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The Bank of England&#39s Monetary Policy Committee has voted to leave interest rates on hold at 4% for another month.

The Confederation of British Industry said the bank made the right decision in light of worldwide economic uncertainty.

Ian McCafferty, CBI chief economist, says: “In the face of so much uncertainty at home and abroad, the bank was right to leave rates unchanged for now.”

But he says the bank must be ready to make another rate cut if necessary.

“The world economic outlook remains difficult. In the UK there is already some evidence that the economy may be taking a turn for the worse and we have yet to see the impact of National Insurance increases on consumer spending and employment.

“So the bank will need to watch closely for signs of renewed weakness in the economy over the coming months.”


Mortgage Express renames Horizon

Mortgage Express has changed the name of its Horizon mortgage to FlexAbility. Andrew Moss, product development manager, says: “We decided to change the name to FlexAbility, because we believe it better reflects what the mortgage has to offer.” A FlexAbility mortgage offers flexible payment options of overpayment, underpayment and payment holidays. Interest on overpayments is […]

Woolwich chief exec Peacock to step down

Mortgage brokers have expressed regret at news that The Woolwich chief executive Lynne Peacock is to step down early this year.Peacock has been with the former building society for 19 years and has worked in almost every department, most recently as operations director. She was behind The Woolwich Open Plan account.Peacock originally decided to leave […]

Fall in business volumes and employment for financial services

Business volumes and employment in the financial services industry fell over the past three months, ending a year of mixed fortunes, according to the latest quarterly survey by the CBI and PricewaterhouseCoopers. 21% of respondents said volume of business was up over the last three months but 31% said it was down. The balance of […]

EU tackling financial services too fast, say investment firms

The 2005 target date for implementation of the EU Financial Services Action Plan should be set aside to ensure full consultation with Europe&#39s finance sector, says the Association of Private Client Investment Managers and Stockbrokers. APCIMS says the blueprint for harmonising the EU&#39s financial services will cause “significant problems and costs” to markets and investment […]


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