Statistical Notice 2025/5 - Confidentiality Permission Review 2026
Statistical Notices update the definitions and guidance contained in the Banking Statistics Yellow Folder
Why meetings can harm employee well-being
Every meeting should start with a simple question: why are we meeting? Dotshock/ShutterstockAnyone working in an organisation knows it: meetings follow one after another at a frantic pace. On average, managers spend 23 hours a week in meetings. Much of what happens in them is considered to be of low value, or even entirely counterproductive.
Why Rachel Reeves chose a ‘smorgasbord’ of tax tweaks – and the risks involved in that approach
Andrzej Rostek/ShutterstockChancellor Rachel Reeves has delivered her second budget, in which she raised taxes by £26 billion. This will take the UK tax burden to an all-time high of 38% of GDP by 2030-31. But it will also more than double Reeves’ “fiscal headroom” to £22 billion.
New York’s wealthy warn of a tax exodus after Mamdani’s win – but the data says otherwise
Wealthy New Yorkers have threatened to leave the city if Mayor-elect Zohran Mamdani follows through on his promise to raise taxes on the rich. Charly Triballeau/AFP via Getty ImagesNew York’s mayor-elect, Zohran Mamdani, campaigned on a promise to raise the city’s income tax on its richest residents from 3.9% to 5.9%.
Remit and recommendations for the Financial Policy Committee – November 2025
Letter from the Chancellor to the Governor
PMI drops marginally in Nov amid declining export orders and rising input costs
Greece’s manufacturing PMI recorded a drop in November to 52.7 points, from 53.5 points in the previous month, S&P Global data showed on Monday.
Global or regional safe assets: evidence from bond substitution patterns
This paper provides novel empirical evidence on portfolio rebalancing in international bond markets through the prism of investors’ demand for bonds. Using a granular dataset of global government and corporate bond holdings by mutual funds domiciled in the world’s two largest currency areas, I estimate heterogeneous and time varying demand elasticities for bonds. Safe assets such as US Treasuries or German Bunds face especially inelastic demand from investment funds compared to riskier bonds. But spillovers from these safe assets to global bond markets are strikingly different.
Inflation narratives and expectations
I study how demand-supply narrative disagreement between general and specialized newspapers can explain households’ absolute gap in inflation expectations with experts. I measure inflation narratives via a Causality Extraction algorithm that can identify causal relationships between events in a text and, hence, extract the perceived triggers of inflation. Causal relations can explain why narratives affect people’s beliefs and cannot be captured by dictionary methods, topic models, and word embeddings.
Global or regional safe assets: evidence from bond substitution patterns
This paper provides novel empirical evidence on portfolio rebalancing in international bond markets through the prism of investors’ demand for bonds. Using a granular dataset of global government and corporate bond holdings by mutual funds domiciled in the world’s two largest currency areas, I estimate heterogeneous and time varying demand elasticities for bonds. Safe assets such as US Treasuries or German Bunds face especially inelastic demand from investment funds compared to riskier bonds. But spillovers from these safe assets to global bond markets are strikingly different.
Inflation narratives and expectations
I study how demand-supply narrative disagreement between general and specialized newspapers can explain households’ absolute gap in inflation expectations with experts. I measure inflation narratives via a Causality Extraction algorithm that can identify causal relationships between events in a text and, hence, extract the perceived triggers of inflation. Causal relations can explain why narratives affect people’s beliefs and cannot be captured by dictionary methods, topic models, and word embeddings.
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