London Daily

Focus on the big picture.
Monday, Sep 01, 2025

Bank of England 'engaging' with Treasury ahead of chancellor's statement

Bank of England 'engaging' with Treasury ahead of chancellor's statement

Deputy governor Sir Dave Ramsden told MPs the central bank was being briefed by the Treasury ahead of the fiscal event.

The Bank of England's deputy governor has said it is "engaging" with the Treasury over the fiscal event expected on 31 October.

Sir Dave Ramsden was speaking to MPs in the Treasury Committee on Monday afternoon when he was asked if the bank has been told about the announcements.

He said: "Yes, we have. We haven't started the monetary policy committee (MPC) round yet which is one reason why I'm able to be here, but we have started putting the forecast together and we are already engaging with Treasury officials who are in turn engaging with the Office for Budget Responsibility on the elements which will go into the 31 October announcement.

"A particularly important thing I've stressed, and Sir Jon Cunliffe (the bank's deputy governor for financial stability) stressed last week, is what the new energy price guarantee will look like."

Last week, new Chancellor Jeremy Hunt said energy support for households will end after six months to be replaced by more targeted support.

Mr Hunt also axed a number of other announcements from predecessor Kwasi Kwarteng's mini-budget, after it prompted a sell-off of government bonds, called gilts.

However, gilt yields have eased since much of the mini-budget was wound back.

Sir Dave said: "You could argue we are quite close to a round trip over what has been a pretty turbulent few weeks.

"We've almost got back to where we started after our MPC announcement in September.

"There is an old adage that credibility is hard won and easily lost; that credibility is being recovered.

"That has to be followed through and a return to the kind of stability around policy making and framing around fiscal events would be important."

The Bank of England's MPC will meet on 3 November, when it will announce the latest move on interest rates and provide its outlook for the economy.

Newsletter

Related Articles

0:00
0:00
Close
Chinese and Indian Leaders Pursue Amity Amid Global Shifts
European Union Plans for Ukraine Deployment
ECB Warns Against Inflation Complacency
Concerns Over North Cyprus Casino Development
Shipping Companies Look Beyond Chinese Finance
Rural Exodus Fueling European Wildfires
China Hosts Major Security Meeting
Chinese Police Successfully Recover Family's Savings from Livestream Purchases
Germany Marks a Decade Since Migrant Wave with Divisions, Success Stories, and Political Shifts
Liverpool Defeat Arsenal 1–0 with Szoboszlai Free-Kick to Stay Top of Premier League
Prince Harry and King Charles to Meet in First Reunion After 20 Months
Chinese Stock Market Rally Fueled by Domestic Investors
Israeli Airstrike in Yemen Kills Houthi Prime Minister
Ukrainian Nationalist Politician Andriy Parubiy Assassinated in Lviv
Corporate America Cuts Middle Management as Bosses Take On Triple the Workload
Parents Sue OpenAI After Teen’s Death, Alleging ChatGPT Encouraged Suicide
Amazon Faces Lawsuit Over 'Buy' Label on Digital Streaming Content
Federal Reserve Independence Questioned Amid Trump’s Push to Reshape Central Bank
British Politics Faces Tumultuous Autumn After Summer of Rebellions and Rising Farage Momentum
US Appeals Court Rules Against Most Trump-Era Tariffs
UK Sought Broad Access to Apple Users’ Data, Court Filing Reveals
UK Bank Shares Dive Over Potential Tax on Sector
Germany’s Auto Industry Sheds 51,500 Jobs in First Half of 2025 Amid Deepening Crisis
Bruce Willis Relocated Due to Advanced Dementia
French and Korean Nuclear Majors Clash As EU Launches Foreign Subsidy Probe
EU Stands Firm on Digital Rules as Trump Warns of Retaliation
Getting Ready for the 3rd Time in Its History, Germany Approves Voluntary Military Service for Teenagers
Argentine President Javier Milei Evacuated After Stones Thrown During Campaign Event
Denmark Confronts U.S. Diplomat Over Covert Trump-Linked Influence in Greenland
Starmer Should Back Away from ECHR, Says Jack Straw
Trump Demands RICO Charges Against George Soros and Son for Funding Violent Protests
Taylor Swift Announces Engagement to NFL Star Travis Kelce
France May Need IMF Bailout, Warns Finance Minister
Chinese AI Chipmaker Cambricon Posts Record Profit as Beijing Pushes Pivot from Nvidia
After the Shock of Defeat, Iranians Yearn for Change
Ukraine Finally Allows Young Men Aged Eighteen to Twenty-Two to Leave the Country
The Porn Remains, Privacy Disappears: How Britain Broke the Internet in Ten Days
YouTube Altered Content by Artificial Intelligence – Without Permission
Welcome to The Definition of Insanity: Germany Edition
Just a reminder, this is Michael Jackson's daughter, Paris.
Spotify’s Strange Move: The Feature Nobody Asked For – Returns
Manhunt in Australia: Armed Anti-Government Suspect Kills Police Officers Sent to Arrest Him
China Launches World’s Most Powerful Neutrino Detector
How Beijing-Linked Networks Shape Elections in New York City
Ukrainian Refugee Iryna Zarutska Fled War To US, Stabbed To Death
Elon Musk Sues Apple and OpenAI Over Alleged App Store Monopoly
2 Australian Police Shot Dead In Encounter In Rural Victoria State
Vietnam Evacuates Hundreds of Thousands as Typhoon Kajiki Strikes; China’s Sanya Shuts Down
UK Government Delays Decision on China’s Proposed London Embassy Amid Concerns Over Redacted Plans
A 150-Year Tradition to Be Abolished? Uproar Over the Popular Central Park Attraction
×