This article reviews developments in sterling financial markets since the 2009 Q3 Quarterly Bulletin up to end-November 2009. The article also reviews the Bank’s official operations.

The sterling effective exchange rate has depreciated significantly since the start of the financial market crisis in August 2007. Movements in sterling affect UK monetary policy via their potential impacts on CPI inflation prospects, where it is important to consider the reasons behind the...

This article reviews developments in global financial markets since the 2009 Q2 Quarterly Bulletin up to end-August 2009. The article also reviews the Bank’s official operations.

This article reviews developments in sterling financial markets, including the Bank’s official operations, since the 2010 Q2 Quarterly Bulletin up to 27 August 2010. The article also summarises market intelligence on selected topical issues relating to market functioning.

This article reviews developments in sterling financial markets since the 2010 Q1 Quarterly Bulletin up to 21 May 2010. The article also reviews the Bank’s official operations.

Money is essential to the workings of a modern economy, but its nature has varied substantially over time. This article provides an introduction to what money is today. Money today is a type of IOU, but one that is special because everyone in the economy trusts that it will be accepted by other...

This article explains how the majority of money in the modern economy is created by commercial banks making loans. Money creation in practice differs from some popular misconceptions — banks do not act simply as intermediaries, lending out deposits that savers place with them, and nor do they...

The growth of broad money in the UK economy has slowed dramatically since the start of the recession. In part, that weakness reflects reduced borrowing by households and companies during the recession. But money balances held by asset managers also fell as deposits were used to purchase new...

The Quarterly Bulletin has a long tradition of using historical data to help analyse the latest developments in the UK economy. To mark the Bulletin’s 50th anniversary, this article places the recent UK recession in a long-run historical context. It draws on the extensive literature on UK...

This article reviews the main influences on broad money growth since the onset of the global crisis, focusing on the impact of the Monetary Policy Committee’s asset purchase programme (QE). The underlying weakness in money growth is likely to have reflected a combination of reduced nominal...