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UK inflation rises to 3.5%

The UK consumer prices index has risen to 3.5% in March, according to the Office for National Statistics.

The consumer prices index is up 0.1% from 3.4% in February. The retail prices index fell to 3.6%, from 3.7% in February.

The largest upward pressures to CPI came from food, clothing, recreation and culture. The ONS says there were downward pressures from electricity, gas and other fuels and transport.

RPI fell slightly after downward pressures from motoring expenditure, fuel and light. There was also upward pressures from food and clothing.

Inflation has fallen markedly since its high in September 2011, but still remains above the Bank of England’s 2% target.

CPI reached a record high of 5.2% in September 2011 while RPI stood at 5.8% in September 2011, its highest point since June 1991.


Principality slashes product range

Principality Building Society is restricting its interest-only offering to just three products. The Welsh lender is still offering interest-only or part interest-only deals up to 85% LTV. Its 85% LTV deal is available on a three-year discount rate of 0.3% below the SVR, which is currently 4.99%. The deal has a £999 product fee and […]

Steve Walker

Secured lending went up by 24% in February

A 24% rise in secured loan lending in February has been attributed to mortgage lenders tightening their criteria. Secured lending of £24m was carried out in February, up from £19m in February 2011, figures from the Finance & Leasing Association show. In the three months to February 2012 £67m in secured loans was taken out, […]

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England vs Australia: pensions

Well, the cricket season is here, and England and Australia are stepping up to the wicket. Although we compete with each other in the sporting world, when it comes to pensions, Australia’s pension programme is held up as a model for our auto-enrolment initiative. Auto-enrolment was introduced because people weren’t saving enough into their pensions, and it is still early days but signs are positive. However, in Australia, saving into a pension is compulsory, and in fact employers are the ones who have to pay in. Employees in Australia can make additional contributions into their pensions, but they don’t have to. Should the onus be on the employer or employee to save? Well in the UK we think it’s both, but to get ‘adequate’ savings for retirement it’s the employee who has to pay more in.


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