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Abbey questions MPC’s lack of rate rise warning

Abbey has questioned the Monetary Policy Committees decision to raise the base rate to 5.25% after it gave no warning in previous meetings.

Barry Naisbitt, chief economist at Abbey, says: “The timing of today’s increase in base rates by 0.25% to 5.25% was a big surprise.

Financial markets had been expecting a rise in February although even that was not certain.

“Last month’s MPC minutes gave no hint of a desire on the part of the MPC to act so quickly.

“Markets will be waiting to see the MPC minutes for this month to understand the precise reasoning behind the timing of the move.

“Following the voting in November, this month would almost certainly have seen a split vote, but reports of higher pay settlements and strong service sector activity together with CPI inflation having hit 2.7% swung the balance in favour of an early increase.


Em launches free legals on SPML

Mortgage packager em- is introducing fee legals on all of Southern Pacific Mortgage Limited’s’ sub-prime remortgages in England and Wales.The offer, available from January 15, is an extension of the previous exclusive of free legals on remortgages from medium adverse and above.It has been launched because of the popularity of this range, says em.Simon Mouncher, […]

Base rate rise “no surprise” says Skipton

Skipton says the strength of economic data in December means it comes as no suprise that base rates have been hiked in Janaury, a month earlier than expected. John Goodfellow, chief executive of Skipton, says: “It was previously thought that, were the rate to move, February would be the month it would happen. However, the […]

Cheval sales rose 55% during 2006

Cheval saw net sales grow by 55% in 2006. It attributes this increase to its approach to bridging loans, with LTVs being seen as guidelines rather than obstacles.

MEX appoints new key account manager

Mortgage Express has appointed Richard Freedman as a key account manager.Freedman joins Mortgage Express from Alliance & Leicester where he held the position of national account manager. He has over 10 years experience in the financial services sector and will predominantly be responsible for looking after southern based key accounts.Freedman will report to Louisa Sedgwick, […]

Naming a reward programme

Six tips to get your reward programme name right

by Debra Corey, group reward director  Choosing a name isn’t easy. Whether it’s for your new puppy, a bundle of joy or your reward programme, a name determines a first impression – and often a lasting memory. When it comes to your reward programme, the name will determine how your employees feel about it even before […]


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