Government approve new national minimum wage rate

Minimum WageThe National Minimum Wage is set to rise from October, following acceptance by the government of a recommendation by the Low Pay Commission (LPC). All levels of the minimum wage will rise, including those for an apprentice, which the government has said will increase despite calls from the LPC for the rate to be frozen. National Minimum Wage rises From 1st October 2013 the minimum wage will rise as follows: The adult rate will increase by 12p to £6.31 an hour The rate for 18-20 year olds ...

No change to interest rates

As predicted the Bank of England’s Monetary Policy Committee (MPC) has left interest rates on hold for the 28th consecutive month. Despite inflation remaining above the Bank’s target experts had predicted that in light of weak economic data and a patchy recovery the nine strong MPC would leave interest rates at 0.5%. Inflation is currently 4.5%, well above the 2% target, but the Bank appears torn between controlling inflation, which is having a significant impact on consumers and raising interest rates which could potentially damage the fragile recovery. At the moment the MPC appears to believe higher inflation is the lesser of ...

Interest rates on hold yet again

There are only so many ways to write a story on interest rates remaining unchanged; however the bare facts remain the same, no rise in rates and no further Quantitative easing measures. To be fair recent economic data showing a slowdown in sectors of the economy pointed to no change this month and indeed in the short term. In a separate move the European Central Bank left rates unchanged, following last month’s rise, at 1.25%. Although inflation, as measured by CPI (Consumer Prices Index) is currently running well above the bank’s 2% target, the members of the Monetary Policy Committee (MPC) clearly ...

Rate rise supported by third Bank of England policymaker

One more MPC  policymaker has voted to raise interest rates. Following the poor UK inflation figures Spencer Dale is now supporting an interest rate rise. Another member of the Monetary Policy Committee (MPC) has voted for an interest rate rise, adding to the existing tally of policymakers who now support a rate hike. Spencer Dale has joined the ranks of fellow members Andrew Sentance and Spencer Dale who have been calling for a rise for months. However, six of the remaining policymakers at February's meeting voted to keep the rate at the historic low of 0.5%. Latest figures show that the Consumer Prices Index ...