Financial institutions

The Bank of England, Financial Conduct Authority, Prudential Regulation Authority, and Payment Systems Regulator revise Memorandum of Understanding in relation to payments in the UK

06/24/2025 Bank of England Central banks

The Bank of England (the Bank), the Financial Conduct Authority (FCA), the Prudential Regulation Authority (PRA), and the Payment Systems Regulator (PSR) (the Authorities) have a Memorandum of Understanding (MoU) which sets out the high-level framework that we use to cooperate with one another in relation to payments in the UK.

Climate change, firms and aggregate productivity

06/24/2025 European Central Bank Central banks

Our paper uses a general equilibrium framework to examine the effects of temperature on firm-level demand, productivity and input allocative efficiency. Using data from Italian firms and detailed climate data, it uncovers a sizeable negative effect of extreme temperatures on firm-level productivity. Based on these estimates, the model generates aggregate productivity losses from local temperature fluctuations that are higher than previously thought, ranging from 0.60% to 6.82% depending on the scenario and the extent of adaptation.

Letter from Andrew Bailey 'The Bank’s policies on reserve accounts and Quantitative Tightening.'

06/23/2025 Bank of England Central banks

Letter to Richard Tice MP

Bank of England renews its commitment to adhere to the FX Global Code

06/23/2025 Bank of England Central banks

The Bank of England (BoE) has renewed the Statement of Commitment to the FX Global Code (‘Code’) based on the revised Code dated December 2024

Asset Purchase Facility: Gilt Sales – Market Notice 20 June 2025

06/20/2025 Bank of England Central banks

This Market Notice sets out the schedule for sales in Q3 2025 of gilts held in the Asset Purchase Facility (APF) for monetary policy purposes.

Minutes of the Meeting of the Court of Directors held on 10 April 2025

06/20/2025 Bank of England Central banks

The Bank's Court of Directors acts as a unitary board, setting the organisation's strategy and budget and taking key decisions on resourcing and appointments. Required to meet a minimum seven times per year, it has five executive members from the Bank and up to nine non-executive members.

Bank Rate maintained at 4.25% - June 2025

06/19/2025 Bank of England Central banks

The Bank of England’s Monetary Policy Committee is responsible for making decisions about Bank Rate.

Exchange of letters between the Governor and the Chancellor regarding CPI Inflation - June 2025

06/19/2025 Bank of England Central banks

Exchange of letters between the Governor and the Chancellor

Index-linked Treasury Stock

06/18/2025 Bank of England Central banks

Index-linked treasury stocks are gilts issued by the UK Government. They pay out twice a year, with the amount indexed to the Retail Prices Index.

A new model to forecast energy inflation in the euro area

06/12/2025 European Central Bank Central banks

Energy inflation is a major source of headline inflation volatility and forecast errors, therefore it is critical to model it accurately. This paper introduces a novel suite of Bayesian VAR models for euro area HICP energy inflation, which adopts a granular, bottom-up approach – disaggregating energy into subcomponents, such as fuels, gas, and electricity. The suite incorporates key features for energy prices: stochastic volatility, outlier correction, high-frequency indicators, and pre-tax price modelling.

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