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MPC announces base rate cut to 4.5 per cent

The Bank of England’s Monetary Policy Committee announces base rates will fall to 4.5 per cent.

This is a fall to the same level as June 2004.

CML deputy director general Peter Williams says: “The rate cut will provide a welcome boost to consumer confidence and therefore help underpin the recent soft landing of the housing market. In recent months consumer confidence has been relatively weak, and data has shown households are becoming more cautious about borrowing. The rate cut will help stem the decline in consumer confidence and support the view that interest rates have peaked. It is possible that the MPC will consider future cuts, though these will need to be looked at in light of economic circumstances and inflationary pressures over the coming months.”


Leeds & Holbeck launches 5-year fixed rate mortgage

Leeds & Holbeck building society is launching a new five-year fixed rate shared ownership mortgage at 5.79 per cent.The offer will be available until November 1, 2010 and allows customers to borrow up to 100 per cent of their property share without a higher lending charge. The loan has an LTV of up to 75 […]

Incoming Amvescap chief gets 28m deal

Amvescap is giving new chief executive Marty Flanagan a pay deal worth 28m after recruiting him from Franklin Resources. His 450,000 salary is supplemented by a 2.6m performance-related bonus and 25m in shares. The firm, which owns Invesco Perpetual, is rumoured to be the continued target of a takeover by Canadian fund manager CI Financial.

Without a shadow of a doubt

I am writing in response to the front page article in your Professional Brief in which you say that Simply Biz is urging IFAs to set up shadow companies to ease their transition from networks to directly authorised status.

Mark Page: why my biggest overweight stock is a discount Spanish retailer

Artemis European Opportunities Fund manager Mark Page is questioned about the merits of investing in Spanish supermarket group, Dia. Dia is a 7,000-store Spanish discount supermarket chain. But with cheaper food prices coming on to the market and an improving Spanish economy, journalist Alexis Xydias questions Mark about its inclusion in the Artemis European Opportunities […]


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