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Bank rate at 0.5% reaches two-year mark

The Bank of England bank rate has been held at 0.5 per cent for the 24th month in a row and quantitative easing stays at £200bn.

The last rate change was on March 5, 2009, when it was reduced from 1 per cent to 0.5 per cent.

On the same day, the Bank of England initiated a £75bn QE programme. The most recent change to the size of the programme, on November 5, 2009, was an increase of £25bn, bringing the total to £200bn.

First Action Finance head of communications Jonathan Cornell says: “It was highly unlikely that the monetary policy committee was going to do anything other than keep the base rate on hold. However, we are getting closer and closer to an increase, with most experts predic- ting that the earliest we will see a rise is May.”

John Charcol senior technical manager Ray Boulger says: “The monetary policy committee members who have been calling for a rate increase need to give even more consideration to how much impact such a move would have on an economy that is, at best, stagnating.”


Zurich increases Openwork loan and offers advisers preference shares

Zurich has increased its loan facility to Openwork from £18m to £30m and offered the network’s advisers 30 per cent of preference shares in a restructuring of the firm’s funding. Shareholders met at Birmingham Airport yesterday and 95 per cent voted for a restructure of the business which will see Openwork advisers given 30 per […]

BSA urges Government to make stamp duty exemption permanent

The Building Societies Association has urged the Government to make permanent the stamp duty exemption for first-time buyers on purchases under £250,000 ahead of next week’s Budget. Director general Adrian Coles says the move would get more first-time buyers on to the housing ladder as it remove one of the barriers associated with buying a […]


Stephen Hagues

Whether recruiting potential candidates for businesses or marketing IFAs for sale, managing director of Retiring IFA and Foundation Resources has the same ultimate aim – to help businesses grow and flourish and make the retail financial services more effective in the process
Interview by Rachael Adams


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