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MPC right not to be pressured by buoyant housing market, says CBI

The Confederation of British Industry yesterday praised the Bank of England for not being pressured into a premature rate rise.

The employers&#39 organisation said that the Monetary Policy Committee was right to take a balanced view of the conditions in different parts of the economy including the current stock market weakness and the continuing buoyancy in the housing market.

Ian McCafferty, CBI chief economic advisor, says: “This is the right decision, it is clear that there is little generalised inflationary pressure in the economy. Prices in the shops have been falling every month since January and are now back to the levels of May 1997. The Bank of England has kept its cool by refusing to be pressured into a premature rate rise because of the strength in the housing market, which only constitutes one part of the economy.”

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Members disagree with CML&#39s call for higher interest rates

The CML was branded “foolish” by its own members last week for calling for a rise in interest rates.Lenders quickly moved to disassociate themselves from comments by CML director-general Michael Coogan, which called for a “modest rise in interest rates to ensure that the housing market is sustainable for the future”.Tim Fletcher, sales and marketing […]

Global Home Loans appoints chief operating officer

Third-party mortgage administrator, Global Home Loands, has appointed Simon Hinshelwood as chief operating officer. Hinshelwood&#39s background includes 10 years in Australia, most recently as chief operating officer of Aussie Home Loans, as well as 13 years spent at Arthur Andersen, both in the UK and as a partner in Sydney. Kevin Meyers, Global Home Loans&#39 […]

Online compliance and competence system gets FSA welcome

The Chartered Insurance Institute&#39s (CII) new online Compliance and Competency System (CCS) is being given a positive welcome by the Financial Services Authority. David Jackman, head of industry training at the FSA, says: “It is the role of the FSA to protect consumers by driving up and then maintaining standards. It is the responsibility of […]

Credit files &#39should be online&#39

Mortgage brokers are asking credit reference agencies to brush up their technology and make credit files available to borrowers online.Although clients can apply for their credit file and query entries via the internet, Equifax and Experian still insist on sending the file out by post. This involves a delay of up to seven days – […]

Europe: banking on a recovery

Neptune video: Europe — banking on a recovery

Arguing that the eurozone crisis is over, watch Rob Burnett, head of European equities at Neptune, discuss the sectors that he’s investing in to harness the recovery. 

In the video, Burnett addresses the following: 

• The primary drivers of the eurozone’s economic recovery
• The turnaround in individual countries’ current accounts
• Sectors best positioned to harness the recovery, without offering undue exposure to risk

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