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Brussels dismisses Darling’s economic forecast

The European Commission has dismissed the chancellor’s claims that the UK economy will bounce back from the credit crunch in the coming years.

The commission’s spring economic forecasts for 2008 to 2009 predict a UK growth rate of 1.7%, just coming in line with the treasury’s expectations of 1.75% to 2.25%.

But the real blow to Alistair Darling comes with the 2009 forecast, as the report anticipates that GDP will only increase by 1.6%.

This is in stark contrast with Darling’s hopes that by 2009 the economy will have regained ground with 2.25% to 2.75% growth.

The commission is now looking to hold Darling and Prime Minister Gordon Brown to account over what it terms excessive deficit procedures, in another report due to be presented in June.


C&G’s commitment to brokers questioned

Cheltenham & Gloucester is being accused of bypassing brokers by encouraging estate agents’ inhouse brokers to submit applications via branches to avoid delays.Sources say an internal email was sent by C&G group managers telling staff to contact inhouse brokers and tell them to submit applications via its instant offer system, which is only available to […]

SMS to run debt management seminars

Solent Mortgage Services is to run a number of workshops in May and June to offer help on providing debt management solutions to ensure brokers continue to treat customers fairly.

MPLC starts to axe jobs

Mortgages PLC has this morning told a significant number of staff they could face redundancy.

Packager bosses are trying hard to rebuild confidence

I read with interest the recent letter from Kevin Friend (Mortgage Strategy April 21) in which on one hand he applauds Terry Pritchard for doing everything he could to keep Chase UK going and on the other, urges bosses of other packagers to shut up shop.


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