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Base rate to stay at 5.75 per cent this month

The Bank of England has kept base rate at 5.75 per cent for September as widely expected.

The BoE’s decision was widely expected after inflation fell in July to 1.9 per cent from 2.4 per cent in June, below the government’s target rate of 2.0 per cent.

John Charcol senior technical manager Ray Boulger says: “Today’s decision by the MPC to leave Bank Rate unchanged at 5.75 per cent was regarded as a foregone conclusion by the market.”

“However, the minutes of the meeting, due out on 18th October, will be awaited with far more than the usual interest in the hope of getting a better insight into the Bank’s latest thinking on the credit crunch. I expect the MPC will have discussed the possible need to cut Bank Rate sooner than previously expected as a policy response to the credit crunch and their thoughts on this will be particularly interesting”, adds Boulger.


Performance art

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Midas moves back into UK equities

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GMAC is sticking to sub-prime LTV after £1bn securitisation

GMAC-RFC completed a £1.1bn portfolio sale to Bradford & Bingley just a day after it confirmed it would not be making substantial changes to its sub-prime lending criteria.The lender alerted its packaging partners by email last Wednesday that it could potentially be withdrawing all its sub-prime products over 75 per cent loan to value as […]

Life firms blast Lawson over publishing annuity rates

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