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Archive for June, 2014

MORTGAGE CAP

June 27, 2014

Plans by the Bank of England to cap riskier mortgage lending have been hailed as an important “insurance policy” for the UK economy. Under the proposal, lenders will not be allowed to lend any more than 15% of residential mortgages at more than 4.5 times a borrower’s income. The move will have little initial short-term […]


“NORMAL” RATES

Governor of the Bank of England tells borrowers to expect rates to be half the pre-crisis level of 5pc in three years’ time Interest rates will not recover to their pre-crisis levels because “things have changed,” the Governor of the Bank of England said on Friday. Rates could start to rise this year and are […]


FCA DEFERS BONUS

The Financial Conduct Authority’s chief executive Martin Wheatley is among nine executives at the financial watchdog to have deferred their annual bonuses until after a probe into a media briefing the regulator organised on pension and savings plans sold by insurers. Britain’s financial watchdog held a media briefing in March in which it said it […]


ACTION ON HOUSING BY BofE

June 22, 2014

The Bank of England will not hesitate to take further action to moderate Britain’s housing marketif needed, its governor Mark Carney wrote in the central bank’s annual report released on Tuesday. “We will not hesitate to take further proportionate and graduated action as warranted,” Carney said. He added that the BoE’s Financial Policy Committee had […]


BANKING JOB HOTSPOTS

Britain’s banking job hotspots revealed: Last year, jobs across the banking sector fell by 17,000, but a handful of towns and cities around the UK have bucked the trend by creating thousands of new jobs. Staffordshire Moorlands and Brentwood have emerged as the banking job hotspots of post-financial crisis Britain, official figures show. Jobs across […]


INFLATION FALLS

UK inflation rate falls to 1.5% in May. The Consumer Prices Index fell to 1.5% in May compared with 1.8% in April, according to the Office for National Statistics. It is the sixth consecutive month that inflation has been below the Bank of England’s 2% target. A fall in food prices also helped drive down […]


EARLY UK RATE RISE

June 12, 2014

The Bank of England is getting closer to raising interest rates, and data over the summer and autumn will play a critical role in determining the exact timing, BoE policymaker Ian McCafferty said on Monday. BoE forecasts last month showed that a rate rise as late as the second quarter of 2015 would be enough […]


MMR DELAYS

MMR mortgage delays branded ‘absolute disgrace’ Long delays to mortgage approvals caused by “over-burdensome” mortgage market review rules have been branded “an absolute disgrace” by Derek Gair. He said: “It’s not a case of deals not going through owing to poor packaging either — I’m talking two weeks to get a survey done, instead of two […]


5 YEAR LOW

UK unemployment falls to five year low but wage growth slows. Strong jobs growth continues as UK unemployment rate falls, but wage data show prices are rising much faster than pay packets again. Record jobs growth has pushed unemployment to a five year low, official data showed on Wednesday, although weak pay growth showed households […]


HOUSING DEMAND STILL STRONG

June 5, 2014

Demand in the housing market is still strong and house price inflation is still accelerating, according to the UK’s largest mortgage lender. The Halifax said prices in May were up 8.7% from a year earlier, a small increase on last month’s rate of 8.5%. The monthly rise was an exceptionally large 3.9%, but the Halifax […]


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