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Bank votes for rate hold at 5%

The Bank of England’s Monetary Policy Committee has voted to keep the Base Rate at 5 percent.

This decision comes as the Bank trys to curb spiralling inflation which currently stands at 3.8 percent, 1.8 percent above its target.

Hamptons International Mortgages managing director Jonathan Cornell says: “Another month and further stalling tactics from the MPC. Inflation crept ever higher in July, nearing closer to five percent by the year end, yet the MPC still remains undecided on the path it should take.

“Holding the base rate, while offering relief from a rate increase, will do little to ease borrowers’ pain. The average monthly mortgage repayment has been gradually increasing and with increases in energy and food costs in July, borrowers will have to stretch themselves even further this month.”

Connells Survey & Valuation managing director Ross Bowen says: “While a lower base rate would take some of the pressure off lenders, allowing them to lower their rates more – it’s not a surprise that the MPC decided to hold today.

“It’s far more important that the Bank of England and government work towards improving market liquidity, allowing more lenders to drop the rates they’re offering.”



Morley’s Norman joins Credit Suisse

Credit Suisse has appointed David Norman to the new position of chief executive of asset management for the UK and Ireland. He was previously director of marketing and products at Morley Fund Management.

Impact assessment

Rugby aficionados talk sagely of “impact substitutes”. In the world of tax and financial planning, the Chancellor has been an impact substitute par excellence.

Bonds have more funds

The torrid time for equities has by and large continued. The UK market has recovered from the losses of three weeks ago but we have seen some really vicious sector rotation, causing problems for equity managers.

Swip appoints European MD

Christian Elsmark has joined Scottish Widows Investment Partnership as managing director of Europe. He was previously managing director at FundQuest, the multi-management business of BNP Paribas Investment Partners.

Pension savings-2015

Pension tax relief: parked (for the moment)

The national news agenda has been dominated by pension issues this month. For those that missed it (and there cannot have been many given that this was the lead story in spoken and written media), the Chancellor announced a decision to make no decision on pension tax relief in his 16 March 2016 Budget speech. To […]


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