Bank of England

The Bank of England has held interest rates for a fifth consecutive month today, while expanding its quantitative easing measures.

Mortgage approvals for house purchase and remortgaging in June have risen above the previous six-month average.

The Bank of England's Monetary Policy Committee (MPC) noted improving market conditions before unanimously voting to hold interest rates at 0.5%, the minutes of the July meeting have revealed.

The government was forced to borrow £13bn in June, almost double the amount in the same month last year, as shrinking tax receipts continued to put pressure on public sector finances.

Shareholders in Friends Provident are expected to urge the group to return to takeover talks with Resolution after the insurer roundly rejected its latest proposal, reports The Times.

The Conservatives have said they will abolish the FSA and give the Bank of England greater responsibilities as part of radical plans to strengthen financial regulation in the UK.

Simply Biz chairman Ken Davy has given his support to the Conservatives' plans to abolish the FSA and establish a new Consumer Protection Agency.

The average shelf-life of a mortgage product fell to 14 days in June, almost half the amount of time they were available in the previous month, according to the latest monthly Moneyfacts Treasury Report on UK Mortgage Trends.

UK inflation dropped below the Bank of England's target of 2% in June for the first time in almost two years, official statistics show.

The initial reaction to the Chancellor's announcement of a relatively tame and limited package of reforms of financial regulation has to be that the most significant aspect is actually the Tories' response.