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Posts Tagged ‘Bank of England’

Now Your Money’s Even Safer In The Bank

Or perhaps we should say that now more of your money is safe in the bank. For the Bank of England has just decided to raise the amount of deposit insurance that we might get if a bank goes bust. The aim here is to make sure that peoples’ worries don’t set off another bank run like that which happened to Northern Rock.

At the moment a deposit of up to £85,000 in a bank is guaranteed by the Bank of England. If the bank goes tits up then you still get your £80k back. This covers all your accounts at the one bank though: so it’s not each account. Now they’re saying that in certain circumstances it could be up to £1 million which is covered:

The Bank of England said on Monday that if someone has a large amount of money in their account for reasons such as buying a house, they will be protected by the Financial Services Compensation Scheme.

Currently, £85,000 worth of savings are protected in the event of a bank failure, but the Bank said this should be extended. The increased protection, which would apply from six months after the money is transferred, applies to:

• Funds in an account because someone is buying a house
• Pay-outs from life insurance, divorce settlements and retirement or dismissal pay.
• Compensation for criminal injuries or wrongful conviction

I should be said that this isn’t going to make all that much difference to all that many people. And it’s also not going to make much difference to the chances of a bank run either. For it’s not actually that movement of the money that is a problem in a bank run. It’s the queues of people trying to move their money that is. And as there are never all that many people in hte country in the situations above at any one time they’re just not going to end up causing a queue.

So it’s all vaguely interesting but probably is best classified as someone wanting to be seen doing something. Rather than, you know, anything useful or important.

Posted: 6th, October 2014 | In: Reviews | Comment

Is Jane Austen Too Airbrushed On The New Banknote?

Jane-Austen dolly

THE Bank of England decided that they needed to get some women involved on our currency. The hooters and sneerers pointed out that The Queen was pretty ubiquitous on our money, but everyone else acknowledged that it was a bit of a sausagefest and that we’re lucky enough to have some incredible achievements from womenfolk and that should be celebrated.

And so, we ended up with Jane Austen, and no-one could argue with her outstanding contribution to the English language.

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Posted: 5th, November 2013 | In: Money, Reviews | Comment

The Bank of England keeping token women on banknotes is no victory

LIKE many people, I’m delighted with the news that the Bank of England will be keeping women on our banknotes. I made this cartoon in support of the campaign.


There’s a few things about the reaction to the news which have struck me, so I thought I’d jot my notes down.

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Posted: 26th, July 2013 | In: Money, Reviews | Comment

In photos: The Queen tours Bank of England gold vaults

IN photos: Queen Elizabeth II tours the gold vault during her visit to the Bank of England in central London. You should see her basement…

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Posted: 13th, December 2012 | In: Royal Family | Comment

Gordon Brown’s Solid Gold Joke

MORE news on serious Gordon Brown.

Gordon’ at Lancaster House. It’s a drinks reception, with nibbles, to congratulate and paw over Britain’s Olympic gold medal winners. Says Gordon:

“There is more gold in this room than in the Bank of England.”

Ho-ho. No, he’s right. It’s not funny. Brown only does serious. There is more gold around an Olympian’s neck than in the BoE. Why? Because Gordon Brown sold the nation’s gold reserves.

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Posted: 7th, October 2008 | In: Money, Politicians | Comment (1)

Bank Of England’s Money Management On The Never Never

The Governor of the Bank of England, Mervyn King, said today that:

“In these extraordinary market conditions, the Bank of England will take all actions necessary to ensure that the banking system has access to sufficient liquidity”

Translated into English, that means that the Bank of England relaxed borrowing rules for financial institutions, and will accept as collateral stuff which it has previously refused to touch with a barge pole.

There were, of course, good reasons why they previously refused to touch it with a barge pole, but we’ll worry about that later.

It’s crisis management on the never never…


Posted: 3rd, October 2008 | In: Reviews | Comment