G-7 Finance Ministers meet at Treasury Department in Washington

British Central Bank Governor Mervyn King poses for a photograph at the Treasury Department in Washington on October 19, 2007. (UPI Photo/Alexis C. Glenn)

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Bank of England warns of tough times ahead

LONDON, May 15 (UPI) -- The Governor of the Bank of England, Mervyn King, warns Britain is facing tough economic times ahead.

Walker's World: EU threat to U.K. rescue

WASHINGTON, April 28 (UPI) -- In a striking warning of the loss of national sovereignty that comes with EU membership, Britain's $100 billion bailout plan for its banks and mortgage market is threatened with a ban from Brussels.

Bank of England offers $100 billion swap

LONDON, April 21 (UPI) -- The Bank of England, looking to shore up the country's banks, announced a $100 billion exchange of government bonds for mortgage-backed securities Monday.

Walker's World: The U.K.'s Saudi mess

LONDON, April 14 (UPI) -- Opposition parties never win elections, says the old political rule; governments lose them. And the British government of Prime Minister Gordon Brown, with the help of Saudis, seems to be following the traditional script.

Bank of England rejects rate cut option

LONDON, March 26 (UPI) -- Bank of England Governor Mervyn King told Britain's Treasury Select Committee Wednesday he would not use aggressive interest rate cuts to rescue banks.

Bank of England to keep cash available

LONDON, March 24 (UPI) -- The Bank of England is considering the possibility of pumping more cash into the British economy, sources close to the bank said Monday.

Mervyn King reappointed at Bank of England

LONDON, Jan. 30 (UPI) -- Mervyn King has been reappointed to a second five-year term as governor of the Bank of England, British Prime Minister Gordon Brown announced Wednesday.

Bank run ends low-interest mortgages

LONDON, April 19 (UPI) -- A run on cheap fixed-rate mortgages has prompted nearly a dozen British banks to end the deals and replace them with higher-rate loans.

British housing market slows

LONDON, March 27 (UPI) -- The Bank of England's governor said Tuesday the nation's housing market is starting to sag after three rounds of interest rate hikes in the past eight months.