Bank of England

The Bank of England (BoE) considered buying bicycles so its officials could move around London in the event of a full-scale financial meltdown, it has been revealed.

GOSLING'S GROUSE

Bank of England deputy governor Paul Tucker has denied being asked by government officials to encourage banks to lower LIBOR submissions at the height of the crisis in 2008.

CBI economist Ian McCafferty has become an external member of the Bank of England's Monetary Policy Committee (MPC).

The European Central Bank has cut interest rates to a record low, from 1% to 0.75%, mimicking action taken around the globe today, as the authorities move to rescue the deteriorating global economy.

The Bank of England will continue with its quantitative easing programme until it owns all of the gilt market not controlled by life companies, according to Schroders' Gareth Isaac.

Indices across Europe are expected to open flat ahead of the anticipated moves from the ECB to cut interest rates and a further injection of QE from the Bank of England.

The Bank of England's deputy governor Paul Tucker has asked to be allowed to address the Treasury Select Committee following the revelation he contacted Bob Diamond to discuss Barclays' LIBOR submissions.

DIAMOND DEPARTS

Bank of England governor Sir Mervyn King has called for the current LIBOR system to be overhauled following the Barclays debacle.