LONDON The highly uncertain outlook for Britain's economy as it prepares to leave the European Union means the Bank of England should keep interest rates on hold, a top Bank of England policymaker said on Monday.
Gertjan Vlieghe, one of the strongest advocates for Bank of England stimulus in the aftermath of June's Brexit vote, said upside or downside surprises in Britain's economy need not prompt automatic changes in British monetary policy.
But he warned "tension" between pessimism about Britain's economic prospects in financial markets, caution in businesses and relative optimism in households could not last.
"For now, given our current economic outlook, and given the level of the exchange rate..., the best contribution that monetary policy can make to returning inflation to target while avoiding undesirable volatility in output growth is to keep interest rates where they are now," Vlieghe said in a speech at Sheffield University.
Vlieghe also said Britain's economy had held up better in the second and third quarters of this year than he had feared, and that the uncertainty around Brexit had not so far prompted big changes in businesses' hiring and spending plans.
He said Britain was going through more of a "slow-motion slowdown".
Vlieghe also added his voice to the defence of low interest rate policies around the world, arguing that they are the symptoms of problems in the global economy rather than their cause.
(Reporting by William Schomberg, writing by Andy Bruce; Editing by Toby Chopra)
The shot comes about two minutes and thirty-four seconds into the video. A mother in her late 60s, dressed in a cream-colored suit, stands in an almost empty room, watching her daughter on TV. As her daughter speaks, the mother turns to the woman who is seated next to her, and squeals: Ohhhh she looks so prettyyyyy!
Its a show of motherly pride so natural it would be completely unremarkable were it not for the fact that the the mother in the room is Hillary Clinton, the daughter is Chelsea Clinton, and the clip is part of a backstage compilation video about the 2016 Democratic National Convention, produced by the Clinton campaign.
In the surreal world
Unemployment in America may have hit a forty-year low, but few Americans are taking comfort in numbers. According to a new poll, nearly three-quarters of Americans believe the U.S. economy is rigged.
A national study, conducted last May by Marketplace and Edison, asked 1,022 participants about numerous aspects of their financial lives, ranging from job hunts and medical bills to the date of their most recent family vacation. The survey results produced a grim portrait of economic anxiety that is crossing class, race, and political boundaries.
According to the survey, 32% of Americans say they lose sleep over their financial situation, and 48% of Americans believe the economy for the next generation of Americans will be worse than that of the present. Even more jarring is the finding that 71% of Americans believe the economic system in the U.S. is rigged in favor of certain groups. 61% of Hispanic and 71% of White/Other respondents shared this belief, while over 80% of African Americans agreed with the statement.
The respondents outlook on the current political climate is just as bleak. 75% said they were dissatisfied or angry with elected officials in Washington, while 47% were not satisfied at all with this years selection of candidates for president. Indeed, almost half of respondents believed that the choice of a Republican or Democrat for the White House would make no difference to their personal financial situation.
Rigged is enjoying its moment in American parlance. Democratic nominee Bernie Sanders November 2015 Rigged Economy ad first used the term to blame the government and Wall Street for eradicating the middle class. This is an economy that is rigged and meant to benefit those on top, Sanders stated at a rally in Los Angeles last August. We need an economy that works for all people. Fellow outsider Donald Trump followed suit, branding the American economy as well as the GOP nomination system under the same adjective. At a rally in New York this past April, Trump declared, If you think about it, the economy is rigged. The banking system is rigged. Theres a lot of things that are rigged in this world of ours, and thats why a lot of you havent had an effective wage increase in 20 years, folks.
Since survey respondents represented a roughly equal mix of conservative and liberal values, their collective opinions concerning the rigged economy is all the more telling. With economicnot to mention politicalpolarization threatening to grow ever higher, it appears that Americans have found at least one topic on which (almost) everybody agrees.
New York is the star of the presidential election today as it holds both Democratic and Republican primaries.
The Empire State has 291 Democratic delegates and 95 Republican delegates up for grabs, meaning that the fight could be extremely worthwhile as the candidates try to reach the minimum number of delegates required to secure their respective nominations.
In addition to the big-number victories at stake, there has also been a two-week gap in the presidential calendar since the last primary, adding to the drama of today's events.
Here are five story lines to watch as we await the results:
Polling in New York suggests that Sen. Bernie Sanders has been slowly cr
SAN BERNARDINO, Calif. Investigators on Thursday hunted for a motive in the backgrounds of a husband and wife suspected in a shooting rampage that left 14 dead and 17 others wounded here, while federal agents traced the origins of the four guns recovered from the suspects at least two of them bought legally and officers combed through a sprawling set of crime scenes for evidence.
The suspects, identified as Syed Rizwan Farook, 28, and Tashfeen Malik, 27 armed with .223-caliber assault rifles and semiautomatic handguns and wearing masks and body armor are believed to have opened fire at a social services center here around 11 a.m. on Wednesday, unleashing the deadliest mass shooti
Tony Dejak/AP Demonstrators in Cleveland protest over the police shooting of Tamir Rice.
Two independent experts have concluded that the fatal police shooting of Tamir Rice was unjustified, the Daily News has learned.
The 12-year-old boy was carrying a toy gun on Nov. 22, 2014 when he was gunned down in a Cleveland park by a cop who opened fire seconds after hopping out of his patrol car.