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MPC votes eight to one in favour of rate hold

Members of the Monetary Policy Committee voted eight to one in favour of holding the base rate at 5% this month.

The lone dissident was David Blanchflower, who called for rates to be cut to 4.5%.

Blanchflower has consistently called for reductions to the base rate, this month he upped his reduction from 0.25% in August to 0.50% for September.

Blanchflower believes the current slowdown may be made worse by the way financial institutions react to the increased fragility of the financial system.

He also voiced concerns that missing the inflation target at a time of low output and rising unemployment risked damaging the credibility of the monetary framework.


US stocks plunge as Lehmans crumbles

US investment and lending giants saw their share value plunge in opening trading off the back of Lehman Brothers’ bankruptcy.

L&G bigwig joins Towergate

Ben Thompson, managing director of Legal & General Mortgage Club, has revealed he is leaving the firm to join Towergate Partnership, the parent group of his previous employer Paymentshield.

RIP Salt Finance and CMB

Nationwide has absorbed the Cheshire and the Derbyshire’s broker arms following its mergers with the mutuals last week.

Retirement - thumbnail

A downhill stroll?

The Department for Work and Pensions (DWP) has recently published new research, which once again demonstrates how the prospect of retirement is changing for older workers.


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