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UK unemployment figures published on Wednesday showed that the number of people unemployed in the UK had fallen again, leaving the jobless rate at 7.8%. The Council of Mortgage Lenders (CML) said that unemployment had not been as bad as had been feared. Many workers had proved to be flexible, accepting pay cuts and part-time work. As [...] The Bank of England has been unanimous on keeping interest rate rises on hold. The Bank has kept interest rates at a record low of 0.5% – despite rising inflation. The Bank of England’s Monetary Policy Committee (MPC) agreed unanimously that interest rates should stay at 0.5% this month, minutes of the meeting show. All nine members voted [...] The Bank of England has kept interest rates at a record low of 0.5% for the 12th consecutive month. The decision was widely expected by economists, who believe that any rise in the cost of borrowing could damage the UK’s fragile economic recovery. Also as expected, the bank has not pumped any more money into the economy [...] Nearly 60% of UK businesses were refused credit by their banks last year, despite the labour government’s efforts to boost lending.A survey from the Institute of Directors (IOD) found 57% of businesses were denied money, and 20% used credit cards to finance their business.The report contradicts recent claims by banks that they are lending to [...] There was limited demand for the £2.25bn worth of long dated gilts sold by the Debt Management Office last week. However, other government bonds, such as the 10-year gilt, were under pressure following comments about stimulus measures from Andrew Sentance, who sits on the Bank’s Monetary Policy Committee. In a newspaper interview, Mr Sentance said policymakers [...] All nine members of the Bank of England’s Monetary Policy Committee (MPC) voted to keep interest rates unchanged at its December meeting. Minutes from the meeting also showed that the MPC was unanimous in voting to maintain the £200bn quantitative easing (QE), or asset buying, programme. The MPC agreed that the medium term outlook for inflation had [...] UK Mortgage rates have edged even higher, according to the Bank of England. The increase comes despite billions of pounds of taxpayers’ money being pumped into Britain’s high street banks. The effective rate on new mortgages – including variable and fixed rate deals – edged up by 0.1 percentage points to 4.3 per cent, it said. It comes [...] The Bank of England’s Monetary Policy Committee voted yesterday to hold interest rates at 0.5 per cent for the sixth month running. The MPC also voted to make no change to the pace at which it is pumping cash into the economy through its quantitative easing (QE) programme — retaining the size of the programme at [...] The Bank of England should carry out its threat to penalise high street lenders by cutting the interest it pays on cash held by them in its reserve accounts, The Times monetary policy committee (MPC) recommends. The plan was mooted last month by Mervyn King, the Bank Governor, as part of efforts to encourage lenders to [...] 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 [...] Registered Office in England, 24 Charlton Drive, GL53 8ES, UK- 3506015 • Data Protection Registration Number- PZ5407728
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