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Bank to publish inflation report

The Bank of England will today publish its quarterly inflation report and pundits say it will justify the Bank&#39s decision to hold interest rates at 4% by showing a rise in underlying inflation.

The Office for National Statistics has already said its key underlying inflation measure, which strips out mortgage repayments, rose 0.1% in October to an annual rate of 2.3% from 2.1% in September. The rise beat economists&#39 forecasts of an increase to 2.2%, but remained below the Bank of England&#39s 2.5% medium-term inflation target.

The ONS said its headline retail prices index grew by 2.1% year-on-year in October up from 1.7% the month before, boosted by rising costs in mortgage repayments prompted by exceptionally strong house price inflation.

The ONS report also revealed that service sector inflation is growing at 6% year-on-year – the strongest level for 10 years.


Skipton launches new buy-to-let product

Skipton Building Society is launching a new mortgage for borrowers wanting to invest in the property market. The residential buy-to-let mortgage has a discount of 1.30% in the first year, offering an initial rate of 4.4%, flexible features and no compulsory insurance. There is a 0.5% discount off variable rate in year two, before reverting […]

House price rises will drag more homeowners into the tax net

Research from the Halifax, based on official figures, shows that tax revenue raised from both stamp duty on residential property and inheritance tax attributable to housing wealth is estimated to have risen almost five-fold from £735 million in 1992/93 to £3,638 million in 2001/02. This dramatic increase has been driven by the failure of successive […]

LIA responds to CP146

The Life insurance Association has warned that its ability to comment on CP 146 is “severely hampered” by not having information which will emerge in consultations later in the year on the regulation of general insurance, polarisation and product disclosure. It its response to the FSA, the LIA stresses that consistency between the mortgage, insurance […]

Government to publish monthly housing index

Shortcomings in the collection of housing market data has led the government to begin publishing its own monthly housing index, starting next summer. The National Statistics house index will seek to build a more sophisticated picture of the housing market than that provided by large banks and building societies such as the Halifax, and Nationwide&#39s […]

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David Cameron appoints former adviser to Tony Blair as new pensions minister

Following a cabinet reshuffle in light of last week’s general election, David Cameron has announced that Ros Altmann will be replacing Steve Webb as pensions minister. As the industry works with one of the largest reforms to the sector in almost a century, the former adviser to Tony Blair has been tasked with ensuring that the pensions revolution does not stray off track.


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