The Bank of England said today the recession had probably bottomed out, but warned that any recovery would be hampered by the ongoing reluctance of banks to lend to consumers and businesses.
According to The Guardian, releasing a quarterly inflation report likely to cement expectations that interest rates could stay at record lows for a long time, the monetary policy committee forecast that inflation would probably remain below its 2% target for at least two years even if it kept rates at 0.5% and flooded the economy with £125bn of "quantitative easing". Full story…
Abbey, the country's second-largest mortgage lender, will relax the lending criteria on its most popular home loans tomorrow, providing a significant boost to the mortgage market, The Times reports.
The lender, which is owned by Santander, of Spain, is lowering the minimum deposit required for its best fixed-rate deals from 40 per cent to 30 per cent, making its most competitive deals available to tens of thousands more prospective homeowners. Full story…
The frustration being felt by investors in Ireland's troubled financial industry was given dramatic expression this morning as an angry shareholder pelted one of the country's most senior bankers with eggs, The Times says.
Dermot Gleeson, chairman of Allied Irish Bank (AIB), ducked to avoid the missiles after addressing an emergency meeting at its headquarters in Dublin. Gary Keogh, a pensioner and a shareholder in AIB, was removed from the building after throwing the eggs at Mr Gleeson at the end of his address to the meeting. Full story…IFAonline
And then prepare yourself
Aims to double client base
Work with wealth management team
Reduces chances of rate hike
'Following the letter, but not the spirit, of the rules'