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MPC vote unanimous again in January

The Monetary Policy Committee voted unanimously to keep the base rate on hold and maintain the quantitative easing programme at £275bn earlier this month, minutes of the meeting have revealed.

All nine members of the committee opted to keep the base rate at its historic low of 0.5 per cent and vote for no more QE at their January meeting, as they have for the last two months.

The minutes show that the MPC judged the majority of large banks have not yet passed on higher funding costs to their lending rates fully, meaning there is a risk of a tightening in credit conditions in the near term.

They also reveal that there has been little change in inflation expectations, with the committee believing inflation will continue to fall sharply in the coming months.

The MPC says there remain considerable downside risks from the global economy, but notes there have been some positive developments over the past month, with actions by the European Central Bank helping to reduce the immediate risk of severe difficulties in the European banking sector.


Government loses appeal to overturn High Court solar ruling

The Government has lost its appeal against a High Court ruling that its decision to lower solar feed-in tariff payments was illegal. The Press Association is reporting that the Court of Appeal rejected energy secretary Chris Huhne’s claim that he had the power to go ahead with the scheme. Earlier this month, Energy Minister Greg […]

Two-year fixes at a five-month high

The average price of a two-year fixed-rate mortgage has reached its highest level since August at 4.27 per cent. Data from shows the average price of two-year fixed rates fell from 4.27 per cent in August to a low of 4.16 per cent in September before increasing to 4.22 per cent in October. Prices […]


Call for joint annuities to be default

Partnership is urging Government ministers to look at making joint life annuities the default option for married couples. Any person who fails to make an active decision on their retirement income receives a single-life annuity product from their provider. Partnership chief executive Steve Groves (pictured) says: “The Treasury should look at default retirement products. If […]


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