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Home owners will no longer have to pay for a Home Information Pack (HIP) when selling their property after the new coalition government today scrapped the controversial red tape packs. Housing experts welcomed the decision, saying it would help home owners and the housing market. Home Information Packs were introduced by the labour govt to “speed up” [...] The European Central Bank (ECB) said yesterday that it was in no mood to withdraw the emergency measures it has been using to stimulate the eurozone economy in the face of the global financial crisis. Jean-Claude Trichet, the President of the ECB, said that it was too soon to end its support measures. Apart from reducing [...] Britain’s economy will lag other developed nations in emerging from recession, according to the Organisation for Economic Co-operation and Development (OECD). The organisation, which exists to promote economic growth and development, said that several of the economies in the G7 group of developed nations would perform better during the whole of 2009 than it predicted in [...] Ireland had its credit rating cut for the second time in three months and was warned that it could fall further following concerns about the “continued fragility” of its banking sector and doubts about the Government’s bailout plan. Standard & Poor’s (S&P;) downgraded the long-term rating of the former “Celtic Tiger” by a further notch to [...] Latvian crisis deepens as Europe debates aid as Latvia has been urged to tighten its public finances with fears escalating that the recession hit Eastern European country is facing a huge currency devaluation. The failure of a government bond auction yesterday heightened fears that the tiny Baltic state will have to devalue its currency, the lat, [...] The IMF said that they expects the global economy to recover in the first half of next year despite worse-than-expected figures from the eurozone economy showing that GDP shrank by 2.5 per cent during the first quarter. The quarterly fall in GDP in the eurozone– a key measure of economic health – takes the annual decline [...] The European Central Bank has cut interest rates in the eurozone to a record low of 1.25pc, down from 1.5pc. Economists had been expecting a bigger reduction of half a percentage point to 1pc, but speaking at a press conference after the monthly decision ECB president Jean-Claude Trichet did not rule out further cuts. He said that [...] This support level has held since early December against the US dollar. The target going forward is now for a lower rate with the medium term outlook still towards 1.1500. This latest Euro weakness stemmed from renewed apprehension towards the economic outlook for Eastern Europe and a warning released by Moody’s overnight that Western European [...] Today looks no different with just December Retail Sales and the 4th Qtr GDP figures, both from the UK. In the capital markets, the Gilt auction from the DMO went OK (a slightly lower bid ratio than the last time but the same bid tail). Prices continued to fall though with yields rising and these moves [...] With data from Germany hurting the currency ahead of the ECB Meeting tomorrow, the German GDP figure for 2008 came in exactly as the market had anticipated at +1.3% but the fall from +2.5% the previous year still made unpleasant reading. The workday adjusted number (whatever that is!) was even worse with a reduction from [...] Registered Office in England, 24 Charlton Drive, GL53 8ES, UK- 3506015 • Data Protection Registration Number- PZ5407728
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