Interest rates on hold for another month

London_istockIn a move which will surprise no one, the Bank of England has announced interest rates will remain on hold for another month. The Bank’s Monetary Policy Committee (MPC) met this week and voted to leave base rate at 0.5% and not to extend the existing £375 billion program of Quantitative Easing (QE). Most economic experts believe the committee is in a ‘holding pattern’, until Mark Carney takes over as governor from Mervyn King in the summer. The committee were possibly also influenced by economic ...

Annuities: Where now for Annuity rates?

Crumpled question marks heapPension Annuity calculators show that rates have recovered slightly so far this year but if you are retiring soon, don’t get too excited! The latest figures from the MGM Advantage Annuity Index, show average Annuity rates increased by 3% in the first three months of 2013, the first quarterly interest for two years. However, the good news soon comes to an end, with revelation that over an average retirement of 18-years, a pension fund of £50,000 would now provide £10,224 less income ...

Osborne to extend Funding for Lending Scheme

Savers suffer as savings accounts are withdrawn_istockphotoThe Chancellor, George Osborne, may be looking to extend the Funding for Lending Scheme (FLS), after pressure from the International Monetary Fund (IMF) over his austerity plans. The existing FLS is due to come to an end at the start of 2014, however an announcement about the possible extension of the scheme is expected before the IMF are due to visit next month. Since the FLS was introduced in August last year, many financial experts have questioned its effectiveness; ...

Nationwide House Price Index: House prices rise, amid concern for first time buyers

Nationwide Building SocietyThe latest Nationwide House Price Index figures shows prices rose in January by 0.5%, whilst remaining unchanged compared to the same time 12 months ago. According to the UK’s largest building society the average house price is now £162,245. Although some specific concerns about the lack of first time buyers have been raised by the Nationwide, there also looks to be some more optimistic signs....