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Viewing entries posted in February 2019

Government questions lenders on “No DSS” clauses

Posted by MMB Finance Swindon and Gloucester on 21 February 2019

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In October, NatWest's lending practices came under scrutiny after it refused a remortgage to a landlord renting to a tenant in receipt of housing benefit. The Work and Pensions Committee has written to several mortgage lenders about potential DSS discrimination clauses in their lending policies. In October, NatWest's lending practices came under scrutiny over the case of a landlord who was refused a remortgage and threatened with revocation of the existing mortgage on the property because she was renting to a tenant in receipt of housing benefit. NatWest’s review of its own policy is expected to report at the end of February.

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Pension contribution hike

Posted by MMB Finance Swindon and Gloucester on 17 February 2019

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Since 2012, 10 million eligible workers have been automatically signed up to workplace pensions. From April, their contribution will rise from 3% of their salary to 5%.

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BoE likely to cut interest rates in no-deal Brexit, MPC member predicts

Posted by MMB Finance Swindon and Gloucester on 14 February 2019

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Monetary Policy Committee member, Gertjan Vlieghe, predicts that the Committee would choose to ease monetary policy in the event of a no-deal Brexit. In a speech made today, Vlieghe said his opinion about the future path of Bank Rate has changed from last year, when he thought one to two quarter point hikes per year in Bank Rate "was the most likely central case". Since then, he said the economic outlook had changed; global growth has slowed more than expected, and sooner than expected, and domestic growth has also slowed more than expected.

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Inflation falls below Bank of England's 2% target

Posted by MMB Finance Swindon and Gloucester on 13 February 2019

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CPI inflation fell to 1.8% in January, down from 2.1% in December 2018, according to the latest ONS data. December's figure is the lowest inflation rate seen since January 2017, when it was also 1.8%, and is the first time in two years that CPI inflation has been below the Bank of England's 2% target.CPIH inflation, which is now used as its headline measure and which includes owner occupiers’ housing costs, was also 1.8% in January, down from 2.0% in December.

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GDP growth falls to nine-year low

Posted by MMB Finance Swindon and Gloucester on 11 February 2019

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Last week the Bank of England cut its growth forecasts to 1.2% this year and put the odds of the UK slipping into recession by the summer at one in four. GDP growth slowed to 1.4% between 2017 and 2018, the weakest it has been since 2009, according to the latest ONS statistics.

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