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News Tag: interest rates

December 15, 2011

Brits losing faith in inflation strategy

by Jan Harris
Brits losing faith in inflation strategy
The Bank of England’s latest inflation attitudes survey suggests that fewer people believe inflation is being controlled effectively with interest rates. In August, when the survey was last carried out, the proportion satisfied that the Bank was doing its job to set interest rates to control inflation, versus those dissatisfied, was 16 per cent, but this figure fell to just 9 ...




November 11, 2011

Low base rate could cost savers £43bn

by Jan Harris
Low base rate could cost savers £43bn
Campaign group Save our Savers today revealed the cost to savers of the Bank of England’s decision to hold the base rate at 0.5% for the 33rd successive month. The group estimates that the low interest rate combined with a retail price index at 5.6 per cent, its highest level for 20 years, and a consumer prices index rate of ...




November 10, 2011

Interest rates held despite recession fears

by Jan Harris
Interest rates held despite recession fears
The Bank of England’s Monetary Policy Committee is due to meet today, when it is expected to keep interest rates at a record low of 0.5 per cent, despite inflation soaring. It will be the 32nd consecutive month that the interest rate has been held at this level. According to the Consumer Price Index, inflation hit 5.2 per cent in September, almost ...




November 3, 2011

NS&I to cease selling via Post Office

by Kay Mitchell
”NS&I
From November 28, National Savings and Investments (NS&I) will cease selling its accounts via the Post Office. It has been announced that the Government-backed NS&I will no longer sell investment or easy access savings accounts over the counter at the Post Office. NS&I runs Premium Bonds and a variety of savings products. However, from the end of the month, its savings accounts will ...




November 1, 2011

Australia cuts interest rates to boost growth

by Kay Mitchell
”Australia
The Reserve Bank of Australia (RBA) has today elected to cut interest rates by one quarter of a percentage point to 4.5% in a bid to bolster growth. The move, which was widely expected, comes as the global economy slows and unemployment rises (currently at 5.2%). It was the first time in two-and-a-half years that the RBA has cut rates. The Australian ...




October 25, 2011

India lifts interest rates further to combat inflation

by Kay Mitchell
”India
The Reserve Bank of India (RBI) has today raised key interest rates for the thirteenth time since March 2010, in a bid to tame stubbornly high inflation. The central bank lifted its main rate to 8.5% from 8.25% as inflation soars on the back of higher food and fuel prices and the measures were widely expected. Figures recently revealed India’s wholesale ...




October 19, 2011

Bank of Thailand keeps interest rates on hold despite floods

by Kay Mitchell
”Bank
The Bank of Thailand has opted to keep interest rates on hold at 3.5%, despite the worst floods the country has seen in decades which are set to hamper growth. Thailand, which is South-East Asia’s second largest economy, is expected to see growth of just 2% this year as a result of flood damage, compared with an earlier ...




BoE minutes: MPC unanimous over fresh round of QE

by Kay Mitchell
”BoE
Minutes of the Bank of England’s October 5-6 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 third consecutive month that the Committee voted unanimously to keep rates at the record low, despite inflation running at more ...




October 18, 2011

UK inflation surges to 5.2% in September

by Kay Mitchell
”UK
The Office for National Statistics (ONS) today announced Consumer Price Inflation (CPI) accelerated to annual rate of 5.2% last month from August’s rate of 4.5%. The rate represented the highest since September 2008 and it has never exceeded this rate since the CPI measure was first calculated in 1997. Higher inflation continues to be led by rising energy costs. The ONS said in ...




October 14, 2011

Indian inflation eases in September

by Kay Mitchell
”Indian
Figures today revealed India’s wholesale price inflation eased to annual rate of 9.72% last month, down from August’s rate of 9.78%. However, the rate is still significantly above the central bank’s target of between 4% and 5% and represented the tenth consecutive month that inflation has been above the 9% mark. Stubbornly high inflation has led analysts to expect the central bank to lift ...




October 7, 2011

Britain in most serious financial crisis ever

by Kay Mitchell
”Britain
Bank of England Governor, Mervyn King, believes Britain is in the midst of the “most serious financial crisis ever”. The Governor was speaking after the central bank’s Monetary Policy Committee (MPC) elected to keep interest rates on hold at the historically low level of 0.5%. Interest rates have now been at this low level since March 2009 – when the economy was ...




October 6, 2011

Euro zone interest rates remain on hold

by Kay Mitchell
”Euro
The European Central Bank (ECB) has today opted to leave interest rates unchanged at 1.5% – for the third consecutive month. The move was widely expected. Rates were lifted from the historic low of 1% in April and then raised further in July in a bid to curb rising inflation. Many major economies are battling with higher inflation, which is rising due to ...




Halifax reports 0.5% fall in September house prices

by Kay Mitchell
”Halifax
The Halifax has today revealed UK house prices fell by 0.5% in September on a monthly basis and follows a 1.2% fall in August. The latest fall takes the average cost of a UK home to £161,132, the Halifax said. On an annual basis, meanwhile, prices are 2.3% lower, said the lender, which is now part of the Lloyds Banking Group. When ...




UK interest rates on hold but central bank announces QE boost

by Kay Mitchell
”UK
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 appears to be ...




September 29, 2011

Fed chairman warns of high unemployment

by Kay Mitchell
”Fed
Federal Reserve Chairman, Ben Bernanke, has warned that the world’s largest economy is facing a national crisis due to its high unemployment rate, which currently stands at 9.1%. Earlier this month, the US Labor Department revealed the economy added no new jobs last month, which was a surprise after markets had expected 70,000 new jobs. This represented the first time since ...




Energy bill hikes will speed up inflation rate

by Kay Mitchell
”Energy
According to Spencer Dale, the Bank of England’s chief economist, UK inflation is set to accelerate due to soaring energy bills. The latest figures from the Office for National Statistics (ONS) revealed UK Consumer Price Inflation (CPI) rose to annual rate of 4.5% in August from July’s rate of 4.4% - more than double the 2% target. Higher inflation continues ...




September 21, 2011

Bank minutes suggest further round of QE

by Kay Mitchell
”Bank
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 Martin Weale and Spencer Dale have ...




September 16, 2011

India lifts interest rates further to combat inflation

by Kay Mitchell
”India
The Reserve Bank of India (RBI) has today raised key interest rates for the twelfth time since March 2010, in a bid to tame stubbornly high inflation in a thriving economy. The central bank lifted its main rate to 8.25% from 8% as inflation soars on the back of higher food and fuel prices and the measures were widely expected. ...




September 15, 2011

Indian inflation rises in August

by Kay Mitchell
”Indian
Figures today revealed India’s wholesale price inflation rose to 9.78% last month – the highest level in a year – and significantly above the central bank’s target of between 4% and 5%. Not only was the rate up from July’s increase of 9.22%, it was also higher than expectations of a 9.70% increase. This represented the ninth consecutive month that inflation has been ...




September 13, 2011

UK inflation edges higher in August

by Kay Mitchell
”UK
The Office for National Statistics (ONS) today announced Consumer Price Inflation (CPI) rose to annual rate of 4.5% last month from July’s rate of 4.4%. However, the figure was in line with analysts’ expectations. Higher inflation continues to be led by rising food costs but the main reason behind last month’s rise was a 5.1% annual increase in the housing, water, electricity ...