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07/08/2013
Bank Of England To Hold Interest Rate
The interest rate will be held until the jobless figure drops below 7%, the Bank of England have announced.
Making the announcement bank governor Mark Carney said he estimated some 750,000 jobs would need to be created to reduce the unemployment figure to such a level.
Currently the UK unemployment rate stands at 7.8%.
Mr Carney went on to say that the 7% figure was not a target, but a "way station" where the bank would re-evaluate interest rate figures.
(MH/CD)
Making the announcement bank governor Mark Carney said he estimated some 750,000 jobs would need to be created to reduce the unemployment figure to such a level.
Currently the UK unemployment rate stands at 7.8%.
Mr Carney went on to say that the 7% figure was not a target, but a "way station" where the bank would re-evaluate interest rate figures.
(MH/CD)
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The Bank of England has announced it is to hold the base rate of interest at 0.5% for the fourth month in a row. However, the Monetary Policy Committee (MPC) surprised markets by stating there will be no expansion of its quantitative easing (QE) scheme in order to stimulate the economy.
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Mortgage Lenders Vow To Pass Further Interest Rate Cuts
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The mortgage market is on two speed settings, as house purchase lending continues to recover but remortgaging continues to decline, according to the latest data released by the Council of Mortgage Lenders (CML). The number of house purchase loans in August (53,000) is down 5% from July but 29% higher than August a year ago.
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