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31/07/2001
Consumer credit could grow further if interest rate is cut
A rise in consumer credit that has outstripped City forecasts, and could herald a further cut in interest rates to buoy up the economy.
According to the latest figures, released on Monday 30 July, UK consumer credit has grown by £1.3 billion, with 106,000 new mortgages receiving approval, effectively a rise of 3,000 from first quarter figures of 2001.
The Credit Card Research Group have also released figures that show a 5 per cent increase in card usage during the month of June to £16.5 billion - a rise of 19 per cent on the same month during 2000.
Interest rates have held steady at 5.25 per cent during the past two months despite increasing fears of recession. However, it is thought that when the Bank of England's Monetary Policy Committee (MPC) meets on Wednesday, the outcome of discussions will see the MPC apply caution due to the risk that a cut in interest rates could spark a spree of high street spending and pose inflationary risks. (CL)
According to the latest figures, released on Monday 30 July, UK consumer credit has grown by £1.3 billion, with 106,000 new mortgages receiving approval, effectively a rise of 3,000 from first quarter figures of 2001.
The Credit Card Research Group have also released figures that show a 5 per cent increase in card usage during the month of June to £16.5 billion - a rise of 19 per cent on the same month during 2000.
Interest rates have held steady at 5.25 per cent during the past two months despite increasing fears of recession. However, it is thought that when the Bank of England's Monetary Policy Committee (MPC) meets on Wednesday, the outcome of discussions will see the MPC apply caution due to the risk that a cut in interest rates could spark a spree of high street spending and pose inflationary risks. (CL)
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04 September 2001
Bank likely to leave interest rate unchanged
The Monetary Policy Committee (MPC) of the Bank of England are likely to leave interest rates unchanged at 5 per cent. The Committee are due to begin their latest two-day meeting amid a spate of calls for another cut in the interest rate.
Bank likely to leave interest rate unchanged
The Monetary Policy Committee (MPC) of the Bank of England are likely to leave interest rates unchanged at 5 per cent. The Committee are due to begin their latest two-day meeting amid a spate of calls for another cut in the interest rate.
22 March 2002
Figures show retails sales on the rise
UK retails sales have exceeded analysts' forecasts, according to the latest official figures which show sales volumes growing at their fastest rate since January 2000. The data from the Office for National Statistics details that retails sales grew by 1.
Figures show retails sales on the rise
UK retails sales have exceeded analysts' forecasts, according to the latest official figures which show sales volumes growing at their fastest rate since January 2000. The data from the Office for National Statistics details that retails sales grew by 1.
26 August 2004
Credit law reform will not have interest rate ceiling: DTI
An interest rate ceiling will not be introduced as part of the government's shake-up on consumer credit law, Consumer Minister Gerry Sutcliffe announced today.
Credit law reform will not have interest rate ceiling: DTI
An interest rate ceiling will not be introduced as part of the government's shake-up on consumer credit law, Consumer Minister Gerry Sutcliffe announced today.
14 August 2001
Inflation rate fall may herald a further interest rate cut
Speculation is growing that a fall in the underlying inflation rate, down to 2.2 per cent, may give the Bank of England’s Monetary Policy Committee further room for manoeuvre to lower interest rates. Continued severe pressure on manufacturing industry has prompted further calls from industry leaders seeking another cut in the UK interest rate.
Inflation rate fall may herald a further interest rate cut
Speculation is growing that a fall in the underlying inflation rate, down to 2.2 per cent, may give the Bank of England’s Monetary Policy Committee further room for manoeuvre to lower interest rates. Continued severe pressure on manufacturing industry has prompted further calls from industry leaders seeking another cut in the UK interest rate.
07 November 2002
Bank of England holds UK interest rate at 4%
The Bank of England has held the main UK interest rate at 4% for the twelfth consecutive month. This is despite a larger than anticipated cut by the US Federal Reserve. Leading economists were split on whether or not interest rates would or should be dropped.
Bank of England holds UK interest rate at 4%
The Bank of England has held the main UK interest rate at 4% for the twelfth consecutive month. This is despite a larger than anticipated cut by the US Federal Reserve. Leading economists were split on whether or not interest rates would or should be dropped.
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Northern Ireland WeatherToday:After a dry start this morning rain will spread from the northwest across all parts. This afternoon will be dull with some patchy rain and drizzle. Becoming much milder through the afternoon. Maximum temperature 11 °C.Tonight:A cloudy evening and night with a little light rain or drizzle, perhaps some clear periods developing along the east coast. A very mild night everywhere. Minimum temperature 10 °C.
