| Date | Title | Description |
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| Jul 30, 2026 | Monetary Policy Report - July 2026 | Monetary Policy Overview
The situation in the Middle East is volatile and continuing to have a material effect on the outlook for UK inflation.
CPI inflation was 2.6% in June, above the MPC’s 2% target. There are clear signs that underlying... |
| Jul 2, 2026 | Mixed signals, research findings, and policy judgements − speech by Catherine L. Mann | Introduction
As I think about my recent policy decisions, my assessment has evolved with incoming data and ongoing research. At the start of this year, moderation in price and wage growth, alongside slowing activity, had brought me closer t... |
| Jun 24, 2026 | Running on empty: Climate risks and the fragility of global energy and food supply chains − speech by Swati Dhingra | Introduction
Good evening, and thank you for the invitation to speak.
Recent events in the Gulf are another reminder that inflation is often driven by forces beyond the reach of monetary policy. The recent rise in energy prices has once aga... |
| Jun 19, 2026 | Private markets system-wide exploratory scenario: publication of the stress scenario | Background to the scenario phase of the private markets SWES Background to the SWES
We have now launched the scenario phase of the SWES and have sent participants a hypothetical stress scenario that details a severe, but plausible, global m... |
| Apr 30, 2026 | Monetary Policy Report - April 2026 | Monetary Policy Overview
The conflict in the Middle East has changed the outlook for inflation in the UK. The disruption the conflict has caused to energy supplies has led to a sharp rise in global energy prices. The immediate effects are a... |
| Jan 23, 2026 | Forecast Evaluation Report – January 2026 | Foreword
On the basis of his thorough review of the Bank of England’s (Bank’s) macroeconomic forecasts and their role in policy preparation and communication (Bernanke (2024)), former Federal Reserve Chair Ben Bernanke offered several recom... |
| Sep 24, 2025 | The Supply Side Demands More Attention − speech by Megan Greene | Introduction
It’s lovely to be back here in Glasgow - a city better suited than most for a discussion on the supply side of the economy and how monetary policymakers should respond to shifts in it. For starters, it is such a pleasure to spe... |
| Aug 7, 2025 | Monetary Policy Report - August 2025 | 1: The economic outlook
The path of disinflation in underlying domestic price and wage pressures has generally continued, albeit to different degrees (Key judgement 1). Wage growth has declined further recently, to around 5% in May, althoug... |
| May 8, 2025 | Monetary Policy Report - May 2025 | 1: The economic outlook
Progress on disinflation in domestic price and wage pressures is generally continuing (Key judgement 1). CPI inflation averaged 2.8% in 2025 Q1, above target but close to expectations at the time of the February Repo... |
| Nov 29, 2024 | The Bank of England's system-wide exploratory scenario exercise final report | Summary
The Bank of England’s system-wide exploratory scenario (SWES) exercise explores how the UK financial system would respond to a market shock. It is the first exercise of its kind globally.
The aims of the SWES are to:
enhance underst... |
| Nov 29, 2024 | Financial Stability Report - November 2024 | Financial Stability Report Summary
The Financial Policy Committee (FPC) seeks to ensure the UK financial system is prepared for, and resilient to, the wide range of risks it could face – so that the system is able to absorb rather than ampl... |
| Sep 19, 2024 | Latest results from the Decision Maker Panel survey - 2024 Q3 | Output price inflation
Annual own price inflation among firms in the DMP has continued to decline gradually since the start of the calendar year. In the three months to August, annual own price growth was 4.0%, down from 4.9% in the three m... |
| Jul 12, 2024 | About a rate of (general) interest: how monetary policy transmits | By Natalie Burr and Tim Willems. 3: The channels of monetary policy transmission
Armed with an understanding of how monetary policy can affect the level of real activity in the presence of nominal rigidities, this section discusses the MTM ... |
| Nov 16, 2023 | Bank of England finds no evidence of greedflation among UK firms | Firms in the UK and the EU have not been using the cover of inflation to gouge their customers, new research from the Bank of England suggests. |
| Dec 17, 2021 | Bitcoin’s House of Cards: Cornell University Professor warns Bitcoin ‘may not last that much longer’ | Bitcoin is the world’s most popular cryptocurrency that many have speculated that will soon replace US dollars. However, Bitcoin is not backed by anything. After a careful analysis of bitcoin, it won’t take long to see that Bitcoin is just ... |
| Dec 1, 2021 | PRA Regulatory Digest - November 2021 | Published on 01 December 2021
Top news and publications
The PRA's role in improving the processes that support insurers' investment - speech by Charlotte Gerken
DP3/21 | The PRA Rulebook website: Planned updates
CP21/21 | Operational Resili... |
| Nov 24, 2021 | Household debt and labour supply – a new labour market channel | Philip Bunn, Jagjit Chadha, Thomas Lazarowicz, Stephen Millard and Emma Rockall
Does higher household debt lead to greater labour supply? Ahead of the Global Financial Crisis (GFC), UK household debt rose considerably. Since that crisis, th... |
| Nov 16, 2021 | (Some of) The macroeconomics of working from home | John Lewis
Increased working from home (WFH) for public health reasons during the pandemic has spawned a debate about whether this shift might become permanent. In this post, I try to sketch out some of the (macro) economics of a longer-run... |
| Nov 9, 2021 | Did the Covid-19 local lockdowns reduce business activity in the UK? | James Hurley and Danny Walker
In 2020 governments around the world responded to Covid-19 (Covid) by introducing lockdown measures that were designed to slow the spread of the virus. Business activity fell materially. But it is difficult to ... |
| Nov 5, 2021 | How does house price indexation affect the valuation of equity release mortgages? | Craig Turnbull
Equity Release Mortgages (ERMs) are different from traditional mortgages. Both mortgages provide an upfront cash lump sum. But traditional mortgages are tied to an immediate home purchase that is repaid over a set period, whi... |
| Nov 1, 2021 | PRA Regulatory Digest - October 2021 | Top news and publications
PS24/21 - Implementation of Basel standards: Non-performing loan securitisations
PS22/21 - Implementation of Basel standards: Final rules
PS21/21 - The UK leverage ratio framework
News and speeches
Joint statement ... |
| Oct 29, 2021 | Gender imbalance in economics: what next? | Misa Tanaka
This post by Misa Tanaka is based on her talk at the Royal Economic Society's webinar on Gender Imbalance in UK Economics which took place on 6 October. She is Head of Research at the Bank of England and a member of the Royal Ec... |
| Oct 22, 2021 | From Pillar 2 to post: is it time for a change in concentration risk methodology? | Chris Leaney
The Herfindahl-Hirschman Index (HHI) is a measure of diversification, commonly used as an indicator to calculate banks' credit concentration risk capital requirements (where credit concentration risk is potential losses from un... |
| Oct 8, 2021 | Financial Stability in Focus: The corporate sector and UK financial stability | Financial Policy Summary
The Financial Policy Committee (FPC) aims to ensure the UK financial system is prepared for, and resilient to, the wide range of risks it could face - so that the system can serve UK households and businesses in bad... |
| Oct 8, 2021 | No economy is an island: how foreign shocks affect UK macrofinancial stability | By Ambrogio Cesa-Bianchi, Rosie Dickinson, Sevim Kösem, Simon Lloyd (International Directorate) and Ed Manuel (Financial Stability Strategy and Risk Directorate).
The UK is highly integrated into the global trade and financial systems. This... |
| Oct 1, 2021 | PRA Regulatory Digest - September 2021 | Published on 01 October 2021
Top news and publications
Exercise by the Bank of England and Prudential Regulation Authority of sub-delegated powers under the European Union (Withdrawal) Act 2018
'Prudentist' - speech by Sam Woods
Letter from... |
| Sep 28, 2021 | Weighed down by debt? Revisiting the link between corporate debt overhang and investment | Bruno Albuquerque
Prior to the Covid-19 (Covid) shock hitting the world economy in March 2020, concerns about US corporate debt sustainability were on the radar of the media and policymakers. Corporates had been accumulating debt at a rapid... |
| Sep 16, 2021 | Central banks and history: a troubled relationship | Barry Eichengreen
The Bank of England co-organised a 'History and Policy Making Conference' in late 2020. This guest post by Barry Eichengreen, Professor of Economics and Political Science at the University of California Berkley, is based o... |
| Sep 7, 2021 | Can sectoral supply shocks have aggregate demand consequences? | Ambrogio Cesa-Bianchi and Andrea Ferrero
Restrictions on activity to curb the spread of Covid-19 led to a shutdown of specific parts of the economy. These lockdown measures can be thought of as a shock that suddenly decreases the supply of ... |
| Sep 1, 2021 | Bank of England : Household debt and consumption revisited | Philip Bunn and May Rostom
The academic literature finds that the build-up of household debt before the 2008 financial crisis is linked to weaker consumption afterwards. But there is wider debate over the mechanisms at play. One strand of l... |
| Aug 10, 2021 | Do large and small banks need different prudential rules? | Austen Saunders and Matthew Willison
Banks come in different shapes and sizes. Do prudential regulations that work well for big banks work as well for small ones? To help us find out, we measure the effectiveness of some key regulatory rati... |
| Aug 2, 2021 | PRA Regulatory Digest - July 2021 | PS15/21 'Regulated fees and levies: Regulated fees and levies: Rates for 2021/22'
DP2/21 'Diversity and inclusion in the financial sector - working together to drive change'
PS17/21 'Implementation of Basel standards'
CP11/21 'Review of Sol... |
| Jul 27, 2021 | Slow recoveries, endogenous growth and macroprudential policy | Dario Bonciani, David Gauthier and Derrick Kanngiesser
Following the global financial crisis in 2008, central banks around the world introduced tighter banking regulations to increase the resilience of the financial sector and reduce the ri... |
| Jul 20, 2021 | Does corporate leverage amplify economic downturns? A dive into the literature | Sudipto Karmakar, Alexandra Varadi and Sarah Venables
This post reviews the literature on the consequences of debt for corporate and macroeconomic outcomes, drawing both on the pandemic period and on previous financial crises. Lessons from ... |
| Jul 16, 2021 | What do two million accounts tell us about the impact of Covid-19 on small businesses? | James Hurley, Sudipto Karmakar, Elena Markoska, Eryk Walczak and Danny Walker
This post is the second of a series of posts about the Covid-19 pandemic and its impact on business activity.
Covid-19 led to a sharp reduction in economic activi... |
| Jul 15, 2021 | The inflation outlook - speech by Michael Saunders | Published on 15 July 2021
Michael Saunders talks about the outlook for the UK economy and what he thinks it means for prices. He then sets out some thoughts on the appropriate monetary policy stance.
Speech
In this speech I want to discuss ... |
| Jul 6, 2021 | Unemployment risk, liquidity traps and monetary policy | Dario Bonciani and Joonseok Oh
The Global Financial Crisis in 2008 caused a significant and persistent increase in unemployment rates across major advanced economies. The worsening in labour market conditions increased uncertainty about job... |
| Jul 2, 2021 | Covid-19 briefing: working from home and worker productivity | John Lewis, Andrea Šiško and Misa Tanaka
The Covid pandemic has led to a large enforced shift towards working from home (WFH) as a result of 'stay-at-home' policies in many countries. This led to a resurgence in interest in, and new reignit... |
| Jul 1, 2021 | PRA Regulatory Digest - June 2021 | Published on 01 July 2021
Top news and publications
Prudential Regulation Authority Annual Report 2021
The Bank of England's climate-related financial disclosure 2021
PRA statement on firm authorisation under the Temporary Permissions Regim... |
| Jun 11, 2021 | Bank of England : Where is IFRS 9 taking the cost of funding of banks? | Mahmoud Fatouh
IFRS 9 versus IAS 39
In 2018, IFRS 9 came into effect, replacing IAS 39. IFRS 9 has important implications especially for banks, as they mostly hold financial assets. IAS 39 is based on the incurred-loss model, which allows r... |
| Jun 9, 2021 | Bank of England : The Real Effects of Zombie Lending in Europe | Belinda Tracey
'Zombie lending' occurs when a lender supports an otherwise insolvent borrower through forbearance measures such as repayment holidays and temporary interest-only loans. The phrase was first coined for Japan in the late 1990s... |
| Jun 7, 2021 | New forms of digital money | We are keen to hear from a wide range of respondents on the topics and questions posed in this paper, including the payments industry, technology providers, payments users, financial institutions, academics, other central banks and public a... |
| Jun 1, 2021 | PRA Regulatory Digest - May 2021 | Prudential Regulation Authority Business Plan 2021/22
Bank PS 'Updates to the Bank of England's approach to assessing resolvability'
PS10/21 'Resolution assessments: Amendments to reporting and disclosure dates'
PS9/21 'Operational continui... |
| May 19, 2021 | Quantifying culture and its implications for bank riskiness | Joel Suss, David Bholat, Alex Gillespie and Tom Reader
'Bad cultures' at banks are often blamed for scandals and crises, from the global financial crisis to the mis-selling of payment protection insurance (PPI) in the UK. Yet surprisingly l... |
| May 11, 2021 | The consumption response to borrowing constraints in the mortgage market | Belinda Tracey and Neeltje van Horen
How is household consumption affected by borrowing constraints in the mortgage market? In a new paper, we answer this question by studying the UK's Help to Buy (HTB) program over the period 2014-16. The ... |
| May 4, 2021 | PRA Regulatory Digest - April 2021 | Top news and publications
CP8/21 'Regulated fees and levies: Rates proposals 2021/22'
PS8/21 'Non-systemic UK banks: The Prudential Regulation Authority's approach to new and growing banks'
Letter from HM Treasury making recommendations to ... |
| Apr 8, 2021 | It's windy when it's wet why UK insurers may need to reassess their modelling assumptions | Giorgis Hadzilacos, Ryan Li, Paul Harrington, Shane Latchman, John Hillier, Richard Dixon, Charlie New, Alex Alabaster and Tanya Tsapko
The 2015/16 storms caused the most extreme flooding on record, with parts of the UK impacted by heavy pr... |
| Feb 26, 2021 | Cloudy with a chance of tariffs: the impact of policy uncertainty on the global economy | Ed Manuel, Alice Pugh, Anina Thiel, Tugrul Vehbi and Seb Vismara
Average tariffs on goods traded between the US and China increased by 15 percentage points from early 2018 to 2019. By making it more costly to buy goods from abroad, higher t... |
| Feb 16, 2021 | Arguments That Bitcoin Harms The Environment Through Wasteful Emissions Miss The Mark | SpaceX owner and Tesla CEO Elon Musk (R) gestures as he arrives on the red carpet for the Axel ... [+] Springer Awards ceremony, in Berlin, on December 1, 2020. (Photo by Britta Pedersen / POOL / AFP) (Photo by BRITTA PEDERSEN/POOL/AFP via ... |
| Jan 18, 2021 | How Britain paid for war: bond holders in the Great War 1914-32 | Norma Cohen
This post contributes to our occasional series of guest posts by external researchers who have used the Bank of England's archives for their work on subjects outside traditional central banking topics.
In August 1914, Britain wa... |
| Jan 7, 2021 | Why central banks need new tools for dealing with market dysfunction - speech by Andrew Hauser | From Lender of Last Resort to Market Maker of Last Resort via the dash for cash: why central banks need new tools for dealing with market dysfunction
Speech given by
Andrew Hauser, Executive Director, Markets
Reuters, London
7 January 2021
... |
| Dec 18, 2020 | The impact of Covid on machine learning and data science in UK banking | By David Bholat (Advanced Analytics), Mohammed Gharbawi and Oliver Thew (Fintech Hub).footnote [1]
We conducted a survey of banks to understand the impact of the Covid-19 (Covid) pandemic on their use of machine learning (ML) and data scien... |
| Oct 6, 2020 | The leverage ratio: a balance between risk and safety | Jonathan Smith
What was the root cause of the financial crisis? Ask any economist or banker and undoubtedly they will at some point mention leverage (see e.g. here, here and here). Yet when a capital requirement based on leverage - the leve... |
| Aug 31, 2020 | Covid-19 briefing: heterogeneous impacts of the pandemic | Andrea Šiško
The COVID-19 pandemic has rapidly spawned a literature analysing its impact on macroeconomic aggregates. But there's also been work that seeks to look at heterogeneity of impacts across industries, households and individuals. T... |
| Aug 20, 2020 | Monetary policy and happiness | Philip Bunn and Alice Pugh
It has been well established that macroeconomic outcomes, such as recessions and unemployment, can have important impacts on households' well-being. So it follows that monetary policy decisions can affect happines... |
| Jul 21, 2020 | Bank of England : Economic uncertainty before and during the COVID-19 pandemic | Dave Altig, Scott Baker, Jose Maria Barrero, Nick, Bloom, Philip Bunn, Scarlet Chen, Steven J. Davis, Julia Leather, Brent Meyer, Emil Mihaylov, Paul Mizen, Nick Parker, Thomas Renault, Pawel Smietanka and Greg Thwaites.
The unprecedented s... |
| Jun 23, 2020 | Monetary policy and US housing expansions: what can we expect for the post-COVID-19 housing recovery? | Bruno Albuquerque, Martin Iseringhausen and Frédéric Opitz
The fall in aggregate demand due to the COVID-19 shock has brought the eight-year long US housing market expansion to a halt. At the same time, the Federal Reserve and the US Govern... |
| Jun 9, 2020 | Covid-19 Briefing: Corporate Balance Sheets | Neeltje van Horen
Faced with unprecedented declines in corporate revenue, the Covid-19 shock represents a loss of cash flow of indeterminate duration for many firms. It is too early to tell how exactly firms will be affected by this crisis ... |
| May 28, 2020 | How important are large firms for aggregate productivity growth in the UK? | Marko Melolinna
Aggregate labour productivity growth has been low in the UK following the global financial crisis in 2008 (Chart 1). The average annual growth rate has been only 0.7% over the period 2008 to 2019, which is around a third of ... |
| Jul 24, 2019 | AI’s Current Hype and Hysteria Could Set the Technology Back by Decades | wp_booster error:
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| Dec 10, 2018 | How low will bitcoin go? History provides some clues | |
| Sep 14, 2017 | BoE Official: Central Bank Digital Currency Would Need 'Extraordinary' Resilience | A researcher at the Bank of England explored some of the design requirements for a central bank-issued digital currency earlier this week – regardless of whether it utilizes blockchain to operate.
Writing on the Bank Underground blog, Simon... |
| ‘Excess profits’ at big energy and consumer companies pushed up inflation, report claims | New research argues that the impact of companies maintaining margins by passing on higher prices to consumers should not be overlooked as a contributing factor to inflation.
Researchers say this has made inflation “peak higher and remain mo... |
