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Base rate increase necessary, says Ernst & Young

The increase in the base rate was needed to bring inflation in line with the Bank of England’s 2% target, says Ernst & Young.

The accountancy firm says the change was also necessary to temper the expansion in economy.

A spokesman adds: There has been a healthy debate within the Monetary Policy Committee and elsewhere about the effect of immigration and participation in tempering inflation.

“Increases in demand and supply boost output, with uncertain effects on prices, and there is a valid argument for waiting to see how this situation pans out before raising rates again.

These arguments may now hold the line at 5%.

“But the Committee will move interest rates up again without hesitation if there are more consistent signs of inflationary expectations or cost of living pressures impacting wage settlements.”


Commercial First appoints head of strategy and business change

Commercial First has appointed Mark Lester to the newly created role of head of strategy and business change.Lester will be responsible for all major strategy and non-IT projects, and will report to the companys managing director Philip George.He was previously a senior project leader at consulting firm Monitor.George says: We are delighted to welcome Mark […]

BoE serious about keeping inflation low, says Lloyds TSB

The Bank of Englands decision to raise rates in January is a sign that it is serious about keeping inflation low, says Lloyds TSB. Trevor Williams, chief economist of Lloyds TSB corporate markets, says: The timing of the rise is a surprise but the decision isnt. Many forecasters were expecting a move in February so […]

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, […]

Life begins at…

By Fiona Holmes, proposition communications manager Having reached a certain age (it’s the new 40 by the way), I’m having to come to terms with the fact that my peers and I aren’t as immune from illness or death as we’d like to think. That’s the problem with 30 being the new 20 and 40 […]


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