Dave Ramsden Adds Monetary Insight
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David Ramsden: Monetary Policy from End To
Monetary Policy From End To End: Define, Decide, Deliver Speech given by Dave Ramsden, Deputy Governor for Markets and Banking The Strand Group Lecture Series King’s College London 20 November 2017 I’d like to thank Grellan McGrath for his assistance in preparing this speech, and colleagues around the Bank for their useful comments 1 All speeches are available online at www.bankofengland.co.uk/speeches End to End Monetary Policy This is my first speech in my new role as Deputy Governor for Markets and Banking, and as a member of the Monetary Policy Committee (MPC). It is a pleasure to be giving it in the newest part of King’s College London and in my position as a visiting professor here at King’s. And I’m delighted it’s the 25th Strand Group event, showing how this flagship series of policy relevant events has already become well established. One of the key differences between my old and my new role is the level of accountability. As Chief Economic Advisor to HM Treasury for the past 10 years, as would be expected under the civil service code, I was generally responsible for giving evidence-based advice to ministers who were ultimately accountable for their decisions to parliament and the public. That is very different in my new role in which I am directly accountable to parliament and public for decisions taken as a member of the MPC, Financial Policy Committee (FPC) and Prudential Regulation Committee (PRC). I also have a direct set of prescribed responsibilities under the Bank’s application to itself of the Senior Managers Regime – a framework developed to improve accountability at the top of financial services firms. -
Appointment of Charlotte Hogg As Deputy Governor of the Bank of England: Second Report
House of Commons Treasury Committee Appointment of Charlotte Hogg as Deputy Governor of the Bank of England: Second Report Twelfth Report of Session 2016–17 Report, together with formal minutes relating to the report Ordered by the House of Commons to be printed 13 March 2017 HC 1092 Published on 14 March 2017 by authority of the House of Commons The Treasury Committee The Treasury Committee is appointed by the House of Commons to examine the expenditure, administration, and policy of HM Treasury, HM Revenue and Customs and associated public bodies. Current membership Mr Andrew Tyrie MP (Conservative, Chichester) (Chair) Mr Steve Baker MP (Conservative, Wycombe) Helen Goodman MP (Labour, Bishop Auckland) Stephen Hammond MP (Conservative, Wimbledon) George Kerevan MP (Scottish National Party, East Lothian) Kit Malthouse MP (Conservative, North West Hampshire) John Mann MP (Labour, Bassetlaw) Chris Philp MP (Conservative, Croydon South) Mr Jacob Rees-Mogg MP (Conservative, North East Somerset) Rachel Reeves MP (Labour, Leeds West) Wes Streeting MP (Labour, Ilford North) The following member was also a member of the committee during the Parliament: Mark Garnier MP (Conservative, Wyre Forest) Powers The Committee is one of the departmental select committees, the powers of which are set out in House of Commons Standing Orders, principally in SO No 152. These are available on the internet via www.parliament.uk. Publication Committee reports are published on the Committee’s website at www.parliament.uk/treascom and in print by Order of the House. Evidence relating to this report is published on the inquiry page of the Committee’s website. -
Speech by Dave Ramsden at Inverness Chamber of Commerce
Resilience: three lessons from the financial crisis1 Speech given by Dave Ramsden, Deputy Governor for Markets & Banking Inverness Chamber of Commerce 30 May 2019 1With thanks to Tom Smith for his assistance in preparing these remarks and to staff across Bank, including Alex Baiden from the Bank’s Advanced Analytics division and Nick Bate and Liam Crowley-Reidy from the Bank’s Monetary Analysis directorate, for their many contributions, as well as my colleagues on the MPC for their helpful comments and suggestions. 1 All speeches are available online at www.bankofengland.co.uk/news/speeches 1 Introduction It’s great to be here in Inverness, and to be speaking here this morning. My talk today is going to focus on resilience. The first definition of resilience thrown up by Google is “the capacity to recover quickly from difficulties; toughness”. It seems apt that I should be focusing on this here in Inverness as Scotland itself is a famously resilient nation. Robert the Bruce was taught resilience by a spider. Scotland’s mountains epitomise geological resilience and tests the physical resilience of walkers and climbers. The Scottish economy has been through some tough times, but proved relatively resilient during the financial crisis, with Scottish onshore GDP falling much less than overall UK GDP. Even the existence of the Loch Ness monster has proved resilient to continued scientific investigation. And resilience is a word that you hear a lot these days (Chart 1). Psychological resilience is lauded as a virtue as life becomes more complex and challenging. Ecological resilience is becoming increasingly prominent as the world comes to terms with the threat from climate change. -
Remarks by Dave Ramsden at ISO 20022 Conference, Bank Of
Setting standards Remarks given by Dave Ramsden, Deputy Governor for Markets and Banking ISO 20022 Conference, Bank of England 6 December 2018 With thanks to Carsten Jung, Amy Lee, Varun Paul, Neil Pearston, Cameron Penny, James Southgate and Tom Smith. 1 All speeches are available online at www.bankofengland.co.uk/publications/Pages/speeches/default.aspx Welcome all to today’s ISO 20022 conference. ISO produces a lot of standards, but it’s those related to financial messaging, and in particular payments data which is what we’re here to talk about today. I’m going to open this event by talking a little more about why the Bank, along with Pay.UK and the Payment Systems Regulator (PSR), is so keen to work with the payments industry to deliver this important change to create the conditions for the next generation of innovation in UK payments and internationally. To the Bank of England, data, and the ability to collect, process and interrogate them, is vital to its ongoing ability to deliver its mission. Careful analysis of economic data is a key input into the Monetary Policy Committee’s deliberations. The Bank collects large quantities of data from the firms it supervises; that lets us understand their businesses individually and collectively, and so underpins the decisions of the Financial Policy Committee and Prudential Regulation Authority. In my own area, Markets and Banking, financial market data are crucial for calibrating and managing our own operations and risk management. The decisions that we make affect the whole economy, and ultimately serve the good of the people of the United Kingdom. -
Re-Appointment of Sir Jon Cunliffe As Deputy Governor for Financial Stability at the Bank of England
House of Commons Treasury Committee Re-appointment of Sir Jon Cunliffe as Deputy Governor for Financial Stability at the Bank of England Twenty-Third Report of Session 2017–19 Report, together with formal minutes relating to the report Ordered by the House of Commons to be printed 17 October 2018 HC 1626 Published on 18 October 2018 by authority of the House of Commons The Treasury Committee The Treasury Committee is appointed by the House of Commons to examine the expenditure, administration, and policy of HM Treasury, HM Revenue and Customs and associated public bodies Current membership Nicky Morgan MP (Conservative, Loughborough) (Chair) Rushanara Ali MP (Labour, Bethnal Green and Bow) Mr Simon Clarke MP (Conservative, Middlesbrough South and East Cleveland) Charlie Elphicke MP (Independent, Dover) Stephen Hammond MP (Conservative, Wimbledon) Stewart Hosie MP (Scottish National Party, Dundee East) Mr Alister Jack MP (Conservative, Dumfries and Galloway) Alison McGovern MP (Labour, Wirral South) Catherine McKinnell MP (Labour, Newcastle upon Tyne North) John Mann MP (Labour, Bassetlaw) Wes Streeting MP (Labour, Ilford North) Powers The committee is one of the departmental select committees, the powers of which are set out in House of Commons Standing Orders, principally in SO No. 152. These are available on the internet via www.parliament.uk. Publication Committee reports are published on the Committee’s website at www.parliament.uk/treascom and in print by Order of the House. Evidence relating to this report is published on the inquiry -
Formal Minutes Relating to the Consideration of the Report Are Published in the First Report of the Committee, HC 122
Monday 23 May 2016 Members present: Mr Andrew Tyrie, in the Chair Mr Steve Baker Chris Philp Mark Garnier Mr Jacob Rees-Mogg Helen Goodman Rachel Reeves Stephen Hammond Wes Streeting George Kerevan 1. The Committee considered this matter. 2. The economic and financial costs and benefits of the UK membership Ordered, That written evidence relating to The economic and financial costs and benefits of UK membership of the EU be reported to the House for publication on the internet. 3. Prudential Regulation Authority Ordered, That correspondence in respect of the Prudential Regulation Authority, be reported to the House for publication on the internet. [Adjourned till Tuesday 24 May at 9.45 am. Tuesday 24 May 2016 MORNING SITTING Members present: Mr Andrew Tyrie, in the Chair Mr Steve Baker John Mann Mark Garnier Chris Philp Helen Goodman Mr Jacob Rees-Mogg Stephen Hammond Rachel Reeves George Kerevan The Committee considered this matter. 2. Bank of England Inflation Report Hearing May 2016 Dr Mark Carney, Governor, Bank of England, Sir Jon Cunliffe, Deputy Governor, Financial Stability, Bank of England, Kristin Forbes, Member of the Monetary Policy Committee, Bank of England, and Dr Gertjan Vlieghe, Member of the Monetary Policy Committee, Bank of England, gave oral evidence. [Adjourned till Tuesday 24 May at 1.45 pm. Tuesday 24 May 2016 AFTERNOON SITTING Members present: Mr Andrew Tyrie, in the Chair Mr Steve Baker Mr Jacob Rees-Mogg Mark Garnier Rachel Reeves George Kerevan 1. Bank of England December 2016 Financial Stability Report Ordered, That correspondence from Mark Carney, Governor, Bank of England, regarding the Bank's December Financial Stability Report, 5 February 2016, be reported to the House for publication on the internet. -
Bank of England Has Ratcheted up Its Public Discourse on the Topic of Diversity and Why It Is Important to Financial Services – As Illustrated by the Chart Below
Over the past six months, the Bank of England has ratcheted up its public discourse on the topic of diversity and why it is important to financial services – as illustrated by the chart below. The Bank finds its voice on diversity Number of speeches on diversity given by Bank of England speakers over the past five years 12 3 3 1 0 2015 2016 2017 2018 2019 Source: New Financial analysis of Bank of England speeches At first glance, this flurry of activity appears to have come from a standing start, but in fact it has been building slowly over a number of years. In this short paper, we build a timeline showing how the Bank’s thinking on diversity and inclusion and its position as a role model is evolving, based on the Bank’s own publications and public announcements. We will highlight the key messages for the financial services industry to note. This paper asks: • How does diversity fit into the Bank’s remit? • Why is the Bank talking about diversity? • What is the Bank saying about diversity? • What should the financial services industry read into the Bank’s approach? Here are our top five takeaways: 1) The Bank has named diversity as a strategic priority across multiple strands, and it is encouraging the financial services industry to follow suit. 2) The Bank wants to be a role model for the wider financial services sector and exert its ‘soft power’ to influence firms. 3) The Bank focuses on diversity to reflect the public it serves, to build trust, and it believes diversity leads to more creative thinking and reduces the risks of groupthink and bias. -
Navigating the Economy Through the Covid Crisis
Navigating the economy through the Covid crisis Speech given by Dave Ramsden, Deputy Governor for Markets & Banking The Strand Group, King’s Business School 14 July 2021 With thanks to Tom Smith and Michael Yoganayagam for their assistance in preparing these remarks, and to numerous colleagues, including Saba Alam, Andrew Bailey, Nick Bate, Max English, Greg Kidd, Andrew Hauser, Maggie Illingworth, Sarah Illingworth, Sean Maloney, Alex Rattan, Andrea Rosen, Michael Saunders, Fergal Shortall and Silvana Tenreyro, for their many helpful contributions. 1 All speeches are available online at www.bankofengland.co.uk/news/speeches and @BoE_PressOffice Introduction It’s very good to be back speaking at this 51st Strand Group event and in my role as a Visiting Professor at King’s. This is the third Strand Group event I’ve spoken at but my first time speaking to you virtually. I’ve been involved in forecasting throughout my career, both in my current role as a Monetary Policy Committee (MPC) member and in my previous civil service career at HM Treasury.1 Outside of work I’m also a keen mountain walker – most recently being lucky enough to spend some time on the Isle of Skye – and it’s hard not to see parallels between the two activities. Forecasts act as a map for policymakers of where the economy is heading, showing what adjustments to the current path are needed to avoid impending hazards and ensure they safely reach their policy objectives. 2 I should be clear at the outset, to borrow a well-worn quotation, that “the map is not the territory”.3 The forecast summarises what is likely to happen on the journey, but it is the economy itself that we as monetary policy makers must navigate, using the forecast alongside many other inputs, including a wide range of data and intelligence from the Bank’s network of agents. -
The UK's Progress on Resolvability
The UK’s progress on resolvability Speech given by Dave Ramsden, Deputy Governor for Markets and Banking At the Institute of Chartered Accountants in England and Wales 26 February 2021 With thanks to Anika Duggal and Amy Lee for their assistance in preparing these remarks, and to Bank colleagues including Andrew Bailey, Adam Cull, Andrew Hewitt, Sasha Mills, Michael Salib, Ruth Smith, Tom Smith and Sam Woods for their many helpful comments and suggestions. 1 All speeches are available online at www.bankofengland.co.uk/news/speeches and @BoE_PressOffice Thank you for inviting me to come to speak at the virtual ICAEW. I can’t think of a better venue for my first speech on resolution – particularly because of the vital role which the accountancy profession plays in some of our key resolvability judgements and safeguards, which fundamentally underpin the credibility of the regime. The Bank of England is the UK’s Resolution Authority; within the Bank I took on Deputy Governor level responsibility for resolution a year ago. It has been a fascinating time for me to take on this important responsibility, allowing me to contribute to the ongoing shaping of our resolution regime as it develops towards its immediate goal. That goal, a strategic goal for the Bank, is ending ‘too big to fail’ by making sure the firms we supervise can fail in an orderly way no matter their size. Put more practically we committed to Parliament that major UK banks should be resolvable by 20221. That goal is central to the PRA’s general objective to promote the safety and soundness of the firms we supervise, as well as to the Bank’s financial stability objective of ensuring that the UK financial system can serve UK households and businesses in bad times as well as good. -
Formal Minutes
House of Commons Treasury Committee Formal Minutes Session 2008–09 Treasury Committee: Formal Minutes 2008–09 1 Proceedings of the Committee Thursday 4 December 2008 John McFall, in the Chair Nick Ainger Ms Sally Keeble Mr Graham Brady Mr Andrew Love Jim Cousins Mr Mark Todd Mr Stephen Crabb Sir Peter Viggers Mr Michael Fallon 1. New Member Mr Stephen Crabb disclosed his interests, pursuant to the resolution of the House of 13 July 2002. For details of declaration of interests, see appendix 1. 2. Specialist Advisers (declaration of interests) The interests of the following specialist advisers were disclosed: Mr Roger Bootle, Professor David Heald, Professor David Miles, Professor Anton Muscatelli, Ms Bridget Rosewell, Professor Colin Talbot and Professor Geoffrey Wood. For details of declaration of interests, see appendix 2. 3. The Committee’s programme of work The Committee considered this matter. 4. Pre-Budget Report 2008 Ordered, That the following written evidence relating to the Pre-Budget Report 2008 be reported to the House for publication on the internet: Child Poverty Action Group, ACCA, Association of Friendly Societies, Professor David Heald, Professor Colin Talbot, John Whiting, and the New Policy Institute. Mr Robert Chote, Director, Institute for Fiscal Studies; Mr Roger Bootle, Managing Director, Capital Economics; Mr Simon Kirby, Research Fellow, National Institute of Economic and Social Research; Professor Colin Talbot, Professor of Public Policy and Management, Manchester Business School and Mr John Whiting, PwC and Low Incomes Tax Reform Group (LITRG), gave oral evidence. Mr Mike Brewer, Director, Institute for Fiscal Studies, Ms Teresa Perchard, Director of Public Policy, Citizens Advice, Mr Mervyn Kohler, Head of Public Affairs, Help the Aged, Mr Peter Kenway, Director, New Policy Institute, and Mr John Whiting, PwC and Low Incomes Tax Reform Group (LITRG), gave oral evidence. -
Bank of England Governor Speculation
DeHavilland Briefing Bank of England Governor Speculation is licensed under CC BY-ND 2.0 is licensed under CC BY-ND Bank of England by Bank exterior front (2) DeHavilland Content & Service Teams May 2019 DeHavilland Bank of England Introduction Governor Speculation Introduction The job description of Governor of the Bank of England has been radically transformed over the last decade to reflect the political and economic challenges the country has experienced. Outgoing Governor Mark Carney’s term expires on 31 January 2020, seeing out the final months of his tenure at a time when the shape of the UK’s relationship with the EU is far from certain. His predecessor, Lord King of Lothbury, has not shied away from the platform and status afforded to him to opine on both political and economic issues. Dr Carney’s successor will take up one of the most powerful appointed roles in the country at a time of unprecedented challenge and uncertainty. Brexit and the strains it has placed on the UK’s political system means that we cannot even be sure which party will be in power to appoint them. In this briefing, DeHavilland examines the politics and the process, as well as the people who could be the next Bank of England Governor. 1 DeHavilland Information Services Ltd 2019 www.dehavilland.co.uk DeHavilland Bank of England Governor Speculation The selection process In an appearance before the Treasury Select Committee, the Chancellor confirmed that the process would seek to appoint a candidate for the full eight-year term but hinted that there would be some flexibility in that for an “outstanding candidate”. -
Changing Risks to the Economic Outlook
From asymmetry to symmetry: changing risks to the economic outlook Speech given by Gertjan Vlieghe, External MPC member, Bank of England Confederation of British Industry, Birmingham 23 March 2018 I would like to thank Yad Selvakumar, William Abel, Emil Iordanov, Manveer Sokhi, Rodrigo Guimarães, Clare Macallan, Thomas Belsham, Alex Tuckett, Silvana Tenreyro, Michael Saunders, Ben Broadbent and Ian McCafferty for help and insightful comments. 1 All speeches are available online at www.bankofengland.co.uk/speeches I will discuss the recent evolution of the economic outlook, and in particular the prospects for growth, inflation and interest rates. I will focus on how the balance of risks has changed, and argue that it has become more symmetric relative to previous years. Global economy Developments in the global economy have always been and continue to be an important influence on the UK economy, via a range of trade and financial channels. Over the past year and a half or so, the global economy has picked up significantly. Chart 1 shows that, after many years of surprising persistently to the downside, since mid-2016 global growth has surprised persistently on the upside.1 The strength of global growth is noteworthy along several dimensions. Chart 1. World GDP versus Bank of England forecasts Notes: Grey lines denote BoE forecasts from May and November Inflation Reports in each year. Source: Bank of England First, global growth is now more broad-based than in the early years of the post-crisis recovery. In 2011, for example, global growth was also strong, but it was supported by very strong stimulus-driven growth in emerging markets, counterbalanced by weak growth in advanced economies.