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MPC split over QE increase

The Bank of England’s monetary policy committee were split 7-2 over whether to increase the size of its quantitative easing programme earlier this month.

The minutes from March’s meeting show that of the nine members which make up the committee, David Miles and Adam Posen voted to increase the size of the programme by £25bn to £350bn,.

In February, the committee voted to increase QE by £50bn to £325bn.

All nine members voted to keep base rate at 0.5 per cent. Base rate has now been at a record-low 0.5 per cent since March 2009, or 36 consecutive months.

The minutes reveal Miles and Posen voted to increase the size of QE over fears of weak growth.

The minutes say: “Two members continued to think that a larger monetary stimulus was warranted to reduce the risk that persistently weak growth would damage the future supply capacity of the economy.

“In their view, policy should be loosened further to stimulate demand quickly, but the stimulus could then be withdrawn were it to become clear that there was a significant risk of inflation rising above target in the medium term.”


Financial planning case study: Relief route to retirement

The problem: The clients are a married couple aged 64 and 65 looking to reduce inheritance tax and minimise capital gains tax. They have a good income and plenty of assets. They own two homes with only a small outstanding mortgage. The husband’s pension is worth around £300,000 and there is an Isa portfolio worth […]

Tony Wickenden: FAQs on entrepreneurs’ relief

As promised last week, I am going to look at some of what I believe to be frequently asked questions in relation to entrepreneurs’ relief. I am doing this because many clients of advisers considering the investment of corporate funds are unclear as to the basic rules, let alone planning opportunities. With all this in […]


Standard Life agrees redress after three-year Isa blunder

Standard Life has agreed to compensate a client after it failed to complete an £11,000 Isa transfer and then took three years to return the money to the client. In 2009, Co-operative IFA adviser Stephen Maier instructed Standard Life to transfer £11,409.28 that a client held in a Standard Life Isa to a five-year structured […]

Regulatory haze

The 1960s and 1970s saw some strange music album covers, possibly triggered by certain substances or experiences. Some covers, such as Jimi Hendrix’s Electric Ladyland, were often not openly displayed in the more conservative shops. Which brings me to the recent pronouncement by the FSA on consultancy-charging. If you recall, adviser-charging did not suit the […]

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The politics of healthcare

Healthcare is already one of the key battlefields in May’s general election, with each of the main parties committing to deliver improvements to the NHS and public health.


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