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Bank of England cuts base rate

The Bank of England has cut its interest rates by 0.25 per cent to 5 per cent from 5.25 per cent.

The move takes the Bank&#39s base rate to its lowest level for over 20 years.

Some lenders have been quick to respond to the cut with Abbey National and Virgin Direct setting the pace, cutting their rates by 0.1 per cent and 0.25 per cent respectively.

Halifax, Alliance & Leicester and Nationwide have made commitments to review their rates.

Abbey National&#39s change will take effect from June 14 for new borrowers and from July 1 for existing borrowers. Virgin&#39s takes effect from midnight on June 11.


London tops worldwide equity management charts

London has beaten off rivals New York, Boston and Tokyo to maintain its position as the leading worldwide equity fund management centre.It is the second year London has sealed top spot in the Thomson Financial Investor Relations &#391999 International Target Cities Report&#39 beating its rivals from across the Atlantic.The survey&#39s findings are based on results […]

Death knell of company pension schemes at hand

The death knell of company pensions schemes could soon be at hand according to accountancy and consultancy firm Mazars Neville Russell.It says the propsed changes to accounting standards, the demands of the minimum funding requirements and the introduction of stakeholder pensions could deliver the final blow to company schemes.The firm says the changes to the […]

Old Mutual appoints investment manager

Old Mutual Unit Trust Managers has appointed Chris Lynch as Investment Manager for the South West Region.Lynch will be responsible for intermediary sales and servicing of unit trusts and Isas within the region.He joins Old Mutual from CGU where he worked as a consultant at its Bristol office.

Technology is essential for stakeholder success says software specialists

Computer software specialists Chambers Townsend Consultancy says technology is a vital component if stakeholder pensions are to be successful.CTC says technology is essential for the pensions industry to survive stakeholder.It says those offering stakeholder pension schemes will need to ensure that each component of the scheme, from investment management, administration, communication and advice, offers the […]


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