The Engineering Employers’ Federation (EEF) is urging the Bank of England’s Monetary Policy Committee (MPC) to keep interest rates on hold when it meets later this week. The manufacturers’ trade body believes the economy is too fragile and the MPC should delay interest rate hikes until later in the year when the recovery is secure. [...]
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 [...]
Minutes of the Bank of England’s March 9-10 meeting have been released today and have revealed the Monetary Policy Committee (MPC) again voted 6-3 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 [...]
Accountancy firm BDO has joined many other leading business groups by suggesting a premature interest rate hike could derail the economic recovery. According to the latest Business Trends report, BDO said a rise in interest rates would strengthen the pound and therefore, reduce export competitiveness, having a negative impact on manufacturing. The manufacturing sector, which [...]
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 showed the economy [...]
Leading business group, the British Chambers of Commerce (BCC), is urging the Bank of England not to increase interest rates this week. The Monetary Policy Committee (MPC) will commence its two-day meeting tomorrow and while many have called on the Bank to hike rates to combat stubbornly high inflation, the BCC is calling on the [...]
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 [...]
According to economists, yesterday’s services sector figures could result in the delay of interest rate hikes. Growth in the UK’s closely-watched service sector slowed in February, figures revealed yesterday. The sector accounts for around 75% of Britain’s economic output. The Chartered Institute of Purchasing and Supply (CIPS)/Markit purchasing managers’ index (PMI) fell to 52.6 in [...]
Bank of England Governor Mervyn King has today reiterated that inflation will return to its target of 2% but the timescale is uncertain. His comments come after the Office for National Statistics (ONS) last week announced Consumer Price Inflation (CPI) rose to an annual rate of 4% in January – the highest rate since November [...]
The Office for National Statistics (ONS) has today revealed the UK economy contracted by 0.6% in the October to December period – slightly worse than the first estimate of 0.5%. Economists had expected the figures to remain unchanged. Today’s estimate is the second reading, a third and final estimate will be available next month. However, [...]
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 [...]
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% – primarily due to sluggish economic growth, according to economists. Recent figures showed the economy contracted in the fourth quarter of 2010 so it was thought that the central bank [...]
According to some economists, there is a very small chance that the Bank of England could raise interest rates today. The Monetary Policy Committee (MPC) commenced its two-day meeting yesterday and earlier this week, City bank JP Morgan said there was a 40% chance that rates will be lifted from their historic low of 0.5% [...]
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 [...]
The Bank of England’s Deputy Governor, Charles Bean, has said the Monetary Policy Committee (MPC) may be forced to hike interest rates if commodity prices remain high and inflation becomes embedded. His comments, published in the Western Mail newspaper, come as inflation remains well above target. MPC member, Andrew Sentance, has previously warned that the [...]
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 [...]
According to economists, the Bank of England is widely expected to keep interest rates on hold this month. The Monetary Policy Committee (MPC) commences its two-day meeting today and interest rates are expected to be kept at the historic low of 0.5% – where they have been for almost two years. In addition, analysts expect [...]
Leading business groups have warned that the recent hike in VAT from 17.5% to 20% will drive inflation up to around the 4% mark over the coming months. This would take inflation to double the Government’s target of 2%. Last month, the Office for National Statistics (ONS) revealed Consumer Price Inflation (CPI) rose to an [...]
Phone fraudsters stealing bank card pins
Fraudsters using a phone scam to trick bank card holders into revealing their pin numbers stole £750,000 in the first four months of this year. This is the same amount stolen through this scam in the whole of last year. The fraudster telephones a bank customer, often someone elderly or vulnerable, telling them that their [...]
FSA rules out ban on interest-only mortgages
Speculation that the Financial Services Authority would ban interest-only mortgages as part of its Mortgage Market Review has proved to be unfounded. However, lenders will be required to monitor the performance of the investment product taken out by the customer to repay the mortgage at the end of its term. Investments are performing poorly because [...]
Bank of England may end free in-credit banking
A director of the Bank of England has warned that official intervention could be considered to end the ‘dangerous myth of free in-credit banking’. Andrew Bailey has already spoken out against free banking in relation to the mis-selling of financial products. In a speech made available to media, he reiterated his concern, saying that it [...]
Bank of England votes against more economic stimulus
The Bank of England voted against a further round of quantitative easing, at its latest Monetary Policy Committee (MPC) meeting. Just one member, David Miles, voted for further asset purchase to encourage growth in the UK economy, while the other eight members voted to keep the Bank’s quantitative easing programme steady at £325bn. The minutes [...]
Catalogue debt growing says helpline
Calls from people concerned about their debts with mail order catalogues accounted for more than 12 per cent of all calls received by National Debtline last year, compared with just 8 per cent in 2007. More people were concerned about catalogue debt than about payday loans, mortgage or rent, according to the Money Advice Trust [...]
Homeserve faces mis-selling investigation
HomeServe, which provides emergency insurance cover and domestic repairs to households in the UK, is to be investigated by the Financial Services Authority (FSA). Issues over the possible mis-selling of household emergency policies were uncovered last October during an internal review at the Walsall-based company. Homeserve’s call centre staff were found to be selling ‘Complete [...]
OFT warns Wonga over debt collection methods
Payday loan company Wonga used aggressive and misleading methods to collect debts from customers, the Office of Fair Trading (OFT) has found. Wonga sent letter and emails to certain customers suggesting they had committed fraud and threatening to report them to the police if they did not act in the way Wonga suggested. The company [...]
NS&I re-launches investment account
National Savings & Investments (NS&I) has re-launched its Investment Account at a higher interest rate than it previously offered. The account now offers 0.75 per cent before tax, compared with between 0.2 and 0.3 per cent previously, depending on the account balance. Deposits and withdrawals on the account can no longer be made at Post [...]
Rightmove reports property downsizing trend
Two in five property owners planning to sell in the next year are planning to ‘trade down’, compared with one in four who plan to ‘trade up’. A survey by property website Rightmove found that moving to a smaller home is the main reason for moving in nine out of the ten regions in the [...]
More people failing to save for retirement
The proportion of people with no pension savings has grown from 20 per cent to 22 per cent over the past year, according to Scottish Widows’ latest survey. The pension provider surveyed 5,200 adults in the UK, aged 30 or over, and earning at least £10,000 a year, for its annual review of pensions. Ian [...]
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