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Govt to give Bank of England more power

Chancellor George Osborne will use this month’s Budget to give more powers to incoming Bank of England governor Mark Carney through looser monetary policy, according to the Financial Times.

The FT reports Treasury officials are considering proposals to change the Bank’s remit when Carney takes up the role on 1 July, which could include a review of the 2 per cent inflation target.

Ideas being considered include extending the monetary policy committee’s timeframe to bring inflation back to 2 per cent, giving the Bank a dual mandate to target employment and inflation and targeting cash spending in the economy rather than inflation.

Last month, Carney told the Treasury select committee he intends to start a debate on a radical overhaul of the Bank’s remit such as scrapping inflation targeting. He said he is considering expanding its mandate to focus on growth, unemployment and inequality.


HSBC launches market’s lowest-ever two-year fix at 1.79%

HSBC has launched the market’s lowest ever two-year fixed rate mortgage at 1.79 per cent, in addition to its lowest ever five, seven and 10-year fixed rates. The direct-only lender has launched a five-year fix at 2.78 per cent, a seven-year fix at 3.49 per cent and a 10-year fix at 3.99 per cent. All […]


John Fox: Advisers need to boost Sipp due diligence

The Sipp industry, as highlighted by the recent FSA consultation paper CP12/33, ‘A new capital regime for Self-Invested Personal Pension operators’, is under growing scrutiny. In fact, within the next year or two, we expect the Sipp landscape to look vastly different to how it is now. Understandably, the ins-and-outs of what’s happening within the […]


Fund manager reclassifies Greece as ’emerging market’

US asset manager Russell Investments has reclassified Greece from a developed to an emerging market, claiming the nation has been a “world concern” since it revealed unsustainable levels of debt in 2009. According to The Telegraph, Russell says Greece has been on a downward spiral towards the new status since 2010. The fund manager, which […]


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There is one comment at the moment, we would love to hear your opinion too.

  1. the elephant in the room 7th March 2013 at 10:07 am

    I expect that’ll get Mervyn’s goat!

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