Bank of England says British economy is already in recession
London - The British economy is already in recession and will shrink by as much as 2 per cent by early 2009, the Bank of England (BoE) said Wednesday. The banks quarterly inflation report, presented by central bank governor Mervyn King Wednesday, sa...

[ Published on : Wed, 12 Nov 2008 08:42 ]

Bank of England warns of further risks in financial sector
London - The Bank of England (BoE) said in a report published Tuesday that losses suffered by global financial institutions since the credit crunch are estimated at 1.8 trillion pounds (2.8 trillion dollars). Governments around the world have spent m...

[ Published on : Wed, 29 Oct 2008 06:32 ]

Bank of England cuts rates by 1.5 per cent - Update
London - The Bank of England Thursday unexpectedly cut interest rates by as much as 1.5 percentage points to 3 per cent in the banks biggest single reduction ever, the bank said. The measure was welcome by business leaders who had been urging Britai...

[ Published on : Thu, 06 Nov 2008 08:39 ]

Britains Barclays bank looks to Mideast to raise 7.3 billion pounds
London - Britains Barclays bank said in London Friday it plans to raise some 7.3 billion pounds (11.8 billion dollars) in fresh capital from investors, mostly from the Middle East. Barclays said the move fulfilled government regulations for raising ...

[ Published on : Fri, 31 Oct 2008 08:33 ]

Iceland reaches deal to pay British, Dutch clients of failed bank
Reykjavik - Icelands government on Sunday agreed to reimburse British and Dutch depositors of failed internet bank Icesave. The agreement with the British and Dutch governments and other EU countries clears the way for the troubled Atlantic island n...

[ Published on : Sun, 16 Nov 2008 05:45 ]

Britains Royal Bank of Scotland expects 2008 full-year losses
London - Britains Royal Bank of Scotland (RBS), which is in line to benefit to the tune of 20 billion pounds (31 billion dollars) from a government bail-out programme, Tuesday unveiled more write- downs and signalled that it expected to make its fir...

[ Published on : Tue, 04 Nov 2008 10:38 ]