Contents
Has Carney jumped the gun
To great fanfare at his first meeting of the Bank of England Monetary Commit- tee, new governor Mark Carney said that the Bank would be providing forward guidance and that it would be unlikely for Base Rate to rise anytime soon – or unless unemployment dropped below 7% - it was 7.8% at the time. T at led to a raſt of predictions that any rise would be at least three years away. But since then we’ve had bundles of economic cheer and Mortgage Introducer
can only wonder if he can really keep interest rates at crisis levels if the economy continues to rebound? T e purchasing managers index, published by Markit, jumped to a new post-
fi nancial-crash high of 60.5 in August, up from 60.2 in July and its highest level since December 2006.
“The UK still lags behind other recovering economies”
Markit said the latest survey of the all-important
service sector, which accounts for around 78% of the economy, sent the all-sector PMI to its highest level since the series began in 1998. Meanwhile order books at companies ranging
from banks to restaurants rose at the fastest pace since May 1997, the month Tony Blair fi rst became Prime Minister.
But despite the economic cheer the UK still lags behind other recovering econ-
omies. Job creation remains woefully slow. It would appear a lot of companies, and brokers are no exception, are trying to meet any upsurge in business through existing staff rather than expanding the workforce. So all this good economic news doesn’t necessarily mean that interest rates will
have to rise sooner than expected. And as distressing to savers as that may sound, with interest rates on seven out
of 10 loans to households and half of all loans to businesses linked to the Bank rate rather than the market for many it will be a case of having the best of both worlds. At least for now. Lenders will be keeping a watchful eye on the situation. Swap rates have already spiked and with fi xed rates linked to market rate expecta- tions it’s likely those rates will soon start to rise from their spectacular lows. T is seemingly endless grinding austerity may well be starting to come to an end but we’re not out of the woods just yet.
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4 News Review 7 AMI News Review 8 Market Review 10 Buy-to-let Review 12 Products Review 14 Protection Review 16 Expo Review 18 Fees Review 20 Specialist Review 22 Estate Agency Review 24 GI Review
26 Social Housing Review 28 Sub-prime Review
29 Regional Focus A look at life throughout the UK 30 The Outlaw
The good, the bad, the boring and the vulgar. 32 The Bigger Issue
Should the buy-to-let market be curtailed
34 Cover: Equity release Defusing the interet only time bomb - Ryan Fowler takes a look at this ever-changing sector, and finds it’s not always child’s play
40 Secured Loan Index
42 Commercial Finance Introducer Exploring all the options in commercial finance 47 NACFB
Latest news from your association 50 The Hall of Fame
Find out who is infamous this month thepublishinggroup TG Issue 61 September 2013
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