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AMI calls for 1% cut in interest rates

The Association of Mortgage Intermediaries is calling for a 1% cut in interest rates ahead of the Bank of England’s Monetary Policy Committee meeting this week in a bid to spur economic growth.

It also wants to see wider government intervention in the mortgage market.

Robert Sinclair, director of AMI, says: “AMI is calling for the Monetary Policy Committee to cut interest rates by 100 basis points to 2%.

He says: “This is essential to keep the wider economy moving forwards in combination with the initiatives announced in the pre-Budget report last week.  However, on its own, this move will not have the positive effect we need to get the mortgage market moving again.

“Although such a significant cut is necessary the negative impact of a lower interest rate on savings will make it harder for Banks to lend. It is therefore essential that the Government intervenes swiftly to implement Sir James Crosby’s recommendations for the mortgage finance markets.

“Government guarantees of new mortgage securities will help to ease the future funding of mortgage loans. We want to see the Chancellor’s in-principle support given in the Pre-Budget Report put swiftly into action.”


Outsourcing in the new world

We are living in a very different world compared with that of just two years ago. Is it possible that there is anyone yet to utter the words ‘credit crunch’, whether at work, at the shops or in the pub? Although some would argue that the situation is not without precedent, the speed with which it has struck has been startling.

Take that, rule book

Whoever said that throwing money at a problem doesn’t solve it clearly hasn’t told chancellor Alistair Darling. Last week’s pre-Budget report did little to allay fears that the economy is spiralling out of control. Despite Darling’s promise to bring the UK’s finances back into balance by 2016, the chancellor and the government have been accused of recklessness.

China tech and Global Alpha: a new great leap forward

By Robin Geffen, Fund Manager and CEO

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