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%, as widely expected. Interest rates have now been at this low level since March 2009 – when the economy was in the midst of recession. Recent figures show the economy [...]
Minutes of the Bank of England’s June 8-9 meeting have been released today and have revealed 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. [...]
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%, as widely expected. Interest rates have now been at this low level since March 2009 – when the economy was in the midst of recession. Recent figures show the economy [...]
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 [...]
The Paris-based Organisation for Economic Cooperation and Development (OECD) has today said the Bank of England should lift interest rates to combat stubbornly high inflation. UK economic growth is being hampered by soaring inflation, which is having a major impact on consumer spending. As a result, the Organisation revised its growth forecasts for the UK, [...]
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 [...]
Dr Andrew Sentance, one of the external members of the Bank of England’s Monetary Policy Committee (MPC), has once again argued the case for higher interest rates. Mr Sentance has, since last June, voted for the base rate to be lifted, in order to combat high inflation. He has previously warned that the central Bank [...]
The Treasury has today announced Ben Broadbent will join the Bank of England’s Monetary Policy Committee (MPC). Mr Broadbent, a Goldman Sachs economist, will assume his position in time for the June rate-setting meeting and replaces Andrew Sentance after his term ends on 31 May. Broadbent’s research at Goldman has suggested there will be three [...]
Andrew Sentance, one of the Bank of England’s Monetary Policy Committee (MPC) members, has once again spoken of stubbornly high inflation. Mr Sentance has, since last June, voted for the base rate to be lifted, in order to combat high inflation. He has previously warned that the central Bank faces losing its credibility if it [...]
According to some economists, there is a very small chance that the Bank of England could raise interest rates when it meets later this week. The Monetary Policy Committee (MPC) commences its two-day meeting on Wednesday and City bank JP Morgan believes there is a 40% chance that rates will be lifted from their historic [...]
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. [...]
Andrew Sentance, one of the Bank of England’s Monetary Policy Committee (MPC) members, has once again spoken of stubbornly high inflation. Mr Sentance has, at the last seven rate-setting meetings, voted for the base rate to be lifted, in order to combat high inflation. He is expected to have voted this month for rates to [...]
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 [...]
In two separate interviews, Bank of England policymakers, David Miles and Andrew Sentance, have both given their views on the UK economy. David Miles said there is no rush to withdraw any stimulus but said the Bank must avoid taking action that could derail the recovery. In an interview with the Northern Echo newspaper, Mr [...]
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 [...]
Economists have warned that interest rates could rise sooner than expected – and the warning came hot on the heels of a double dose of good news for the UK economy. Yesterday, the Office for National Statistics (ONS) revealed UK economic growth for the third quarter slowed to 0.8%, albeit double the rate analysts had [...]
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 [...]
Andrew Sentance, one of the Bank of England’s Monetary Policy Committee (MPC) members, has once again spoken of stubbornly high inflation. Mr Sentance has, at the last four rate-setting meetings, voted for the base rate to be lifted, in order to combat high inflation. He is expected to have voted this month for rates to [...]
M&S Money launches 3% cash ISA
M&S Money has launched an Advantage Cash ISA paying 3 per cent, and which allows transfers in from other ISAs. It can be opened with a minimum deposit of £100 lump sum followed by minimum monthly deposits of £25. The 3% rate is variable, but there is no short-term bonus so the return won’t plummet [...]
Google suspends UK Compare Mortgages site
Google has closed its UK mortgage comparison site which it launched in July last year, after it proved to be less popular than expected. Mortgage comparison sites are designed to allow visitors to compare mortgages quickly and easily without having to visit each lender’s individual site. Google was competing with several well-established comparison sites, including [...]
AA launches ‘black-box’ policy for young drivers
The AA is launching an innovative car insurance policy called Drivesafe which could help younger drivers save up to £850 a year. Younger drivers already pay substantially higher premiums than other motorists and these costs are increasing. A new study by Confused.com suggests insurance costs for younger driver have gone up by 5.7 per cent [...]
ATOL scheme updated to protect online bookers
ATOL, a financial protection scheme managed by the Civil Aviation Authority, is being extended to protect up to six million more holidays a year. The scheme ensures that holiday makers do not lose out financially if a travel company collapses, and that they are not stranded abroad. An increase in the number of holidays booked [...]
Home repossessions lowest for four years
The number of UK homes repossessed fell to 36,200 in 2011, significantly below the Council of Mortgage Lenders’ forecast of 40,000, and lower than 2010 when 37,100 homes were repossessed. With interest rates remaining low and lenders adopting a sympathetic attitude to customers in financial difficulty, repossessions fell to their lowest level since 2007. However, [...]
Monthly pay lasting just 17 days
Workers are running out of money just 17 days after receiving their monthly pay, according to new research by the Halifax bank. This means that the average UK worker spends half the month worrying about money. The study, based on the responses of more than 2,000 adults, found that 10 per cent of workers start [...]
Women disadvantaged by auto-enrolment changes
Government proposals to increase the auto-enrolment threshold to £10,000 could put 1.8 million women at risk of missing out on a pension, the TUC has warned. Under the auto-enrolment scheme, which will be phased in from October, private sector employers will automatically enrol workers between the age of 22 years and the state pension age, [...]
Emergency household repairs company Homeserve is taking longer than expected to get back on track after its operations were suspended last October. The company expected customer numbers to fall by 5% this year but it has increased this estimate to 8% and announced the loss of 200 jobs. It estimates that renewal revenue in 2013 [...]
Sale rumoured for Yorkshire and Clydesdale banks
There is growing speculation that National Australia Bank (NAB) may sell Yorkshire Bank and Clydesdale Bank after the Australian parent company announced a strategic review of the two banks’ operations. The Australian economy is performing well and NAB reported strong profits for the final quarter of 2011 but with the UK economy at a virtual [...]
More women experiencing debt difficulties
Women in Debt, which offers female-focused debt advice, has warned that the number of UK women facing serious debt has grown significantly over recent years. The organisation believes that more women will need advice on solving debt problems in the future because they are building up an unsustainable level of indebtedness. Women in Debt’s director, [...]
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