MOST OF the national press are this morning are looking at yesterday's Bank of England base rate rise to 4.75%, but many comments suggest the Monetary Policy Committee shown have gone further to dampen economic inflation.
The Daily Telegraph says a quarter percentage point rise will cost the average mortgage roughly £14 a month extra on a £100,000 mortgage.
However, Roger Bootle, economic adviser to Deloitte, is quoted as saying: "In my view, the monetary policy committee should have gone the whole hog. Consumers need to be brought up short. Moreover, the housing boom needs to be stopped before it leads to catastrophe."
The Times is predicting the base rate will rise again next month, in order to dampen the continuing climb in the housing market and encourage consumers to slow down spending.
George Buckley of Deutsche Bank is quotes as saying he now expects the base rate to rise to 5.5%.
CLASS ACTION firm Class Law has told the Scotsman it has yet to sue Aberdeen Asset Management on behalf of split-cap investors but now hopes it will be ready to present its case for compensation by the end of August.London law firm Class Law claims to be working on a case for several hundred savers, but has repeatedly missed self-imposed deadlines to serve papers to the group, says the Scotsman.
Stephen Alexander, the lawyer in charge of the case, says he puts the date as "possibly towards the end of August".
FRIENDS PROVIDENT yesterday reported a 25% increase in first-half operating profits but warned savers are still wary about investing the stock markets, says the Guardian.
Ceo Keith Satchell says investors still preferred to opt for low to medium-risk funds at this stage, but the firm is now optimistic about business prospects in the next six months.
Sales of life and pension products rose 7% to £212m, albeit the firm has had to refocus towards group pension sales.IFAonline
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