In October 2019 the #ESG = Environment,Social, and Governance regs, which passed through @HouseofCommons on a x party basis a year earlier, became law: put simply they require investment to take due account of climate risk. More explanation here ⬇️ 2/
gov.uk/government/spe…
These last 7 days have shown how we are driving forward #ESG: - meetings with 100 pension trustees + asset managers in the city of London, discussions with Mark #Carney / #BankofEngland, the @AmntOrg +@UKSIF ⏩ pressure for the UK to comply with ESG 3/ google.co.uk/amp/s/www.city…
Read 8 tweets

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