Minutes of the Bank of England’s September 7-8 meeting have been released today and have revealed all nine members of the Monetary Policy Committee (MPC) voted to keep interest rates at the historic low of 0.5%. This was the second consecutive month that the Committee voted unanimously to keep rates at the record low after [...]
Spencer Dale, one of the Bank of England’s Monetary Policy Committee (MPC) members, has warned that rising inflation is a “significant risk” to the UK economy. Mr Dale, who is the Bank of England’s chief economist, said the UK can expect some tough times ahead over the next few years and said he is “not [...]
Bank of England policymaker Adam Posen today said the central bank is right not to have raised interest rates, despite stubbornly high inflation. For several months, three of Monetary Policy Committee (MPC) members have voted for interest rates to be lifted after inflation reached a 2½- year high last month of 4.5% – more than [...]
Bank of England policymaker Adam Posen believes inflation will plunge to 1.5% by the middle of next year. His expectation is for a much sharper fall than his fellow policy members. The American economist is so certain of his prediction that he has threatened to step down from the Committee, when his three-year term ends [...]
Minutes of the Bank of England’s January meeting have been released today and have revealed that the Monetary Policy Committee (MPC) voted 7-2 to lift interest rates and 8-1 to restart the Bank’s quantitative easing (QE) scheme. Adam Posen, again, called for an injection of £50 billion via the QE scheme to boost the economy. [...]
Minutes of the Bank of England’s December meeting have been released today and have revealed that the Monetary Policy Committee (MPC) were split three ways – for the third consecutive month. Adam Posen, again, called for an injection of £50 billion via the Bank’s quantitative easing (QE) programme to boost the economy. Furthermore, for the [...]
The Bank of England’s Monetary Policy Committee (MPC) has today elected to keep UK interest rates on hold at the historically low level of 0.5% – where they have been since March 2009. Furthermore, the Bank opted not to inject any more funds into the economy via its quantitative easing (QE) scheme – introduced to [...]
Minutes of the Bank of England’s November meeting have been released today and have revealed that the Monetary Policy Committee (MPC) were split three ways – for the second consecutive month. Adam Posen, again, called for an injection of £50 billion via the Bank’s quantitative easing (QE) programme to boost the economy. Furthermore, for the [...]
Minutes of the Bank of England’s October meeting have been released today and have revealed that the Monetary Policy Committee (MPC) were split three ways. Adam Posen called for an injection of £50 billion via its quantitative easing (QE) programme to boost the economy. For the fifth consecutive month, policymaker Andrew Sentance voted for interest [...]
Bank of England policymaker, Adam Posen, has suggested injecting more cash into the economy, via the quantitative easing (QE) scheme. According to Mr Posen of the Monetary Policy Committee (MPC), more stimulus is required to help the recovery and to avoid a similar kind of slump which Japan experienced in the 1990s. His suggestion comes [...]
The Office for National Statistics (ONS) is scheduled to announce the UK inflation rate this morning, with analysts expecting the annual rate to be around 3.1%. Last month, the ONS reported Consumer Price Inflation (CPI) eased to 3.5% from a 17-month high of 3.7% in April – but still above the 2% target. However, many [...]
The Daily Mail has reported that the Bank of England is set to extend its quantitative easing (QE) scheme by as much as £25 billion next year. QE, also known as printing money, is a process whereby the Treasury injects funds into the financial system to ease pressure on banks by giving them extra capital. [...]
Bank of England’s Monetary Policy Committee (MPC) member, Adam Posen, has warned that the UK is facing a Japan-style lost decade. Japan, which is the world’s second largest economy, endured a so-called “Lost Decade” in the 1990s, whereby economic expansion grinds to a halt. In a speech, Mr Posen warned that Britain’s dysfunctional banking system [...]
Gender directive could slash men’s annuity payouts
The EU Gender Directive, which came into force today, could see men losing up to £10,000 from their annuity payouts, according to research by PricewaterhouseCoopers. Under the new rules insurers are no longer allowed to take gender into account when setting annuity rates and premiums on insurance products. Men previously enjoyed higher annuity rates than [...]
Home rental costs down in November
The cost of renting a house in England and Wales fell by 0.4 per cent in November, its first dip since March, according to a survey by LSL Property Services. Average rent was £741m during the month, returning to the level seen in September. However, it was 3.4 per higher than in November last year. [...]
Lloyds TSB halts sale of packaged accounts in branches
Lloyds TSB will stop selling packaged account in its branches from 1 January 2013, until its sales procedures are brought into line with those operated by sister bank The Halifax. Lloyds TSB is one of the main providers of packaged accounts in Britain, with around one in three of its customers choosing to pay fees [...]
Housing market recovery to continue next year
Recent improvements in the housing market should continue into next year, according to the Council of Mortgage Lenders (CML) Gross lending is estimated to have increased to £12.9 billion in November, helped by the Funding for Lending scheme which provides banks and building societies with lower-cost funding, which they are then supposed to pass on [...]
Newcastle Building Society exits interest-only mortgages
Newcastle Building Society has stopped offering interest-only mortgages to new borrowers, following the lead of the Royal Bank of Scotland, Nationwide, Co-operative bank and Coventry Building Society. The decision will not affect existing Newcastle customers and applications for interest-only mortgages received before 14 December will still be processed. Prior to the credit crunch, interest-only mortgages [...]
Less than half of Brits considered creditworthy
Fifty-seven per cent of UK adults are at risk of having an application for credit turned down by a mainstream lender according to a new report. The ‘Mind the Credit Gap‘ report commissioned by aqua credit cards suggests that even people with a good credit rating and earning more than £50,000 could have a credit [...]
Monthly incomes £22 lower in 2012
The average monthly income of UK households fell by £22 in real terms compared with last year, according to a survey carried out for the Bank of England (BoE) by NMG Consulting. People on lower incomes have seen their income eroded more than higher earners and households still have high levels of debt the BoE [...]
Savers dig deep to fund Christmas
New research from the Halifax suggests that savers are funding their Christmas spending with money set aside for other purposes. Thirty-seven per cent of 2,138 savers surveyed by the bank at the end of November had withdrawn savings in the last three months. The average amount withdrawn was £1,186, more than double the average savings [...]
Financial data at risk from unsafe passwords
According to a survey by the Payments Council the problem of having to remember a different password for several accounts means that many internet users are compromising the security of their financial data. Internet users have 22 password-protected accounts on average and many use the same log-in details for more than one account, even though [...]
Wonga launches Paylater loans on retailer website
Payday loan company Wonga has launched a new Paylater service on furniture firm Cotswold Company’s website. The service, which allows customers to “buy now, pay later” will be introduced on other retailers’ sites in the near future. Although the Paylater branding is similar to Wonga’s, the Wonga name only appears in the small print. A [...]
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