Vale & West Chartered Accountants Blog

Category Archives:Interest Rates

Unexpected UK inflation in September causes pound sterling to fall

In September, the UK inflation came in much weaker than expected, causing the pound sterling to fall dramatically. Read More

Bank of England warns of impending interest rate increases

In recent days, the Bank of England (BoE) has warned that it intends to increase interest rates “sooner and faster” than previously expected over the coming months. Read More

Interest rate hike just around the corner

In an interview with BBC Radio 4’s The Today Programme, Mark Carney, Governor of the Bank of England, has hinted that an interest rate rise could be just around the corner. Read More

Pay day loan complaints rise despite new legislation

The Financial Ombudsman Service (FOS) has found that complaints about pay day loans have risen once again, with there being nine times more complaints than two years ago. Read More

Banks reject cash LISA on launch

A grand total of zero banks and building societies have opted to take up the Government’s new Lifetime ISA (LISA) cash accounts on the day of their launch, it has emerged.

The LISA is aimed at pension savers and first-time buyers, but banks say they have not been given enough details or time to prepare.

The LISA also received criticism earlier this year, after it emerged that withdrawing cash for anything other than its intended purposes will result in the account holder losing money.

Just three providers said they will launch the stocks and shares version of the LISA this month.

The cash version allows holders to deposit up to £4,000 each year, in which the Government will add a 25 per cent top-up.

The cash can only be withdrawn when the account holder turns 60, or when it is used to purchase a first home. Withdrawing early will incur a 25 per cent penalty.

Hannah Maundrell, editor-in-chief of Money.co.uk, said: “It’s a bit of a damp squib as there are no cash Lisas yet confirmed for launch.

“Yet again the government has promised consumers the chance of a shiny new savings vehicle without consulting with the industry on how and when they can deliver it.”

In December last year, Nationwide announced that it would not offer LISAs because they were “too complicated”.

It added that it would continue with the help-to-buy ISA instead.

Inflation rises past BoE’s two per cent target

The UK’s inflation rate jumped from 1.8 per cent in January to 2.3 per cent in February, the Office for National Statistics (ONS) has revealed. Read More

SMEs rely on personal loans and salary sacrifices to patch up cash flow, research reveals

Nearly half of all UK small and medium-sized enterprises (SMEs) are being paid late, a report has revealed. Read More

Consumer spending peaks at six-month high in October

Consumer spending reached a six-month high in October as high street shops and restaurants report continued profits in the run-up to Christmas. Read More

Interest rate cut to offer mortgage bonus

For the first time in over seven years, the Bank of England (BoE) has cut interest rates to a record low of 0.25 per cent in a bid to bolster the economy, but how it will it affect mortgage holders? Read More

Only 8 per cent of Britons aware that ISA savings form part of their ‘taxable estate’

A recent survey has revealed that only 8 per cent of Britons are aware that ISA savings form part of a person’s ‘taxable estate’ under inheritance tax laws. Read More

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