Is the new agreement too lax a timetable for the banks to comply with?
The Bank of England has focused too much on avoiding deflation at the expense of countering declining real incomes, according to Cazenove.
A cooling global economy and an impending austerity squeeze in Britain will make the Bank of England (BoE) wait well into next year before hiking interest rates, a poll of 60 economists suggests.
Stanley Druckenmiller, the manager who helped George Soros make $1bn by ‘breaking' the Bank of England, plans to retire after thirty years in the industry.
The Bank of England has revised down its forecast for UK economic growth and expects inflation to remain above the 2% target until the end of next year.
Bank of England governor Mervyn King says growth is going to be weaker than previously expected and inflation is likely to above the 2% target until the end of 2011.
The Bank of England is today expected to lower its economic growth forecast for the UK and raise its expectations for inflation next year.