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Inflation holds in August

The Consumer Price Index remained static at 3.1 per cent in August, according to the Office of National Statistics.

The ONS says CPI remained unchanged last month but the Retail Price Index slowed to 4.7 per cent from 4.8 per cent in July. Bank governor Mervyn King will once again write to the chancellor George Osborne and explain why inflation is above target.

Inflation still remains more than 1 per cent above the Bank of England’s 2 per cent target even after three months of slowing. The ONS says the increasing cost of clothing and food led to the high rate of inflation.

The Bank has repeatedly asserted that inflation will fall back to target in the medium term but King admitted last month he would have to keep writing letters to the chancellor in the coming months.

Barclays Capital analyst Simon Hayes says: “Any decline in the CPI inflation rate over the second half of this year is likely to be gradual at best, and that persistent above-target inflation will remain a material impediment to any further loosening in monetary policy.”


L&G forms partnership with Islamic bank

Legal & General and Islamic Bank of Britain have announced a partnership that will see the bank’s Islamic mortgage products made available to the club’s intermediaries. The news follows IBB’s announcement of a £20m capital injection from founding shareholder Qatar International Islamic Bank. L&G’s intermediaries can begin developing a specialised Islamic finance offering by registering […]

Polar Capital set to acquire HIM Capital

Polar Capital Holdings is set to acquire specialist fund manager HIM Capital. The deal is expected to conclude before the end of this month and is designed to bolster Polar Capital’s franchise in the financials sector. HIM’s subsidiary, HIM Capital Limited, was previously called Hiscox Investment Management prior to the management buyout from Hiscox plc […]


Aegon says cuts won’t hit support for brokers

Aegon has insisted that last week’s redundancies and office closures within the sales division are not a kneejerk reaction in the firm’s drive to reduce operating costs by 25 per cent. The firm revealed it is making 142 redundancies in its sales division and halving the number of regional sales centres from 12 to six […]

Treasury select committee approves Weale’s appointment to MPC

The Treasury select committee has approved the appointment of Martin Weale as a new member of the Monetary Policy Committee. Weale was provisionally appointed by the Treasury in July and, following its hearing with Weale today, the committee says it is satisfied that he fulfils the criteria of professional competence and personal independence that it […]


Employer iPMI responsibilities could continue to escalate, says Jelf

New laws in Dubai will put the burden of providing international private medical insurance (iPMI) firmly on the shoulders of the employer in order to maintain the country’s leading healthcare facilities. With 10,000 UK nationals having moved to the country since 2007 and only 16.5 per cent of the total 8.2 million people living there being Emiratis, Jelf Employee Benefits believes this move was inevitable and employer responsibilities could continue to escalate in future.


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