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Bank holds base rate at 0.5% with no more QE

The Bank of England’s Monetary Policy Committee has held the base rate today at 0.5 per cent for the 42nd month in a row with no further extension to quantitative easing.

BankofEngland BoE Bank 190

The base rate has been at 0.5 per cent since March 2009 and its QE programme remains at £375bn, as the Bank works through £50bn of asset purchases announced in July.

Capital Economics says the decision may partly have reflected a desire to wait to see what comes out of today’s European Central Bank meeting.

ECB chief Mario Draghi is understood to be attempting to heal divisions among policymakers and deliver on his promise to save the euro.

Investors want to hear how the ECB will start a new bond-buying programme to help bring down the borrowing costs of Spain and Italy after disagreements between bank policymakers over the plan were played out in public last week.

But Capital Economics says it still expects more asset purchases to be announced in November and thinks that the MPC will cut interest rates further too.


Whitehouse leaves Mortgage Alliance

LSL Property Services last week confirmed that Phil Whitehouse had left his role as head of its mortgage club The Mortgage Alliance. Whitehouse had been in charge of the mortgage club since 2007 and before that had a six-year stint at Pink Home Loans as its corporate relationship manager. The club was sold by Santander […]


£280m FirstBuy extension as part of Govt’s new housing plans

The Government has announced a £280m extension of its shared equity scheme FirstBuy as part of a raft of new housing and planning measures. Under the scheme, launched in March 2011 to help around 10,000 first-time buyers to get on the housing ladder, the Government and house builders offer first-time buyers a low-cost 20 per […]

Avelo’s fixes glitch which caused Exchange Portal crash.

Avelo’s Echange Portal is working again after crashing earlier today. Earlier this afternoon, the portal crashed meaning advisers could not acess its services. Avelo has now fixed the glitch which caused the system to crash. The service allows intermediaries to access real-time quotes and commission details direct from providers and to compare different products for […]

Simon Fletcher

Auto-enrolment: pay attention or pay the price

By Simon Fletcher

As a chief executive officer of a business in the financial services sector, I have been dealing with the introduction of auto-enrolment for our clients for some time, but I can also speak from an employer’s point of view, having to go through the process ourselves.


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