The Bank of England said today it aimed to revamp the system that underpins British banking and trading in the City of London by 2020 to boost its defenses against cyber-attacks and widen the number of businesses that can use it.
Against the U.S. dollar the British pound is back to its strongest in almost three years. Against the single European currency unit, which incidentally is more than holding its own vs. the dollar, the pound is back up to its strongest in a year.
Bank of England policy makers held three votes for the first time at their meeting this month as they debated introducing guidance on interest rates under new Governor Mark Carney, according to a central bank official.
Mark Carney placed jobless numbers center stage tying monetary policy to a 7% unemployment figure. With an economic recovery under way in the U.K., GBP's bias over the short- to medium-term is likely to be upwards.
The pound’s rally to a four-month high against the dollar is proving too much for currency traders unsure whether Mark Carney will step up stimulus efforts when he takes over as Bank of England governor next month.