Bank of England

The beleaguered UK economy is showing signs of growth after four quarters of contraction, Bank of England Governor Mervyn King has said.

UK inflation has fallen to its lowest level in over four years, according to official statistics.

The Bank of England has kept interest rates at 0.5% for the sixth consecutive month.

The chief executive of Goldman Sachs yesterday called the mounting public fury over bankers' pay "understandable and appropriate", reports the Independent.

Bankers blamed for the global financial crisis will see their pay packages limited under a blueprint for steering the international economy towards recovery, according to the Independent.

Mortgage repayments outstripped new lending for the first time since records began in July, figures from the Bank of England (BoE) show.

A former Bank of England employee has replaced Sheila Nicoll as FSA director of retail firms.

A total of 80% of mortgage applications were approved in July, representing a 10% increase on the start of the year.

Mortgage rates have only fallen slightly despite record cuts in interest rates, according to research from moneysupermarket.com.

Mervyn King was outvoted by fellow policymakers in his attempts to pump even more money into the economy this month.