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News - 13 June 2014

Bank of England governor hints at interest rate rise

 In his first Mansion House speech since becoming governor, Mark Carney has given a strong hint that interest rates may rise before the General Election next May.

 
Tonmoy Kumar, Manager of the Accounts Department of ABDS comments:
“The base rate has been at a record low of 0.5% since 2009, but the strength of the recovery has heightened speculation about when rates will rise. The governor said there was "no pre-set course" on when to raise rates. There was more spare capacity in the economy that would need to be used up first.”
 
Mr Carney also warned the Bank may take action within weeks to cool the threat of Britain's overheating housing market, and also by the threat posed by indebtedness of over-extended borrowers.
 
Following on from his speech, the pound rose to 0.32% against the dollar to $1.698, while against the euro it was up 0.15% at 1.251 euros.
 
Also at the Mansion House, the Chancellor George Osborne confirmed plans to give the Bank new powers to prevent the housing market from overheating, which included capping the size of mortgage loans relative to income or to the value of the house.
 
Mr Osborne also announced reforms to planning laws designed to increase the supply of housing. These should provide permission for up to 200,000 new homes, the government says.
 
Latest figures from the Office for National Statistics found prices rising at an annual rate of 17% in London, compared with 8% in the UK as a whole. This has led to fears that an unsustainable bubble is developing in the housing market.
 
If you need any help and advice for your business on the implications of central and local Government Funding initiatives and the construction industry, contact Lavinia Newman, Stuart Coleman or Tonmoy Kumar to discuss how ABDS can help
 
ABDS Chartered Certified Accountants of Southampton.
Tel: 023 8083 6900 E-mail: abds@netaccountants.net
 
Brilliant with numbers  
Great with people  
Clear and precise with advice
Timely and cost effective
In touch with issues that face our clients
Mindful of our client’s long term strategic goals
 
Helping Your Business is Our Business

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