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News Tag: quantitative easing

October 11, 2012

Annuity rates plummet due to money-printing

by Jan Harris
Annuity rates plummet due to money-printing
Annuity rates have fallen by 7 per cent in just three months according to MGM Advantage, the retirement income specialist. This means that a 65 year old man with pension savings of £50,000 would receive a retirement income of £2,579 a year from the annuity they purchased with their pension pot, compared with £2,778 in July. Annuity rates are now more than ...




August 24, 2012

Rich have benefited most from quantitative easing

by Jan Harris
Rich have benefited most from quantitative easing
The Bank of England has admitted in a new report that the richest 5 per cent of UK households have benefitted the most from its quantitative easing (QE) programme. The Bank launched the programme in March 2009, in an effort to revive economic growth. In total it has bought £375bn of government bonds, known as gilts and this has boosted asset ...




June 19, 2012

Inflation falls to 2.8%

by Jan Harris
Inflation falls to 2.8%
Inflation fell to 2.8 per cent on the Consumer Prices Index in May, from 3 per cent in April, surprising economists who had not expected it to change. Inflation also fell on the Retail Prices Index, which includes housing costs, from 3.5 per cent in April to 3.1 per cent in June. Inflation is now at its lowest level for two ...




May 24, 2012

Bank of England votes against more economic stimulus

by Jan Harris
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 of the meeting note that “for ...




May 10, 2012

BoE holds interest rates and stops quantitative easing

by Jan Harris
BoE holds interest rates and stops quantitative easing
The Bank of England is holding the base rate at 0.5 per cent and has decided not to extend its quantitative easing (QE) programme following a £50bn boost to the economy in February. The UK interest rate has now remained at 0.5 per cent for three years, despite high levels of inflation. Consumer Prices Index inflation currently stands at ...




March 8, 2012

Pensioners hammered by QE and rising living costs

by Jan Harris
Pensioners hammered by QE and rising living costs
The value of final salary pension schemes has been slashed by £90 billion due to the government’s latest round of quantitative easing (QE), the National Association of Pension Funds (NAPF) warns, while pensioners' incomes have also been hit by soaring living costs. A new study by LV= suggest that pensioners’ day-to-day living costs have increased by 33 per cent since ...




February 14, 2012

Inflation down to 3.6% in January

by Jan Harris
Inflation down to 3.6% in January
Inflation fell sharply in January to 3.6 per cent on the Consumer Prices Index (CPI), from 4.2 per cent in December, according to the latest official figures. Retail Prices Index (RPI) inflation, which includes housing costs such as mortgage interest and council tax, fell to 3.9 per cent from 4.8 per cent. Although CPI inflation has fallen for the last four ...




February 6, 2012

Bank of England to launch £50bn economic stimulus

by Jan Harris
Bank of England to launch £50bn economic stiumulus
The bank of England is expected to launch another round of quantitative easing (QE) this week, in the hope of preventing the UK falling into another recession, after the economy contracted by 0.2 per cent at the end of last year. The bank is likely to pump at least £50 billion into the economy by purchasing government gilts from ...




January 23, 2012

Gap between rich and poor cities to widen

by Jan Harris
Gap between rich and poor cities to widen
The economic gap between cities doing relatively well during the economic downturn and those that have been hard hit by the recession, is expected to widen. A report by the Centre for Cities, a research and policy organisation focused on improving the economic performance of UK cities, suggests that a combination of weak growth in the private sector and ...




January 11, 2012

Pensions hit by low annuity rates

by Jan Harris
Pensions hit by low annuity rates
People who retire this year will be £3,000 worse off than those who retired four years ago because factors such as the credit crunch, the recession and the eurozone crisis have pushed down annuity rates to a record low. Annuity rates fell by eight per cent in 2011, which was the fourth consecutive year of decline. According to Prudential's Class of ...




December 12, 2011

Economists forecast deeper UK recession

by Jan Harris
Economists forecast deeper UK recession
The UK economy is expected to contract by 1.3 per cent in 2012, according to respected economists at Standard Chartered bank. Growth of 0.6% had been predicted but Standard Chartered’s latest survey, of 350 companies, points to a sharp recession in the face of the ongoing eurozone crisis. The eurozone economy is expected to contract by 1.5 per cent next year. Three factors ...




November 25, 2011

UK’s economic recovery to take five years

by Jan Harris
UK’s economic recovery to take five years
The UK’s economy will take five and a half years to recover to pre-recession levels according to Martin Weale, a member of the Bank of England’s Monetary Policy Committee. Speaking to the National Institute of Social and Economic Research, Mr Weale said that the recovery "unusually slow" and indicated that the Bank could enact more quantitative easing if inflation starts ...




October 25, 2011

BoE Governor: QE may not boost lending

by Kay Mitchell
”BoE
Mervyn King, the Bank of England’s Governor, has confessed that the latest round of stimulus is not guaranteed to boost lending to SMEs. The ongoing lack of credit to SMEs has been a major concern for the Government as these companies are the key to job creation in the UK and are expected to be one of the main drivers of ...




October 21, 2011

Nationwide: UK consumer confidence slips further in September

by Kay Mitchell
”Nationwide:
The latest survey from the Nationwide Building Society has revealed a fall in UK consumer confidence for the month of September. The building society’s consumer confidence index fell for the fourth consecutive month, falling by 3 points to 45 in September – hovering dangerously close to the all-time low of 41. Furthermore, it is 10 points lower than this time last ...




October 20, 2011

ONS: UK retail sales up 0.6% in September

by Kay Mitchell
”ONS:
The Office for National Statistics (ONS) has today revealed UK retail sales beat forecasts in September, led by spending on electrical goods such as laptop computers. According to the Statistics Office, sales rose by 0.6% last month, reversing the 0.4% fall in August. Furthermore, the figure was 0.6% higher on an annual basis. Retail sales have been struggling over recent times as ...




October 19, 2011

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 17, 2011

Item Club warns of euro zone crisis impact

by Kay Mitchell
”Item
Leading think tank, the Ernst & Young Item Club, has warned that growth within the UK economy is “grinding to a halt” because of the euro zone debt crisis. The Item Club also warned that the quantitative easing (QE) measures, announced recently by the Bank of England, are unlikely to boost the recovery. Its comments come just a week after the ...




October 13, 2011

UK trade deficit narrows in August

by Kay Mitchell
”UK
The Office for National Statistics (ONS) has today revealed the UK trade deficit narrowed in August as export values hit an all-time high and imports fell. The goods trade gap shrank to £7.77 billion in August from £8.15 billion the previous month, said the ONS. Total exports of goods reached £25.5 billion, led by fuels intermediate goods such as mechanical engineering products and ...




October 11, 2011

BCC downgrades UK economic growth

by Kay Mitchell
”BCC
The British Chambers of Commerce (BCC) has today said the fresh round of quantitative easing (QE) announced by the Bank of England last week may not be enough to prevent the economy from slipping back into recession and “more radical measures” are required. BCC Chief Economist David Kern said in an e-mailed statement in London today: “Given the worsening international situation and the ...




Weak UK factory output suggests poor start to Q3

by Kay Mitchell
”Weak
The Office for National Statistics (ONS) has today revealed UK factory output fell 0.3% in August on a monthly basis. The reading was worse than economists had expected and confirm weak prospects for the economy after the figures suggest a poor start to the third quarter. On an annual basis, meanwhile, factory output was 1.5% higher – representing the weakest ...