Bank Underground

Bank Underground

Bank of England

Bank Underground is a blog written by staff at the Bank of England. On Bank Underground, authors write in an individual capacity and there is no “house view”.


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Bank of England · 22 February 2024 English

Dario Bonciani and Johannes Fischer The UK economy has been hit by significant terms-of-trade shocks, most notably the rise in energy prices following the Russian invasion of Ukraine. These shocks …


Bank of England · 21 February 2024 English

Alice Crundwell and William Bennett Accurate measures of the number of firms at risk of failure are becoming increasingly important for policymakers, as corporate insolvencies are continuing to rise and …


Bank of England · 14 February 2024 English

Josh Martin The Monetary Policy Committee has recently looked at wage growth as an important indicator of inflation persistence. One way that wages matter for price inflation is as a …


Bank of England · 7 February 2024 English

Daniel Norris, Elio Cucullo and Vasilis Jacovides When borrowers enter a fixed-rate mortgage, lenders test whether they could continue to afford their mortgage if interest rates were to increase by …


Bank of England · 18 January 2024 English

Ed Hill Once the stuff of science fiction, quantum technologies are advancing fast. Individual quantum computers are finding a range of applications, primarily driven by the immense speed-ups they offer …


Bank of England · 17 January 2024 English

Lennart Brandt, Natalie Burr and Krisztian Gado The Bank of England has a 2% annual inflation rate target in the ONS’ consumer prices index. But looking at its 700 item …


Bank of England · 11 January 2024 English

Julia Giese and Charlotte Grace In response to the global financial crisis, the Bank of England (BoE) began using Product-Mix Auctions (PMA) to provide liquidity insurance to financial institutions. The …


Bank of England · 21 December 2023 English

Rebecca Freeman As another year draws to an end and the blog prepares for some downtime over the festive period, we wanted to take a look back at the blog …


Bank of England · 20 December 2023 English

Daniel Albuquerque and Jamie Lenney Rent prices have risen by 9% on average in England since the Bank of England’s Monetary Policy Committee (MPC) started raising interest rates in December …


Bank of England · 30 November 2023 English

Ambrogio Cesa-Bianchi, Richard Harrison and Rana Sajedi Recent increases in interest rates around the world, following a multi-decade decline, have intensified the debate on their long-run prospects. Are previous trends …