LONDON, May 6 (Reuters) - The Bank of England's Monetary
Policy Committee meets to deliberate interest rates this week
against a background of slowing growth but persistent
inflationary pressure.
The Bank cut interest rates to 5 percent in April -- its
third quarter-point cut since December -- to shore up the
economy in the face of the credit squeeze. However, inflationary
pressures are rising and only five of 65 economists polled by
Reuters expect another cut on Thursday.
Following is a summary of the main UK economic data over the
past month.
LATEST RELATION F'CAST MARCH
TO F'CAST MEEING
CPI yy 2.5 WEAKER 2.6 2.5
RPI yy 3.8 WEAKER 3.9 4.1
RPI-X yy 3.5 WEAKER 3.6 3.7
Core Output Prices SA yy 3.0 SAME 3.0 3.0
PPI Output yy 6.2 STRONGER 5.6 5.7
PPI Input SA yy 20.4 STRONGER 19.3 19.3
Ave Earnings 3m yy 3.7 STRONGER 3.6 3.7
Claimant Count (000s) -1.2 STRONGER -1.0 -2.8
Jobless Rate 5.2 SAME 5.2 5.2
Retail Sales mm -0.4 WEAKER -0.3 1.0
CBI Reported Sales (bal.) -26 WEAKER -3 1
GfK Cons Confidence -24 WEAKER -20 -19
BoE Mtg approvals (000s) 64 WEAKER 65 73
BoE Mtg lending (bln stg) 6.9 WEAKER 7.2 7.4
BoE Consumer Credit 1.2 SAME 1.2 2.4
RICS Housing (bal.) -78.5 WEAKER -67.5 -64.1
Nationwide mm -1.1 n/a n/a -0.6
Halifax mm -1.3 n/a n/a -2.5
Manuf. Production mm ** 0.4
Indust. Production mm ** 0.3
CBI Orders (bal.) -13 WEAKER +4 +7
CIPS/NTC Mfg PMI 51.0 STRONGER 50.8 51.3
CIPS/NTC Svcs PMI 50.4 WEAKER 51.6 52.1
Trade Balance (bln stg) 7.5 SAME 7.5 7.5
M4 Money growth (pct, mm) 0.8 n/a n/a 0.2
GBP trade-weighted <=GBP> 93.1 n/a n/a 93.4
Jun Short Stg <FSSM8> 94.50 n/a n/a 94.61
FTSE 100 <.FTSE> 6,191 n/a n/a 5,909
** The following data will be released on Wednesday, May 7.
NOTES
All numbers listed under the April meeting reflect data as
they were available to policymakers at the time. Some of the
numbers may have been revised since then.
For recent MPC rate comments click on [ID:nBOEQUOTES]
For a chronology of MPC voting click on [IDn:nL25694952]
((uk.economics@reuters.com; Tel +44 207 542 7748; Reuters
messaging:christina.fincher.reuters.com@reuters.net))
Keywords: BRITAIN ECONOMY/CHECKLIST
...............................................................
For news and data, double-click on the codes in brackets.
Access to some items may depend on subscription level.
..............................................................
> ***SNAPSHOT - WORLD KEY OFFICIAL INTEREST RATES*** [INT/RATE]
> FACTBOX-Global interest rates [GLOBAL/INT]
...............................................................
G7 CENTRAL BANKS
> Fed's Fisher likely to continue opposing US easing[nN06468351]
> BoE set to hold fire on rates for now, cut in June [nL0616599]
> ECB to hold rates but will Trichet crack whip? [ID:nL0592841]
> Soaring food prices "very worrying"-ECB's Ordonez [nL069931]
RBA
> Australia cenbank holds rates, sees slowdown [nSYD41735]
> TEXT-Australia central bank statement on rates [nSYA003641]
> Australian rate changes since 1990 [nSYD224597]
OTHER CENTRAL BANK NEWS
> HIGHLIGHTS-Key comments from policymakers at ADB [nL06894551]
> Marginal interest rate in SNB dollar repo 2.27 pct[nZAT007709]
> Romania hikes rates, inflation threatens region [nL0590229]
> Russia c.bank rejects rouble appreciation talk [nL06152460]
> France fully unfreezes Russia c.bank account [nL06421852]
> Indonesia c.bank raises key rate, more likely [nJAK171288]
> TEXT-Indonesia's c.bank raises key rate to 8.25 pc[nJAK212792]
> Qatar eyes home loan change as interest rates fall[nL06669862]
> S.Korean economists split over rate cut or hold [nSEO147499]
...............................................................
> The outlook for Federal Reserve policy [FED/AHEAD]
> Reuters coverage of Basel II accord [ID:nL10281706]
...............................................................
UPCOMING CENTRAL BANK MEETINGS, EVENTS
| Fed June 24/25 | BOJ May 19/20 |
| ECB May 8 | BoE May 7/8 |
| BOC June 10 | RBA June 3 |
| Riksbank* July 2 | RBNZ June 5 |
| Swiss Nat Bank June 19 | Norges Bank May 28 |
* Announcement July 3
> Major central bank events [CEN/DIARY]
> Diary of emerging market central bank events [CEN/EMRG]
................................................................
REUTERS POLLS
| US Fed Funds rate [FED/R] | ECB rates [ECB/INT] |
| British rates [BOE/INT] | Canadian rates [CA/INT] |
| Japanese rates [BOJ/INT] | Chinese rates [CNY/POLL] |
| Australian rates [AU/INT] | Swiss rates [SNB/INT] |
| Swedish rates [SE/INT] | South African rates [ZA/INT] |
| Top poll news [POLL/]
...............................................................
LATEST NEWS ON CENTRAL BANKS
| Central bank news [CEN] | U.S. Federal Reserve [FED] |
| Bank of Japan [BOJ] | European Central Bank [ECB] |
| Swiss National Bank [SNB] | Bank of England [BOE] |
| All forex news [FRX] | Economic indicators [ECI] |
| Central Bank index<CENTRAL1>| Central bank rates<KEYRATES/1> |
T ...............................................................
CENTRAL BANKERS' COMMENTS
| Federal Reserve[FED/QUOTES] | ECB [ECB/QUOTES]|
| Bank of England[BOE/QUOTES] | Swiss National Bank[SNB/QUOTES]|
| Sweden Riksbank[RIK/QUOTES] |
...............................................................
DIARIES
| Fed diary [FED/DIARY] | ECB diary [ECB/DIARY] |
| Today's FX market[MI/DIARY] | Financial events [KEY/DIARY] |
| Diary index [IND/DIARY] | Polling diary [POLL/DIARY] |
..............................................................
WEB ADDRESSES
Federal Reserve: http://www.federalreserve.gov/
Bank of Japan: http://www.boj.or.jp/en/index.htm
European Central Bank: http://www.ecb.int/index.html
Bank of England: http://www.bankofengland.co.uk/
Bank of Canada: http://www.bankofcanada.ca/en/
Swiss National Bank: http://www.snb.ch
..............................................................
((David Stamp; London Treasury Desk +44 207 542 7716))
LONDON, May 6 (Reuters) - Britain's financial watchdog is disappointed at the government's slowness in granting it new powers to combat market abuse, including the ability to grant immunity from prosecution in exchange for evidence, it said.
Chancellor of the Exchequer (Finance Minister) Alistair Darling said in March that Britain planned to give the Financial Services Authority (FSA) new powers to combat market abuse, including a U.S.-style whistleblower system and plea-bargaining, to help track down "smoking guns".
Speaking in a wide-ranging parliamentary committee hearing on Tuesday, however, FSA Chief Executive Hector Sants said the regulator was disappointed there was still no timetable as to when the powers would be granted.
"We are in the hands of the government to give us the legal powers," FSA Chairman Callum McCarthy told the Treasury Select Committee during the hearing. "That has not yet happened."
The FSA, long under fire for not cracking down on insider dealing and market abuse, published data last week indicating irregular trades before mergers and acquisitions in 2007 were almost unchanged from the previous year, but said it would boost its investigation team and use jail sentences and tougher fines to create a "credible deterrent".
Speaking before the influential Treasury Select Committee as part of a cross-party inquiry into financial stability and transparency, Sants and McCarthy were also again questioned on the near-collapse of mortgage bank Northern Rock.
The Northern Rock debacle shook the credibility of the FSA and of Britain's entire regulatory system, particularly the "tripartite" format which shares financial regulation between the FSA, the Bank of England (BoE) and the Treasury.
BoE Governor Mervyn King last week attacked the arrangement that sees a BoE official sitting on the FSA board and vice versa, saying the positions were irrelevant and "created enormous confusion".
The FSA said on Tuesday it favoured giving the Bank formal responsibility for financial stability and welcomed clarity that would stop it becoming a confusing "parallel supervisor".
"A clearer mandate would help encourage the bank to be more proactive in that area, and we would welcome that," Sants said.
A further consultation paper on the shape of British financial regulation after the Northern Rock crisis is due this summer, with legislation expected later in the year. (Reporting by Clara Ferreira-Marques; Editing by David Hulmes) ((clara.ferreira-marques@reuters.com; +44 207 542 3214; Reuters Messaging: clara.ferreira-marques.reuters.com@reuters.net))
Keywords: BRITAIN FSA/
...............................................................
For news and data, double-click on the codes in brackets.
Access to some items may depend on subscription level.
..............................................................
> ***SNAPSHOT - WORLD KEY OFFICIAL INTEREST RATES*** [INT/RATE]
> FACTBOX-Global interest rates [GLOBAL/INT]
...............................................................
G7 CENTRAL BANKS
> ECB to hold rates but will Trichet crack the whip? [nL0592841]
> Soaring food prices "very worrying"-ECB's Ordonez [nL069931]
> Bernanke:High foreclosure rates hurt broad economy[nN05411340]
> Fed - banks in US still tightening loan standards [nN05528226]
> The outlook for Federal Reserve policy [nFEDAHEAD]
> Policymakers should keep eye on FX effects-BoC [nN05381749]
RBA
> Australia cenbank holds rates, sees slowdown [nSYD41735]
> TEXT-Australia central bank statement on rates [nSYA003641]
> Australian rate changes since 1990 [nSYD224597]
OTHER CENTRAL BANK NEWS
> HIGHLIGHTS-Key comments from policymakers at ADB [nL06894551]
> Russia c.bank rejects rouble appreciation talk [nL06152460]
> Romanian c.bank raises rates to combat inflation [nL06320241]
> Indonesia c.bank raises key rate to 8.25 pct [nJAK71990]
> Qatar eyes home loan change as interest rates fall[nL06669862]
> Indonesia c.bank raises benchmark rate to 8.25 pct[nJKB000654]
> S.Korean economists split over rate cut or hold [nSEO147499]
...............................................................
> The outlook for Federal Reserve policy [FED/AHEAD]
> Reuters coverage of Basel II accord [ID:nL10281706]
...............................................................
UPCOMING CENTRAL BANK MEETINGS, EVENTS
| Fed June 24/25 | BOJ May 19/20 |
| ECB May 8 | BoE May 7/8 |
| BOC June 10 | RBA June 3 |
| Riksbank* July 2 | RBNZ June 5 |
| Swiss Nat Bank June 19 | Norges Bank May 28 |
* Announcement July 3
> Major central bank events [CEN/DIARY]
> Diary of emerging market central bank events [CEN/EMRG]
................................................................
REUTERS POLLS
| US Fed Funds rate [FED/R] | ECB rates [ECB/INT] |
| British rates [BOE/INT] | Canadian rates [CA/INT] |
| Japanese rates [BOJ/INT] | Chinese rates [CNY/POLL] |
| Australian rates [AU/INT] | Swiss rates [SNB/INT] |
| Swedish rates [SE/INT] | South African rates [ZA/INT] |
| Top poll news [POLL/]
...............................................................
LATEST NEWS ON CENTRAL BANKS
| Central bank news [CEN] | U.S. Federal Reserve [FED] |
| Bank of Japan [BOJ] | European Central Bank [ECB] |
| Swiss National Bank [SNB] | Bank of England [BOE] |
| All forex news [FRX] | Economic indicators [ECI] |
| Central Bank index<CENTRAL1>| Central bank rates<KEYRATES/1> |
T ...............................................................
CENTRAL BANKERS' COMMENTS
| Federal Reserve[FED/QUOTES] | ECB [ECB/QUOTES]|
| Bank of England[BOE/QUOTES] | Swiss National Bank[SNB/QUOTES]|
| Sweden Riksbank[RIK/QUOTES] |
...............................................................
DIARIES
| Fed diary [FED/DIARY] | ECB diary [ECB/DIARY] |
| Today's FX market[MI/DIARY] | Financial events [KEY/DIARY] |
| Diary index [IND/DIARY] | Polling diary [POLL/DIARY] |
..............................................................
WEB ADDRESSES
Federal Reserve: http://www.federalreserve.gov/
Bank of Japan: http://www.boj.or.jp/en/index.htm
European Central Bank: http://www.ecb.int/index.html
Bank of England: http://www.bankofengland.co.uk/
Bank of Canada: http://www.bankofcanada.ca/en/
Swiss National Bank: http://www.snb.ch
..............................................................
((David Stamp; London Treasury Desk +44 207 542 7716))
LONDON, May 6 (Reuters) - The Bank of England said on Tuesday it was offering 6.57 billion pounds ($12.90 billion) in a reserves fine-tuning operation.
(Reporting by Matt Falloon)
((UK Economics desk, uk.economics@reuters.com)) ($1=.5091 Pound)
Keywords: BRITAIN BANK/FINETUNE
Next: *TOP NEWS* Central banks