Rachel Lomax, the Bank of England's deputy governor for monetary policy, cast further doubt over the likelihood of another interest-rate rise by voting against this month's rise from 4.75% to 5%, reports the Times .
Minutes of the Monetary Policy Committee’s (MPC) two-day meeting on November 8-9 reveal Lomax’s main worry was the risk weakness in the American economy could trigger weaker demand in Britain.
Up until now Lomax had voted with Mervyn King, the Governor, at every MPC meeting since her first meeting more than three years ago.
Her surprise vote against the rate rise may, therefore, reflect wider doubts in the committee, says the paper.
A CURRENT boom in the market for rented properties will fuel the buy-to-let market for a decade, the Guardian reports the third largest buy-to-let lender as saying.
Paragon Group said a rise in the number of 20 and 30-year-olds wanting to rent rather than buy a home will stoke the market for the next 10 years.
The influx of 500,000 Polish immigrants and more to come from other east European countries will also play a part in maintaining the boom, the firm said, after issuing figures showing profits before tax up 15.3% to £82.8m in the first six months of the year.
A REINSURANCE company owned by billionaire investor Warren Buffett's Berkshire Hathaway vehicle has been fined £1.2m by the Financial Services Authority (FSA), says the Daily Telegraph.
The fine is the largest the City watchdog has levied on a reinsurer, and the second largest it has levied on any form of insurer since its inception in 2000.
The FSA levied the fine after a year-long investigation into the activities of General Re UK, which operates as a direct brand reinsurer, dealing direct with its clients rather than through brokers.
The two transactions which led to the fine being issued are linked to business written by General Re UK and Cologne Re, the German subsidiary of General Re.
If you have any comments you would like to add to this story or would like to speak to its author about a similar subject, telephone Emily Perryman on 020 7968 4554 or email [email protected].IFAonline
‘Important to have an anchor’
Report to be written by TPR
Lack of innovation for solutions
Some 2,000 consumers affected