The Bank of England’s Monetary Policy Committee (MPC) is tomorrow expected to keep UK interest rates on hold at the historically low level of 0.5% for the 17th consecutive month. Furthermore, all members of the MPC are expected to keep the quantitative easing programme (QE) on hold. QE, also known as printing money, is a [...]
The Treasury has today announced Martin Weale will join the Bank of England’s Monetary Policy Committee (MPC). Mr Weale will assume his position in time for next month’s rate-setting meeting and replaces Kate Barker after her term ended on 31 May. Consequently, the Bank’s June meeting only comprised eight members but it will resume to [...]
Minutes of the Bank of England’s June meeting have been released today and have revealed that the Monetary Policy Committee (MPC) voted 7-1 earlier this month to keep interest rates at the historic low of 0.5% – where they have been since March 2009. The usual nine-strong committee comprised of only eight members this month [...]
The Bank of England’s Monetary Policy Committee member, Andrew Sentance, has acknowledged that there is some risk of a double dip recession. Mr Sentance said: “You have to recognise there is some risk of a double dip, but that’s not the central forecast.” His comments come just a week after fellow policymaker, Kate Barker, said [...]
The latest global economic research by Baring Asset Management’s (Barings) suggests that of the major global economies, the UK looks most vulnerable to a renewed dip into recession. According to Barings, there is a slightly higher risk of the UK falling back into recession than there was a few weeks ago. However, should the UK [...]
Bank of England policymaker, Kate Barker, said the UK is unlikely to return to recession. In an interview over the weekend, Ms Barker, who is a former housing adviser to the Government, said it is possible, however, that the economy could contract for one quarter. “It’s possible we will have a quarter when GDP falls, [...]
A member of the Bank of England’s Monetary Policy Committee (MPC) has cast doubt on the idea of a continued recovery of the UK housing market. Addressing the Treasury Select Committee earlier this week, Kate Barker stated a personal view that mortgage finance could be “quite restrained” in the months ahead, leading to the possibility [...]
A member of the Bank of England’s Monetary Policy Committee has taken up the cause of would-be homeowners who need to borrow 100% of the value of a home. Kate Barker, who is also a Government adviser on the UK housing market, has publicly opposed Prime Minister Gordon Brown in his suggestion that such loans [...]
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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