How will the rising Bank of England rate impact the UK property market?
James Quinn, founder of GB Home Surveys, looks at the measures the Bank of England has taken to tame inflation and its effect on the property market. It is undeniable that the last 12 months have been incredibly difficult for families and businesses across the UK. From soaring energy food prices brought by the ongoing […]
Bank of England to suspend market operations for State funeral
The BoE said CHAPS will be closed on 19th September, in line with its normal bank holiday arrangements. CHAPS handled around 174,000 payments each day, in the year to February 2021, with an average payment value of £2.1m. That works out at around £367bn each working day. Contact us today to speak with a specialist Commercial […]
How have UK interest rates changed over time?
UK interest rates: key figures Date set Rate Current bas rate 2 May 2019 0.75% Highest base rate 15 November 1979 17% Lowest base rate 4 August 2016 0.25% Who sets UK interest rates? The UK interest rates are set by Bank of England’s (BoE) monetary policy committee (MPC) by means of a vote. Mark Carney is the governor […]
Ten years of rock bottom interest rates has cost savers £188bn
Tomorrow marks the 10-year anniversary of the Bank of England cutting interest rates to 0.5%. And during that time, savers have collectively missed out on at least £188bn – the equivalent of £7,101 per household, according to investment platform Hargreaves Lansdown. Sarah Coles, personal finance analyst at the firm, said: “We’ve lived through a miserable decade for savers. The Bank […]
UK consumer lending growth slows to new three-year low, mortgage approvals jump
Lending to British consumers slowed again last month to its weakest rate in more than three years, but there was a pick-up in the housing market with a jump in mortgage approvals, Bank of England data showed on Thursday. The BoE figures showed the annual growth rate in unsecured consumer lending fell to 7.5 percent […]
Will the Bank of England raise interest rates again in 2018?
The Bank of England’s Monetary Policy Committee (MPC) has decided to hold base rate at 0.5 per cent, a month after its first rise in a decade. Interest rates are the primary monetary lever that the governor of the Bank of England, Mark Carney, can pull to bring down inflation if it is deemed too […]
Bank of England under pressure for interest rate rise after ONS error
The UK’s official statistics agency has added to the pressure on the Bank of England over whether to raise interest rates as soon as next month after admitting it underestimated the pace of rising labour costs. The Office for National Statistics said on Monday it made a mistake in its original calculations for the growth in unit labour costs, […]