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Two MPC members voted for interest rate cut

Two members of the Monetary Policy Committee voted for a cut in interest rates of 0.25%, the MPC minutes reveal.

John Gieve, deputy governor responsible for financial stability, and David Blanchflower preferred a reduction, compared to seven including governor Mervyn King, who voted for an interest rate freeze of 5.25%.

The minutes show members discussed deteriorating prospects for the US economy and that financial markets had taken a turn for the worse.

The minutes indicate that members believe stressed conditions in financial markets are expected to last for longer.

Members debated how these conditions could increase the downside risks to UK economy growth and to inflation

Although some members believed the evidence showed a need for an interest rate reduction in spring, others thought previous rate cuts had been offset by market rate increases, so therefore the interest rate policy should still be neutral.


Reconsider the role of non-execs

With the emphasis on senior management in delivering the FSA’s Treating Customers Fairly objectives, the role of non-executive directors is increasingly important, says Bill Warren

Brokers warned technology may fall short of TCF guidelines

Data management firm iiCon has warned that a high number of brokers still don’t have systems capable of testing Treating Customers Fairly. This comes as a result of the Financial Services Authority’s newsletter to financial advisers, highlighting the need for further improvement ahead of its March TCF deadline.At present, even those brokers who submit applications […]

Budget brings sod all for the market

Last week, I sat in a Las Palmas bar and watched the Scottish rugby union team mug 14 Englishmen and a Tongan. It wasn’t a pleasant experience – even the beer was warm.

Malone speaks out about PMS decision

John Malone, managing director at PMS has spoken out about why he decided to stay with the mortgage club, citing current market conditions as his main reason for staying.Malone says: “I thought things would be pretty awful this year, but even I didn’t expect the seriousness of the situation. It was felt because I had […]

Choose life…

Sarah Scott  – Marketing Consultant, Royal London  This month sees the return of Renton, Sickboy, Begbie and Spud in the sequel to the film Trainspotting. Just over 20 years later, we return to see exactly how life treated the characters whose lifestyle was less than ideal back in 1996. Did they choose a job, choose […]


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