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....Did Macpherson say this when he was working for Alastair Darling, who originally gave the Bank of England permission to start QE, or George Osborne, who said the economy needed more of it? We won’t know that until the records of the Great Recession and its aftermath are released in a couple of decades, but if he did the warning was not heeded. The best that can be said for QE is that it helped prevent an even deeper slump in the winter of 2008-09 but was of less importance than the re-capitalisation of the banks and the deep, co-ordinated cuts in interest rates from central banks. ... [Read full article on Guardian ]
Monday 21st of August 2017 05:44:24 PM
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Latest Finance News related to Interest Rate

Quantitative easing is a costly habit we should have kicked long ago | Larry Elliott image
....Did Macpherson say this when he was working for Alastair Darling, who originally gave the Bank of England permission to start QE, or George Osborne, who said the economy needed more of it? We won’t know that until the records of the Great Recession and its aftermath are released in a couple of decades, but if he did the warning was not heeded. The best that can be said for QE is that it helped prevent an even deeper slump in the winter of 2008-09 but was of less importance than the re-capitalisation of the banks and the deep, co-ordinated cuts in interest rates from central banks. ...
House prices: Northants leads Midlands 'mini-boom', says Rightmove image
Source : Guardian [Read Article] Monday 21st of August 2017 05:01:02 AM
....Despite concerns about Brexit and the economy, house prices have continued to increase, though at a slower pace than in recent years. The market has been supported by a lack of supply and ultra-low interest rates, though the Bank of England has warned lenders about loose mortgage lending. ...
Global investors look to Jackson Hole for signs of how QE will end image
Source : Guardian [Read Article] Sunday 20th of August 2017 12:03:19 PM
....Pressure is mounting on the world’s central bankers to give more clues about how they intend to exit huge stimulus packages unfurled to dig the global economy out of a hole after the financial crisis. After a decade of low-interest rates and bond buying, a process known as quantitative easing, the Jackson Hole summit could be a platform to convince markets they can safely wean the world off cheap money. ...
Getting to grips with a £32,220 student debt – and how you can lighten the load image
.... Recent problems have included graduates continuing to make repayments after their loan is cleared, while others face demands from debt collectors with claims their account is in arrears. Student loan interest rates are linked to March’s retail price index inflation figure. ...
Lloyds and Halifax customers face up to 52% APR overdraft fee image
Source : Guardian [Read Article] Saturday 19th of August 2017 06:00:06 AM
....Guardian Money reader Terry O’Shea writes: “I’ve just received Halifax’s 10-page letter to customers about its new overdraft fees. What I find astonishing is that nowhere in the entire document, filled with small print, does it translate 1p daily for every £7 you borrow into an interest rate. ...
How to reform student finance? Let’s start with interest rates image
Source : Guardian [Read Article] Saturday 19th of August 2017 06:00:06 AM
UK pay growth picks up as unemployment rate falls again image
Source : Guardian [Read Article] Wednesday 16th of August 2017 08:36:46 AM
....The City responded to the unemployment and earnings data by pushing up the value of the pound against the dollar by half a cent on foreign exchanges. A tighter labour market is seen as strengthening the hand of the hawks on the Bank of England’s monetary policy committee, who are pressing for an increase in interest rates. ...
Holidaymakers urged to buy euros as pound set for PARITY against single currency image
Source : Daily Express [Read Article] Tuesday 15th of August 2017 03:25:00 PM
.... Morgan Stanley and HSBC are among the investment banks that forecast the euro will be worth more than the pound in 2018. The pound has slipped in recent weeks as the likelihood of an interest rate rise from the Bank of England appears to be fading. ...
Rail users face steepest fare rise in five years as inflation hits 3.6% image
Source : Guardian [Read Article] Tuesday 15th of August 2017 08:32:02 AM
....On the other hand, pensioners, who depend on a fixed income, watch the value of their assets erode. The government's preferred measure of inflation, and the one the Bank of England takes into account when setting interest rates, is the Consumer Prices Index (CPI). ...
Ten years after the crash, there’s barely suppressed civil war in Britain | Aditya Chakrabortty image
.... Were the UK to crash again, its government no longer has the political capital nor the fiscal headroom to save the financial system. And with interest rates scraping along the bottom, the Bank of England has barely any firepower left. ...
World's biggest banks face £264bn bill for poor conduct image
Source : Guardian [Read Article] Monday 14th of August 2017 05:28:32 PM
....”. The foundation uses five-year rolling periods to try to provide a long-term analysis of the costs that banks face to rectify past mistakes, a major theme of the last 10 years, when they were also hit by penalties for rigging foreign exchange markets and interest rates (Libor). ...
Mortgage rates are rising and time is running out to fix prices, borrowers told image
.... The difference adds £169 a year to the cost of a £200,000 mortgage, as lenders slowly raise rates. Experts said ahead of an expected interest rate rise costs could keep edging higher. ...
The UK debt tide is rising – how can you avoid drowning? image
Source : Guardian [Read Article] Monday 14th of August 2017 06:00:35 AM
How Trump v Kim can wreck the world economy without a shot being fired | Larry Elliott image
....For a start, the world has never really recovered from the last crisis. Growth rates have been weak and have only been possible because years of low interest rates and quantitative easing have encouraged consumers and businesses to rack up large amounts of debt. ...
How the crash discredited the Anglo-US democratic model | Will Hutton image
Source : Guardian [Read Article] Saturday 12th of August 2017 11:05:01 PM
.... The de facto bankruptcy of two banks – RBS and HBOS – and the impact on the rest of the system was to begin a credit crunch that triggered the longest and deepest recession since the 1930s. The recovery has been the shallowest, notwithstanding record low interest rates. ...
Too much hinges on house prices: but Britain may yet avoid a crash image
Source : Guardian [Read Article] Saturday 12th of August 2017 03:00:47 PM
....Even so, the market is more likely to suffer a prolonged period in the doldrums rather than a full-blown crash. The extremely difficult period in the late 80s and early 90s was caused by a doubling of interest rates from 7. ...
REVEALED: The shock return on £15,000 saved in cash in 2007  image
Source : Daily Express [Read Article] Saturday 12th of August 2017 11:01:00 AM
. It is 10 years since the the Bank of England last raised interest rates with the base rate now at a record low 0. ...
Have we gone too far in vilifying landlords? | Patrick Collinson image
Source : Guardian [Read Article] Saturday 12th of August 2017 06:00:37 AM
....Around the same time, banks were loosening their lending criteria, offering multiple jumbo-sized loans, sometimes with little verification of the borrowers, and interest-only deals to keep repayments cheap. Add to the mix a reduction in social housing, low levels of private home construction, a loss of confidence in personal pensions, low interest rates and the huge increase in net inward migration after 1997, and you get near-perfect conditions for an explosion in the private rented sector. ...
The experts strike back! How economists are being proved right on Brexit | Barry Eichengreen image
.... There was in fact no immediate recession in the UK after the vote for Brexit; indeed, there was not even a slowdown in growth. To explain this, observers pointed to the nimble response of the Bank of England, which cut interest rates to prevent any softening of demand. ...
Pay is finally edging up, says Bank of England report image
Source : Guardian [Read Article] Wednesday 9th of August 2017 05:39:17 PM
....25%. The August meeting of the Bank’s monetary policy committee (MPC) left interest rates unchanged but with two dissenting voices – Ian McCafferty and Michael Saunders. ...
Investors move to safe havens as US and North Korea trade threats image
Source : Guardian [Read Article] Wednesday 9th of August 2017 04:25:55 PM
....In another sign of the risk-averse mood, investors moved money into government bonds. The yield – or interest rate – on a benchmark 10-year US Treasury bill dropped to 2. ...
Living costs rising twice as fast as inflation, new figures reveal image
Source : Daily Express [Read Article] Wednesday 9th of August 2017 10:50:00 AM
....6 per cent in the year to June. Rising house prices are forcing people to take larger mortgages and pushing up costs despite low interest rates, while rents are also rising. ...
Alistair Darling: 'RBS said it would run out of money in early afternoon' image
Source : Guardian [Read Article] Wednesday 9th of August 2017 07:59:03 AM
....“In the UK and most of the west the debt levels are more manageable now. We’ve yet to see how they will be affected by a return of positive interest rates, because we’ve had 10 years of super-expansionist monetary policy and we’ve yet to see how we can get out of that. ...
We let the 2007 financial crisis go to waste | Torsten Bell image
Source : Guardian [Read Article] Wednesday 9th of August 2017 05:00:01 AM
....In contrast, not a single Whitehall meeting I recall remotely anticipated the colossal pay squeeze that would see real earnings fall by over 10%. We should have spotted earlier the changed dynamic of a flexible labour market, very low interest rates and a big depreciation of the exchange rate, which fed quickly through into the higher inflation and lower living standards still evident today. ...
Mortgage rates will rise – so 
are you ready 
to take a hit? image
Source : Guardian [Read Article] Tuesday 8th of August 2017 04:52:17 PM
. Mortgage holders can breathe a sigh of relief after the Bank of England decided last week to leave borrowing costs at an all time low – but it came with the warning that interest rate rises are on the way. ...
House price slowdown is excellent news – even if estate agents disagree | Nils Pratley image
.... Indeed, the position was becoming dangerous, especially from the Bank of England’s viewpoint. Double-digit house price inflation and rock-bottom interest rates make an unhealthy cocktail. ...
Interest rates: Winners and losers revealed following a year of record low interest rates image
....Twelve months on from its decision on August 4, 2016, rates remain at record lows with the Bank, whose Governor is Mark Carney, freezing them again last Thursday. Low interest rates helped prevent economic meltdown after the financial crisis by cutting borrowing costs, but may be doing more harm than good today, as savers struggle and cheap money encourages consumers to pile on more debt. ...
A decade after the financial meltdown, its underlying problems haven’t been fixed image
....The bad news is that, when one takes a step back, some of the deeper causes of the crisis look as entrenched as ever. In their first response to a debt-fuelled crisis, regulators pursued what Lord King, Carney’s predecessor, called the “paradox of policy” – they slashed interest rates to encourage spending and to prevent recession turning to depression. ...
Only a big-spending budget can save us from years of low interest rates image
Source : Guardian [Read Article] Saturday 5th of August 2017 04:00:16 PM
....Britain’s slow growth can be laid at the door of banks that remain conservative in their outlook and too afraid to lend to small- and medium-sized businesses. The National Institute of Economic & Social Research said the only therapy would be a rise in interest rates and quickly. ...
Student debt: What is going on with the Student Loans Company? image
Source : Guardian [Read Article] Saturday 5th of August 2017 06:00:04 AM
.... Average debt for the poorest families is expected to hit £53,000 soon. Specific gripes focus around interest rates, penalties, admin and retrospective charges. ...
Socially responsible retailers aim to end the ‘rent-to-own’ rip-off image
Source : Guardian [Read Article] Saturday 5th of August 2017 05:59:04 AM
....This new wave is being spearheaded by Fair for You, which describes itself as the UK’s only national not-for-profit company that provides a hassle-free and fair alternative to the likes of BrightHouse. Fair for You offers thousands of items for sale via its website at prices “broadly in line” with those on the high street, which people pay for by taking out a flexible loan at an interest rate of 3% a month (equal to a 42. ...
SHOCK WARNING: Interest rates could soon RISE, Bank of England deputy says image
Source : Daily Express [Read Article] Friday 4th of August 2017 04:00:00 PM
....He said Britain is now in "a little bit" of a better position for a core rate rise. The Bank's Monetary Policy Committee (MPC) cut interest rates from 0. ...
Credit crunch, 10 years on: fate of RBS shows global crisis is not over image
.... But it also raises another issue: has enough been done to prevent a repeat of the horrors of a decade ago, which began in August 2007?. Given concern that the record low interest rates and electronic money printing that central banks resorted to in the face of the biggest recession since the 1930s are storing up problems for the future, the question is simple: has anything really changed?. ...
Why Trumponomics cannot make America great again image
Source : Guardian [Read Article] Friday 4th of August 2017 09:40:46 AM
....Stock-market investors continue to hold out hope that Trump can push through policies to stimulate growth and increase corporate profits. Moreover, sluggish wage growth implies that inflation is not reaching the US Federal Reserve’s target rate, which means that the Fed will have to normalise interest rates more slowly than expected. ...
How Britain fell out of love with the free market image
Source : Guardian [Read Article] Friday 4th of August 2017 05:00:34 AM
....That crisis and what followed – recession, prolonged weak growth, ballooning public and private debt, and seemingly endless austerity – has already destroyed or severely damaged the governments of Gordon Brown, David Cameron and Theresa May. It has necessitated contortions that suggest an economic system on life support: bank bailouts, unprecedentedly low interest rates, and quantitative easing – ie the Bank of England simply printing money and pumping it into the economy. ...
The Bank keeps hinting at a rate rise. Markets will only listen for so long image
.... It acts like a dove. Those in the City expecting the Old Lady to do what it has not done for a decade – raise interest rates – would have been brought up short by the latest decision of its monetary policy committee. ...
Brexit is putting firms off giving pay rises, says Bank of England image
Source : Guardian [Read Article] Thursday 3rd of August 2017 11:13:47 AM
....On the other hand, pensioners, who depend on a fixed income, watch the value of their assets erode. The government's preferred measure of inflation, and the one the Bank of England takes into account when setting interest rates, is the Consumer Prices Index (CPI). ...
The day the credit crunch began, 10 years on: 'the world changed' image
Source : Guardian [Read Article] Wednesday 2nd of August 2017 04:15:56 PM
.... Powers were shared by the Treasury, the Bank and the new Financial Services Authority after the changes in 1997 when the central bank was given control of monetary policy but stripped of oversight of the big lenders. The Bank’s focus became hitting an inflation target and setting interest rates. ...
How to get bitcoin cash? Find out how to get your hands on BCH tokens image
Source : Daily Express [Read Article] Wednesday 2nd of August 2017 04:03:00 PM
....Search your local areas for bitcoin ATMs or use services such as WallofCoins to help you out. Remember that some of these service might require a valid ID and often charge interest rates. ...
Dow soars to record high as it crosses 22,000 mark for the first time image
Source : Guardian [Read Article] Wednesday 2nd of August 2017 02:17:50 PM
.... Two-thirds of the S&P 500 companies have reported quarterly results, for the three months to the end of June, and about 72% of them have beaten expectations. Meanwhile, the dollar has weakened, partly on concerns over Trump and also because of the growing belief that the US Federal Reserve will not raise interest rates again in the immediate future with the economy showing signs of running out of steam. ...
UK economy is about to surge back to life, says leading forecaster image
Source : Guardian [Read Article] Tuesday 1st of August 2017 11:01:30 PM
. Britain’s economy will surge back to life in the next six months following its slow start this year, a leading forecaster has predicted, prompting the Bank of England to raise interest rates next spring – more than a year earlier than its previous projection. ...
Eurozone economy grows twice as fast as UK's, figures show image
Source : Guardian [Read Article] Tuesday 1st of August 2017 12:07:04 PM
.... But growth has slowed markedly since the turn of the year as a weaker pound has raised the cost of imports, pushed up inflation and squeezed consumers. In the eurozone, growth has quickened and unemployment has fallen against the backdrop of ultra-low interest rates and other measures by the European Central Bank (ECB) to boost activity. ...
Premium Bonds winners for August: Are you a lucky winner? image
Source : Daily Express [Read Article] Tuesday 1st of August 2017 12:10:00 AM
....”. The annual prize fund interest rate is now at 1. ...
Credit card Britain: £1.5BN of debt racked up in ONE MONTH sparking fresh crisis fears image
....In comparison, incomes have increased by less than two per cent. Low interest rates and cheap money appear to have encouraged household debts. ...
Last-minute talks bid to halt first Bank of England strike in 50 years image
....The industrial action is scheduled during a busy week for the governor. He will chair a meeting of the monetary policy committee, at which interest rates are expected to be left unchanged at their record low of 0. ...
Lenders must stop stoking demand for loans: or there’ll be another firestorm image
.... The belt-tightening would be even more pronounced were it not for the willingness to load up on credit. Banks and other lenders have responded to a prolonged period of low interest rates and modest growth by making the terms for borrowers more attractive. ...
Student Loans Company criticised over 'penalty interest' on funds image
Source : Guardian [Read Article] Saturday 29th of July 2017 07:40:24 AM
....The Student Loans Company has been criticised for adding more than £8m to student debt through “penalty interest” on tens of thousands of loans in the last financial year. Figures seen by the Guardian showed that the SLC put more than 33,000 people in England and Wales on to a “non-compliance interest rate” of 3% for failing to respond to requests for information or “losing touch” with the company. ...
Leasehold tycoon: man whose firms control 40,000 UK homes image
Source : Guardian [Read Article] Saturday 29th of July 2017 07:00:44 AM
....The financing of Tuttiett’s property empire is helped by low-interest loans totalling £336m made by an insurance company, Rothesay Life, spun out of Goldman Sachs, in which the US investment bank remains the largest shareholder. Among the Rothesay Life loans made to E&J is one at £128m with a stated interest rate of just 0. ...
Graduate anger mounts over ‘nightmare’ Student Loans Company image
Source : Guardian [Read Article] Saturday 29th of July 2017 06:00:43 AM
.... They also complain of punitive charges and the bureaucratic nightmare of dealing with the lender. Many are furious it has been allowed to change significantly the terms of borrowing and raise interest rates after loans are taken out. ...
Santander cuts back lending amid Bank of England concern over personal debt image
....”. Bostock said intense competition is driving down interest rates to historically low levels, and accused competitors of offering better rates on car loans and credit cards than are charged to much more secure mortgage customers. ...
Chancellor appoints Sir David Ramsden to Bank of England deputy role image
Source : Guardian [Read Article] Thursday 27th of July 2017 05:28:15 PM
. Philip Hammond has filled the vacancy on the Bank of England’s interest rate setting committee left by the departure of Charlotte Hogg, following the appointment of Sir David Ramsden as the central bank’s new deputy governor. ...
Libor interest rate to be phased out after string of scandals image
Source : Guardian [Read Article] Thursday 27th of July 2017 04:47:23 PM
. The Libor interest rate benchmark used to price billions of pounds of financial products, which was linked to a series of bank scandals, is to be phased out. ...
Hammond admits UK consumers hurt by pound's fall as GDP grows by 0.3% image
Source : Guardian [Read Article] Wednesday 26th of July 2017 09:19:12 AM
.... That will pass through the economy, but I absolutely recognise it’s painful as it’s passing through the economy,” Hammond said in an interview with ITV News. The expansion in the three months to June was in line with City expectations that the weakness of the economy meant no chance of an increase in interest rates by the Bank of England next week. ...
Britons sit on ‘ticking time bomb’ as interest rates HIKE risks financial security image
....6bn, some £3. 4bn more and should interest rates hit 1 per cent, household interest payments would leap to £46bn, costing an extra £6. ...
Quarter of personal loan applicants 'seeking half their annual salary' image
....4% rise from 2015. The Bank of England has intensified its warnings about household debts over recent months while keeping interest rates at a record low of 0. ...
Debt-ridden families a ticking time bomb for EVERYONE in Britain, Bank of England warns image
....5 per cent, Alex Brazier said in a stark warning. It comes after monetary policymakers slashed interest rates to just 0. ...
Bank of England warns of complacency over big rise in personal debt image
Source : Guardian [Read Article] Monday 24th of July 2017 05:40:59 PM
....He added that terms and conditions on credit cards and personal loans had become easier. The average advertised length of 0% credit card balance transfers had doubled to close to 30 months, while advertised interest rates on £10,000 personal loans had fallen from 8% to around 3. ...
Should frustrated savers gamble on the stock market or play it safe? image
Source : Guardian [Read Article] Monday 24th of July 2017 06:00:28 AM
....For savers it has become known as the lost decade. While there had been some prospect of the Bank of England raising interest rates in the near future, the hope was dashed this week when inflation figures fell unexpectedly for June. ...
How has Brexit vote affected UK economy? July verdict image
Source : Guardian [Read Article] Monday 24th of July 2017 05:01:27 AM
.... Over the past month, sterling has edged up slightly against the US currency. This is partly because some investors have brought forward expectations of when the Bank of England will raise interest rates from an all-time low of 0. ...
While Hammond looks for a magic money tree, Labour has found one | Larry Elliott image
.... Abandoning the path of fiscal rectitude would risk losing the confidence of international investors, who would respond to higher spending and higher borrowing by taking their money out of Britain. Higher interest rates would be necessary to prevent capital flight, and this would nullify the effect of the fiscal boost. ...
Greed is no longer good – bond boom comes to an end image
Source : Guardian [Read Article] Saturday 22nd of July 2017 07:00:32 AM
....Much of the reason for their optimism was a change of stance at the Federal Reserve. The US central bank signalled in late 2015 that the post-crash era of low inflation and low interest rates was coming to an end. ...
Student Loans Company quadrupled my interest rate – just for taking a short trip image
.... One page was sent later than the others, but all were posted before the April 2016 deadline, Richards says. “A month later I received a letter saying that due to my ‘failure to respond’ to its letter a ‘non-compliance’ interest rate of RPI plus 3% was being applied to my account because I hadn’t given the information it needed – but I had. ...
The real cost of regeneration image
Source : Guardian [Read Article] Friday 21st of July 2017 05:00:09 AM
.... Some of the estate’s right-to-buy owners – theoretically the big winners in Margaret Thatcher’s great vision for social housing – have spent years trying to rearrange their mortgages for flats in the new development. One homeowner, working two jobs to service punishing new interest rates, dropped dead of a heart attack. ...
Warm weather drives UK shoppers back to the high street image
Source : Guardian [Read Article] Thursday 20th of July 2017 02:21:55 PM
....”. Alan Clarke, an economist at Scotiabank, said a rise in retail sales in June was unlikely to convince Bank policymakers that the time was right to raise interest rates. ...
The cost of living crisis is down to Brexit. The chickens are coming home to roost | David Blanchflower image
.... Inflation may be bad – it erodes the value of people’s savings – but low growth and unemployment are much worse. There were three votes (out of eight, with one seat currently vacant) for an interest rate rise at the last meeting of the monetary policy committee (MPC), but that looks to be a huge mistake, in my view. ...
Should I cash in my endowment early to pay off my mortgage? image
Source : Guardian [Read Article] Thursday 20th of July 2017 06:00:13 AM
....50 – a total of £6,660 over the six years until the end of the mortgage term. Even if the interest rate on your mortgage jumped to 5%, you would still save £81 a month (a total of £5,832 over six years). ...
US court overturns Libor convictions of ex-Rabobank traders image
Source : Guardian [Read Article] Wednesday 19th of July 2017 02:35:28 PM
. An appeals court has overturned the convictions of two former Rabobank traders in the first US criminal appeal related to investigations into the manipulation of the Libor interest rate. ...
Peer-to-peer lender Ratesetter hit by £80m of struggling loans image
Source : Guardian [Read Article] Tuesday 18th of July 2017 07:37:39 PM
....The peer-to-peer lender Ratesetter has been hit by £80m of struggling loans in the first major setback for the nascent online lending sector. The company said it would use its own funds to prevent losses being taken by its 50,000 users, who are mostly small investors using the website in order to lend their savings to other individuals and benefit from higher interest rates than are available at high street banks. ...
Russell Group urges rethink on student loan interest rate image
Source : Guardian [Read Article] Tuesday 18th of July 2017 05:40:15 PM
....The Russell Group, which represents the UK’s most prestigious universities, has joined calls to make funding fairer for students, urging the government to look again at the 6. 1% interest rate on loans due to come into force this September. ...

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