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Savills calls on mainstream lenders to cut rates

National mortgage broker Savills Private Finance is calling on mainstream lenders to cut their variable rates following today&#39s announcement that the Bank of England is reducing rates to 3.75 per cent from 4 per cent.

But Savills says fixed rates are unlikely to fall immediately.
Associate director Simon Jones says: “The rate cut has not come as a complete surprise. There are clearly concerns over the underlying strength of the economy, with the stockmarket having fallen considerably since the start of the year.

“The rate cut should enable consumer spending to remain buoyant, despite concerns that a two-tier economy is emerging with manufacturing in the doldrums.

“We are urging lender to pass on the full savings from the base rate cut to borrowers. Despite the strength of the housing market over the course of the last year, the MPC appears to have accepted that house price inflation will return to sustainable levels of its own accord, and without the need for intervention.”


CFS creates single mortgage operation

Co-operative Financial Services is combining Co-operative Bank and Co-operative Insurance Society mortgage operations. The single operation will eventually offer one product range to customers across all CFS distribution sales. CFS chief executive Mervyn Pedalty says: &#34A pilot exercise undertaken at the end of 2002 revealed the significant cross-sales potential we have within our brands.&#34

Allianz revamp spells end of Dresdner brand

The Dresdner RCM Global Investors brand is finally set to disappear in the UK following the fund firm&#39s rebrand as Allianz Dresdner Asset Management. The rebrand comes almost two years after the March 2001 deal which saw Allianz – one of Germany&#39s leading insurers – acquire Dresdner Bank. The various fund management arms of Allianz […]

Simple saving

The Pensions Green Paper might have been disappointing but the same cannot be said of the proposals for tax simplification, launched in a simultaneous consultation paper. Consider the joint objectives: •Providing choice for everyone by simplifying the structure and removing the mystique born of years of legislative “tinkering”. •Increase protection for members of occupational schemes, […]

Driving down costs

Most of the post-Sandler debate on the UK mutual fund industry has focused on increased transparency, price caps and the issues raised by a new breed of low-cost, no-advice products. But I have been struck by the lack of discussion on what all this means for the future cost base of the industry. My perception […]


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