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Interest rate held but rise forecast in May

It is the third consecutive month that the rate has remained the same. The market can breathe a sigh of relief as many had feared that a rise would dampen demand for mortgages. However, commentators are suggesting that the BoE is only delaying the inevitable rise.

Savills Private Finance director Melanie Bien says: “We welcome this decision but expect another rate rise, possibly as soon as next month, as retail sales remain strong and signs of the housing market cooling remain uncertain.”

Alliance & Leicester director of mortgages Stephen Leonard says: “General consensus within the industry pointed to the base rate staying the same this month but many now expect a hike in May. The money markets have been pricing in at least one rise in the base rate this quarter, with rates potentially being cut later in 2007 or in 2008 as inflation drops back towards the MPC target of 2 per cent. Borrowers looking for stability should lock into a competitive fixed rate.”


ScotLife slams Sipp providers’ charges

Scottish Life has hit out at rivals for being “economical with the truth” on Sipp charges, warning that advisers could soon face a wave of misselling complaints under the new regulatory regime.

Correspondent’s Week

This week by ex-Daily Mail personal finance reporter James Coney, now deputy business editor at the Daily Mirror.

Suspicious mind

More tributes come flowing into the Diary for Liverpool Victoria’s terrific new rebrand. An unnamed pension guru penned this little thought: “As you are no doubt aware, the mathematical symbol = means ‘equals’, or more loosely, ‘is’.“So what Liverpool Victoria actually want to be known as now is ‘eLV-is, presumably in tribute to a once […]

Nepgen joins Threadneedle

Threadneedle has recruited Pauline Nepgen from Investec Asset Management for its global equities team. She will be responsible for covering technology and telecoms, with regional responsibility for Asia.


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