BOE Financial Stability Report for Q2 makes for some interesting reading as it talks about uncertainty on the world stage, UK banking reliance and UK household debt.
Full report here:
https://www.bankofengland.co.uk/-/me...-june-2024.pdf
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Reply to: Bank of England Base rate & other news
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Previously on "Bank of England Base rate & other news"
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Annualised CPI inflation measured over the last 6 months is 3.4%. Inflation is proving to be quite sticky. I don't think we'll be seeing more than a token drop to rates for a while.
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Originally posted by Martin@AS Financial View PostInterestingly, it was a strong majority at 7/2 to maintain 5.25%.
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Originally posted by Martin@AS Financial View PostInterestingly, it was a strong majority at 7/2 to maintain 5.25%.
Full report here:
https://www.bankofengland.co.uk/-/me...-june-2024.pdf
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Interestingly, it was a strong majority at 7/2 to maintain 5.25%.
Full report here:
https://www.bankofengland.co.uk/-/me...-june-2024.pdf
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Originally posted by Paddy View Post
Yes and no.
https://www.ons.gov.uk/economy/infla...dservices/2024
The selection of items is ridiculous, for example Air fryers that have dropped in price 50%, colour cake sprinklers and data charges for for mobile phones. CPI no longer reflects the weekly shopping basket for necessities.
The biggest oddity of CPI measurement is it includes VAT (not on food obvs). If government wants to drop inflation by 10% they simply halve the VAT rate.
The suggestion that the Tories have cooked the books on this is mind bogglingly brain dead though.
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Originally posted by Martin@AS Financial View PostUK inflation back to 2% target for first time since 2021
This is fantastic news and it will be interesting to see when this will translate to a BOE rate cut.
Full story here:
https://www.reuters.com/markets/euro...21-2024-06-19/
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Originally posted by escapeUK View Post
Seem more of a fantastic lie, and of course the timing is perfect for the Consocialists election. I'm sure that's just a total coincidence though!
https://www.ons.gov.uk/economy/infla...dservices/2024
The selection of items is ridiculous, for example Air fryers that have dropped in price 50%, colour cake sprinklers and data charges for for mobile phones. CPI no longer reflects the weekly shopping basket for necessities.
Leave a comment:
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Originally posted by Martin@AS Financial View PostUK inflation back to 2% target for first time since 2021
This is fantastic news and it will be interesting to see when this will translate to a BOE rate cut.
Leave a comment:
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UK inflation back to 2% target for first time since 2021
This is fantastic news and it will be interesting to see when this will translate to a BOE rate cut.
Full story here:
https://www.reuters.com/markets/euro...21-2024-06-19/
Leave a comment:
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Taylor Swift’s London Eras Tour could delay Bank of England rate cut, analysts say
An interesting report from CNBC claiming that "Swiftflation" could defer a possible September rate cut.
https://www.cnbc.com/2024/06/14/tayl...-rate-cut.html
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As you were:
Bank rate maintained at 5.25% - May 2024
Full report here:
https://www.bankofengland.co.uk/mone.../2024/may-2024
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UK inflation slows its fall, pushing back rate cut bets
Interesting report from Reuters.
With inflation now at 3.2%, there is still some serious amount of work to be done to get it to the government set target of 2%. This will also be very much dependent on what happens on the world stage over the next few months.
Full story here:
https://www.reuters.com/world/uk/uk-...ch-2024-04-17/
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Today, the Monetary Policy Committee voted by a majority of 8-1 to maintain the base rate at 5.25%.
Full report here:
https://www.bankofengland.co.uk/mone...024/march-2024
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With most mortgages, you can overpay by 10% of the outstanding balance per year. As interest tends to be calculated on a daily basis, any overpayment you make means you should receive the benefit as of the next day. For example, if you have a £500,000 mortgage and overpay it by £50,000, as of the next day you are paying interest on the £450,000.
The price of mortgage rates are calculated according to risk so the lower loan to value (ie the more equity you have in your home), the lower your interest rate will be. Whilst it may not be possible to clear the entire mortgage, you may find you are able to achieve a lower rate by paying it down to get into the next bracket of products.
As long as the money isn't ear marked for anything else and the war chest remains healthy, I would always recommend trying to clear your mortgage as quickly as possible.
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