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Govt to give Bank of England more power

Chancellor George Osborne will use this month’s Budget to give more powers to incoming Bank of England governor Mark Carney through looser monetary policy, according to the Financial Times.

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The FT reports Treasury officials are considering proposals to change the Bank’s remit when Carney takes up the role on 1 July, which could include a review of the 2 per cent inflation target.

Ideas being considered include extending the monetary policy committee’s timeframe to bring inflation back to 2 per cent, giving the Bank a dual mandate to target employment and inflation and targeting cash spending in the economy rather than inflation.

Last month, Carney told the Treasury select committee he intends to start a debate on a radical overhaul of the Bank’s remit such as scrapping inflation targeting. He said he is considering expanding its mandate to focus on growth, unemployment and inequality.


Gross mortgages given the cold shoulder as poor weather bites

Gross mortgage lending dropped 8 per cent in January, from £8.4bn in December down to £7.7bn. Figures from the British Bankers’ Association today show gross mortgage lending came in higher than the six month average of £7.6bn but adverse weather conditions impacted lending in January. The value of overall mortgage approvals fell from £8bn to […]


Innovative loans could turn the tide

Six months on from its launch, the Funding for Lending Scheme is now in full swing and with competition in the market increasing, the time for innovation is ripe. Cambridge Building Society launched a select scheme which offers 21 brokers access to an exclusive three-year fixed rate mortgage at 5.59 per cent up to 95 […]


Robot intelligence?

Computers and the internet are rapidly changing the face of the mortgage market but the robotic-like service could be doing more harm than good and damaging the personalised service clients used to receive.

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Defined benefit schemes: Part 2

Justin Corliss, business development manager In defined benefit (DB) schemes part 1, we looked at recent guidance aimed at DB scheme trustees and sponsors. In part 2 we will look at guidance available to pension transfer specialists (PTS). In the first instance, PTS should familiarise themselves with COBS 19. All guidance below is designed to […]


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