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Diary of events relevant to monetary and financial statistics

From 2007 to present

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This updated diary has been compiled as a selective record of events which may be relevant to interpretation of the monetary statistics. The diary does not generally include events which are evident from the monetary statistics themselves or are easily visible elsewhere in official statistics. It is mainly focused on announcements of Bank Rate changes and Quantitative Easing measures, other announcements relating to liquidity support schemes during this period, and certain key events related to individual UK institutions. Rate changes are shown at the time of their announcement, which may at times differ slightly from the implementation dates published elsewhere.

The diary may not be comprehensive or precise, especially for earlier years. We should welcome being informed of any notable errors or omissions (email DSD_Editor). Please also see the archived diary of events over 1960 to 2006, along with the Bank’s news and minutes for more recent events.

  • Date Event
    19 March 2020 Bank of England reduces the Bank rate by 15 basis points to 0.1% and increased its holdings of UK government and corporate bonds by £200 billion
    11 March 2020 Bank of England reduces the Bank Rate by 50 basis points to 0.25%. The Bank also announced the introduction of a new Term Funding scheme with additional incentives for Small and Medium-sized Enterprises (TFSME), financed by the issuance of central bank reserves.

  • Date Event
    2 August 2018 Bank of England increases the Bank Rate by 0.25 percentage points to 0.75%.
    28 February 2018 End of Term Funding Scheme. A monetary policy tool of the Monetary Policy Committee and operated as part of the Asset Purchase Facility.

  • Date Event
    2 November 2017 Bank of England increases the Bank Rate by 0.25 percentage points to 0.50%.

  • Date Event
    4 August 2016 Bank of England reduces the Bank Rate by 0.25 percentage points to 0.25%. Bank announces further new measures designed to support growth and achieve the 2% inflation target. These are: expansion of APF asset purchases under Quantitative Easing to £435bn, comprising a £60bn increase in government securities, and an extension to corporate bond purchases up to £10bn, and introduction of a new Term Funding Scheme to reinforce the pass-through of lower interest rates to businesses and households.
    23 June 2016 United Kingdom votes to leave the European Union in referendum.
    1 April 2016 Stamp duty changes: it was announced that an additional three percentage points of stamp duty would be introduced from April on all second homes and additional properties being purchased.

  • Date Event
    1 December 2015 Help to buy ISAs introduced.
    8 July 2015 Takeover of TSB Bank by Sabadell Group (accepted 20th March 2015).
    15 January 2015 National Savings and Investment introduce the 65+ Guaranteed Growth Bonds.
    1 January 2015 Lithuania adopts the euro as its official currency.

  • Date Event
    1 July 2014 The ISA (Individual Savings Account) limit increases from £5,940 to £15,000, as announced in Budget 2014.
    21 February 2014 Vodafone disposes its stake in Verizon Wireless, selling it back to Verizon Communications. The transaction is worth a total of $130bn, of which Vodafone will distribute approx. $84bn to shareholders ($60bn VER shares, $24bn cash).
    1 January 2014 Latvia adopts the euro as its official currency.

  • Date Event
    20 December 2013 The Co-operative Bank plc’s Liability Management Exercise as part of the Recapitalisation Plan is successfully completed. The Co-operative Group remains the single largest shareholder. However Co-operative Bank plc is no longer classified as a mutually owned entity in the Bank's statistics.
    9 December 2013 TSB Bank plc begins operating as a separate entity within the Lloyds Banking Group.
    1 July 2013 Croatia joins the EU.
    30 January 2013 The bidding process for the auction of 4G mobile phone spectrum licences in the UK led to an increase in client funds held by OFCOM in January of £3.3bn. This will feed into M4 holdings of telecommunications companies within the private non-financial corporations sector. The financing of these payments will also affect the counterparts to M4. The direct effects on M4 will reverse once the auction is completed and payments for the licences are made.

  • Date Event
    12 October 2012 Following its acquisition [by Virgin], Northern Rock Plc changes its name to Virgin Money Plc.
    5 July 2012 The Bank of England's Monetary Policy Committee today voted to maintain the official Bank Rate paid on commercial bank reserves at 0.5%. The Committee also voted to increase the size of its asset purchase programme, financed by the issuance of central bank reserves, by £50 billion to a total of £375 billion.
    4 June 2012 To celebrate the Queen's Diamond Jubilee, the Spring Bank Holiday scheduled for 28 May 2012 was moved to 4 June with an additional bank holiday on 5 June. This affects certain monetary and financial statistics series, and the Bank of England has considered how to adapt its seasonal adjustment processes to take this effect into account. The new seasonal adjustment treatment will be implemented as part of the annual seasonal adjustment review starting in January 2013 and concluding in September 2013. Further details can be found in Bankstats, January 2013, “Seasonal adjustment: Effects of the 2012 Diamond Jubilee”.
    9 February 2012 The Monetary Policy Committee today voted to maintain the official Bank Rate paid on commercial bank reserves at 0.5%. The Committee also voted to increase the size of its asset purchase programme, financed by the issuance of central bank reserves, by £50 billion to a total of £325 billion.
    1 January 2012 Virgin Money acquired Northern Rock Plc. Following on from this acquisition Virgin Bank Ltd changes its name to Church House Trust Ltd.

  • Date Event
    6 October 2011 The Bank of England's Monetary Policy Committee today votes to maintain the official Bank Rate paid on commercial bank reserves at 0.5%. The Committee also votes to increase the size of its asset purchase programme, financed by the issuance of central bank reserves, by £75 billion to a total of £275 billion.
    1 July 2011 JP Morgan Securities Limited is classified as a UK bank following their permissions to accept deposits in the UK being granted by the Financial Services Authority.
    16 June 2011 Following a decision by the Financial Services Authority (FSA) to initiate the special resolution regime (SRR), and a subsequent application to court by the Bank of England, Southsea Mortgage and Investment Company Limited (Southsea) has been placed into the Bank Insolvency Procedure. As a result of Southsea entering the SRR, the Financial Services Compensation Scheme (FSCS) will pay compensation to each eligible depositor up to the limit of £85,000.
    1 January 2011 Estonia adopts the Euro as its official currency.

  • Date Event
    15 October 2010 With effect from the start of business on Friday 15 October 2010, Abbey National Treasury Services Plc incorporates business formerly traded by Cater Allen International Ltd.
    1 January 2010 Following the Government's Transfer Order, the legal and capital restructure of Northern Rock into Northern Rock plc and Northern Rock Asset Management has taken place. Bradford and Bingley’s mortgages transferred to new UK Asset Resolution (UKAR) holding company.

  • Date Event
    5 November 2009 The Bank of England's Monetary Policy Committee votes to maintain the official Bank Rate paid on commercial bank reserves at 0.5%. The Committee also voted to continue with its programme of asset purchases financed by the issuance of central bank reserves and to increase its size by £25 billion to £200 billion.
    6 August 2009 The Bank of England's Monetary Policy Committee votes to maintain the official Bank Rate paid on commercial bank reserves at 0.5%. The Committee also voted to continue with its programme of asset purchases financed by the issuance of central bank reserves and to increase its size by £50 billion to £175 billion.
    1 August 2009 Britannia Building Society merges with The Co-operative Bank plc.
    7 May 2009 The Bank of England's Monetary Policy Committee votes to maintain the official Bank Rate paid on commercial bank reserves at 0.5%. The Committee also votes to continue with its programme of asset purchases financed by the issuance of central bank reserves and to increase its size by £50 billion to a total of £125 billion.
    30 March 2009 Core parts of Dunfermline Building Society were transferred to Nationwide Building Society following a sale process conducted by the Bank of England under the Special Resolution Regime provisions of the Banking Act 2009. Dunfermline's retail and wholesale deposits, branches, head office and originated residential mortgages (other than social housing loans and related deposits) were transferred to Nationwide. The social housing loans of Dunfermline's customers (and related deposits) were transferred temporarily to DBS Bridge Bank Ltd, a 'bridge bank' owned and controlled by the Bank of England. A court order was made to place the remainder of Dunfermline's business into the Building Society Special Administration Procedure (BSSAP) and to appoint KPMG as the administrator. This part of the business includes commercial loans, acquired residential mortgages, subordinated debt and most treasury assets.
    5 March 2009 The Government announces on 19 January 2009 that it was authorising the Bank to purchase a range of high quality private sector assets as part of a package of measures to increase the availability of corporate credit. Following a further exchange of letters between the Bank of England and HM Treasury published on 5 March 2009, the Bank was authorised to purchase private sector assets financed by central bank reserves; and to purchase gilts in the secondary market financed by central bank reserves, as part of the implementation of monetary policy. These assets are purchased by the Bank of England Asset Purchase Facility Fund Limited (BEAPFF), which is a wholly-owned subsidiary of the Bank. Letters between the Chancellor and the Governor of the Bank can be found at the following links:
    5 March 2009 The Bank of England's Monetary Policy Committee votes to reduce the official Bank Rate paid on commercial bank reserves by 0.5 percentage points to 0.5%, and to undertake a programme of asset purchases of £75 billion financed by the issuance of central bank reserves.
    5 February 2009 Bank of England reduces the Bank Rate by 0.5 percentage points to 1.00%.
    3 February 2009 Bank of England publishes data on use of SLS: £185bn of Treasury bills drawn down.
    30 January 2009 Closure of draw-down window for accessing Special Liquidity Scheme. SLS remains open with respect to existing draw-downs for three years.
    29 January 2009 Exchange of letters between Governor and Chancellor on detailed design of Asset Purchase Facility.
    19 January 2009 Government announces a package of financial sector support measures. These include: approval of Bank of England Asset Purchase Facility to enable Bank purchases of high quality private sector assets to support lending in the economy. APF supersedes the Special Liquidity Scheme.
    19 January 2009 HBOS Plc merges with Lloyds TSB Group plc.
    8 January 2009 Bank of England reduces the Bank Rate by 0.5 percentage points to 1.50%.

  • Date Event
    16 December 2008
    		 Following the announcement that CPI inflation in the 12 months to November was 4.1 per cent, the Governor of the Bank of England sends an open letter to the Chancellor, as required by the monetary policy remit.
    4 December 2008 Bank of England reduces the Bank Rate by 1.0 percentage points to 2.00%.
    1 December 2008 London Scottish Bank is placed in administration and its permission to take deposits is withdrawn.
    25 November 2008 Royal Bank of Scotland announces that (following its ordinary share offer) HM Treasury will own 57.9% of the enlarged issued ordinary share capital of the bank.
    6 November 2008 Bank of England reduces the Bank Rate by 1.5 percentage points to 3.00%.
    13 October 2008 The Government announces capital investments to Royal Bank of Scotland upon successful merger, HBOS and Lloyds TSB, totalling £37 billion.
    8 October 2008

    Bank of England reduces, the Bank Rate by 0.5 percentage points to 4.50%.

    Landsbanki, which operates in the UK under the Icesave and Heritable Bank brands, is in receivership in Iceland. Heritableuo's UK retail deposit business is transferred to ING Direct. Kaupthing Singer & Friedlander's Kaupthing Edge deposit business is also transferred to ING Direct.

    Following discussions convened by HM Treasury, the following major UK banks and the largest building society have confirmed their participation in a Government-supported recapitalisation scheme:

    • Abbey
    • Barclays
    • HBOS
    • HSBC Bank plc
    • Lloyds TSB
    • Nationwide Building Society
    • Royal Bank of Scotland
    • Standard Chartered
    6 October 2008 The FSA announces an increase in the compensation limit for retail bank deposits, from £35,000 to £50,000 per depositor.
    29 September 2008 The Chancellor of the Exchequer announces that Bradford & Bingley's UK and Isle of Man retail deposit business along with its branch network is transferred to Abbey National plc. The remaining assets and liabilities of Bradford & Bingley - its mortgage book, personal loan book, headquarters and relevant staff, and treasury assets and its wholesale liabilities - are taken into public ownership through the transfer to the Treasury of the company's shares. HM Treasury and the Financial Services Compensation Scheme will recover payments in the wind-down of the remainder of Bradford & Bingley.
    17 September 2008 In view of the current disorderly market conditions, the Bank of England is today announcing an extension of the drawdown period for its Special Liquidity Scheme to provide additional time for banks to plan their access to the scheme in an orderly fashion.
    16 September 2008 Following the announcement that CPI inflation in the 12 months to August was 4.7 per cent, the Governor of the Bank of England sends an open letter to the Chancellor, as required by the monetary policy remit.
    17 June 2008 Following the announcement that CPI inflation in the 12 months to May was 3.3 per cent, the Governor of the Bank of England sends an open letter to the Chancellor, as required by the monetary policy remit.
    21 April 2008 Bank of England announces Special Liquidity Scheme (SLS) under indemnity from HM Treasury. This enables banks and building societies to swap illiquid assets for treasury bills over extended periods of up to three years, for a fee, in order to enhance their liquidity.
    10 April 2008 Bank of England reduces the Bank Rate by 0.25 percentage points to 5.00%.
    7 February 2008 Bank of England reduces the Bank Rate by 0.25 percentage points to 5.25%.
    11 January 2008 Northern Rock announces that it had sold its portfolio of lifetime home equity release mortgages to JP Morgan for £2.2bn and pay off part of the Bank of England loan.
    1 January 2008 Building Societies transition to Bank of England statistical reporting.
    1 January 2008 Cyprus and Malta adopt the euro as their official currency.

  • Date Event
    6 December 2007 Bank of England reduces the Bank Rate by 0.25 percentage points to 5.5%.
    9 October 2007 HM Treasury, on behalf of the Tripartite Authorities, can today confirm that the guarantee arrangements previously announced to protect existing depositors of Northern Rock plc will be extended to all new retail deposits made after 19 September, including those made from today.
    14 September 2007 The Chancellor of the Exchequer authorised the Bank of England to provide a liquidity support facility to Northern Rock against appropriate collateral and at an interest rate premium. This liquidity facility will be available to help Northern Rock to fund its operations during the current period of turbulence in financial markets while Northern Rock works to secure an orderly resolution to its current liquidity problems.
    5 July 2007 Bank of England increases the Bank Rate by 0.25 percentage points to 5.75%.
    30 June 2007 Following the separation of Serbia and Montenegro, from end-June 2007 reporting, data for Serbia will be shown separately, while data for Montenegro will be included in ‘Other’ within Developing Europe on the Consolidated Worldwide External Claims of UK-Owned Banks and External Business of Banks Operating in the UK statistical releases.
    10 May 2007 Bank of England increases the Bank Rate by 0.25 percentage points to 5.5%.
    16 April 2007 Following the announcement that CPI inflation in the 12 months to March was 3.1 per cent, the Governor of the Bank of England sends an open letter to the Chancellor, as required by the monetary policy remit.
    11 January 2007 Bank of England increases Bank Rate by 0.25 Percentage Points to 5.25%.
    1 January 2007 Romania and Bulgaria enter the European Union.
    1 January 2007 Slovenia adopts the euro as its official currency.

Additional resources

Another useful resource is the 2009 ONS statistical review of UK financial crisis measures, ‘Public Sector Interventions in the Financial Crisis Statistical Classification Decisions’, by Martin Kellaway.

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This page was last updated 25 March 2020
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