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BoE holds base rate at 0.5% again

The Bank of England’s Monetary Policy Committee has again voted to keep base rate at 0.5 per cent – the 71st consecutive month that the benchmark rate has remained unchanged.

Committee members also voted to keep the programme of quantitative easing at £375bn. The last time the programme was changed was in July 2012, when it was increased by £50bn.

L&G Mortgage Club director Jeremy Duncombe says: “Today’s decision to keep the base rate at 0.5 per cent marks nearly six years of record low interest rates.

“However, whilst the bank rate has not moved, the rates that lenders offer to borrowers on mortgages have, as banks will also look at wider economic conditions when deciding the rates they offer.” 

The minutes for this month’s MPC meeting will be published on 18 February.

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Guide: how to… communicate with your pension members

Effective communication of your pension scheme is a large part of getting auto-enrolment right. Delivering the same message to all employees is not necessarily the way to go. To assist you with the communication of your pension scheme, we have provided some key areas to think about, such as:

  • What to consider when segmenting your workforce
  • How to communicate to pension scheme members at the right time in their member lifecycle
  • What topics you should be discussing with your pension members
  • The new pension freedoms and the importance of communicating them

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