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The UK economy is in a "menopausal" phase after passing peak productivity, a Bank of England deputy governor Ben Broadbent said in an interview. He suggested that low productivity growth in Britain looks like the end of the 19th century after the age of steam had passed its peak.
MORGAN STANLEY: Here’s how the rise of cryptocurrencies could change the way central banks deal with future financial crises
Central banks are exploring the usage and creation of digital currencies following a boom in popularity of the likes of bitcoin. While no central bank has yet issued their own cryptocurrency, many are close to doing so.
Just a month ago a rate hike seemed a near certainty, but poor UK economic data all but killed the chance of rates increasing. Last month inflation fell faster than the Bank of England had expected and the economy grew at its slowest annual rate in five years in early 2018.
Just over a month ago, the British pound was seen as the "darling of the currency world," but fast-forward to the present day and the pound has tumbled from 1.43 against the dollar to just 1.35 and suffering its first monthly loss in April in nearly 15 years.
"While the snow had some impact on the economy, particularly in construction and some areas of retail, its overall effect was limited with the bad weather actually boosting energy supply and online sales," Rob Kent-Smith, the ONS' head of national accounts said in a statement.
A report from the Institute for Public Policy Research (IPPR) argues that the bank has kept interest rates too low for too long.
Bank of England Governor Mark Carney's comments come in the same week that EY warned 330,000 jobs in London alone are at risk of automation.
BARCLAYS: The way global central banks work is about to fundamentally change — and technology is to blame
Central banks will almost inevitably move away from their focus on keeping inflation at or around 2%.
London property prices fell by 1% year-on-year in the previous quarter.
A rate hike in May is, in the words of bond market guru Mohamed El-Erian "far from a done deal."