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Possible rate cut if US terror assault results in downturn

The Federal Reserve, the European Central Bank and the Bank of England have all indicated that interest rates will be cut if the terror assaults on the US push the world towards recession.

But Bank of England governor Sir Edward George ruled out an immediate co-ordinated cut, and the European Central Bank has warned that a hasty cut could signal panic to consumers.

Hargreaves Lansdown head of research Mark Dampier says: “This crisis is a clear deflationary threat. With the world teetering on the edge of recession central banks will be considering a 0.5 per cent cut in rates.”

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Clerical applies MVA on with-profits fund

Clerical Medical has imposed a market value adjuster of 7.5 per cent on encashments of more than £50,000 from its with-profits fund. It is blaming continuing stockmarket falls, saying the trigger point for an MVA review was breached some time ago. The MVA will apply to the excess over £50,000 on withdrawals from its with-profits […]

Lastminute.com goes into stakeholder

Lastminute.com is to sell stakeholder pension schemes online, in a deal with internet IFA stakeholderpensions.com. The move, which will allow employers to designate a scheme for their employees online in minutes, is hoping to capitalise on a rush for schemes as October&#39s deadline looms.

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Wednesday, 12 September 2001.Type: Guaranteed Isa.Aim: Growth linked to the performance of the FTSE 100, Eurostoxx 50and Nikkei 225 indices.Minimum-maximum investment: £3,000 mini cash Isa,£3,000-£9,000 Tessa only Isa.Investment choice: Mini cash Isa, Tessa only Isa.Term: Six years.Guarantee: Capital returned in full regardless of the performance ofthe indices.Return: 80 per cent of the growth over six […]

Stakeholder initiative delivers leads

The Money Marketing stakeholder pension initiative, launched at the beginning of this week, is already delivering high-quality leads to top IFAs. Syndaxi Financial Planning director Robert Reid says: “This employer must have got the booklet and gone online straight away before selecting us. They are a health company which may set up a stakeholder or […]

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Fit for Work: guidance for employers published

On Friday, the Department for Work and Pensions published its guidance for employers on using the new Fit for Work (FfW) service to help ill employees return to the workplace. It also includes more details on the tax exemption for medical interventions that commenced on 1 January 2015.

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