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Interest rates frozen by the MPC for another month

The Bank of England has left UK interest rates on hold at 4.75 per cent for the eighth month running.

The decision by the Bank’s Monetary Policy Committee was widely expected given subdued UK inflation and a slowdown in consumer spending.

Skipton Building Society chief executive John Goodfellow says: “Economic analysts are still predicting that we will see an increase in the Bank of England’s base rate some time in 2005. However, with consumer spending remaining relatively slow, the weak retail market will have been a major factor in today’s decision to keep rates at 4.75 per cent.

“It is next month, when the inflation report is due – which has previously had a great influence on the MPC’s discussions – where the chance of a rate increase will be higher.”

Derbyshire Building Society head of intermediary support and development Tony Capon says: “The logic behind leaving rates on hold is that the MPC is seeing continued evidence of a housing slowdown and there have been signs of a faltering in global growth.

“Homeowners can breathe another sigh of relief today. An increase of a quarter per cent would have resulted in borrowers with a 100,000 mortgage having to find an extra 20.00 per month in mortgage payments.”


Pensions regulator sets out dispute code

The Pensions Regulator has published its draft code of practice on dispute resolution procedures for schemes. Consultation runs until May 13 with the final code due in September. Key points include giving scheme trustees and managers greater flexibility when designing a schemes dispute resolution process and ensuring claims are dealt with swiftly.

Fidelity launches sterling bond fund

Fidelitys new sterling bond fund hopes to take advantage of asset allocation between government, corporate and high yield bonds to generate strong returns.Dealing in shares in the sterling bond fund begins on April 18. The fund will be managed by Ian Spreadbury, its launch price remaining fixed at 25p until noon on April 29, 2005.Early […]

SEI net tool gauges offshore risk

Scottish Equitable International is launching its investment risk profiler for the offshore market. The internet-based tool, available on the SEI extranet, uses stochastic modelling technique called Monte Carlo simulation. It will help advisers set investment strategies for clients by analysing attitudes to risk, return and decision-making.

Responsibility Matters

The latest update from the Sustainable Investments Team at Royal London Asset Management, Responsibility Matters, is now available. In this edition the team look at issues such as the growing acceptance of sustainable investing and technology in China. Read the update here: The value of investments and the income from them is not guaranteed and […]


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