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Bank governor: living standards falling
The governor of the Bank of England has warned that standards of living are falling in the UK as economic conditions bite. Commenting on the Bank's latest Inflation Report, governor Mervyn King said: "The higher level of energy and food prices is a genuine reduction in our standard of living relative to where it would otherwise have been."Since the last report in November, inflation has been markedly increased by higher food and fuel prices and the cost of imports. Mr King said that CPI inflation – currently above the government-set 2.0% target at 2.2% – was likely to jump to "around the level [3.0%] at which I would be required to write an open letter to the Chancellor".The prediction appears to dampen borrowers' hopes for a big cut in interest rates. However, some analysts seized on the report's statement that inflation would fall below target if the Bank rate remained at 5.25%. Quoted in the Guardian, David Page of Investec said: "To our minds, the report and ensuing press conference suggested a further reduction in bank rate, but not by as much as markets had hoped. We expect the Bank rate to reach 4.75% in August." |
| February 13th, 2008 |
Government warning to HIPs providers
The government has warned providers of Home Information Packs (HIPs) not to take shortcuts in obtaining legal proof of property ownership. In an email sent to members of the HIP industry, the department of Communities and Local Government said it was aware that some HIP providers were including 'Register Views' obtained from Land Registry Direct as evidence of title.However, it stressed that the HIP regulations require an 'official copy' of the individual register and title plan.Obtaining the two official copies costs £6, just £3 more than a Register View. However, official copies are admissible as evidence in court, and the Land Registry will indemnify people against any mistakes they contain."Official copies are required as these are encrypted documents that the Land Registry will stand by - if there are any errors in the register for example - and are therefore acceptable during the conveyancing process," the email explains."Although the information they contain is similar, register views have no such status," it adds. |
| February 12th, 2008 |
Petrol drives inflation up to 2.2%
Inflation rose to 2.2% in January, according to figures released today. The Office for National Statistics (ONS) says that Consumer Price Index (CPI) inflation increased by 0.1% for the 12 months to January, compared to December's figure of 2.1%. It attributes much of the increase to the rising prices of fuel and food.Though analysts already expected inflation to rise over the next few months, the news will be unwelcome for the Bank of England, which is responsible for maintaining the index at a government-set target of 2.0%. Last week, the Bank's Monetary Policy Committee reduced the interest rate to 5.25%, a move likely to stimulate spending and add to the upward pressure on inflation.Meanwhile, figures from the British Retail Consortium show that, after a disappointing December, retail spending picked up during January. The Financial Times writes that the increase will 'dampen' the prospects for further interest rate cuts this year.Retail Price Inflation (RPI), which tracks additional prices including mortgage repayments, also rose slightly, from 4.0% in December to 4.1% in January. |
| February 11th, 2008 |
OFT recommends credit card shake-up
Consumers should be helped to shop around when choosing a credit card, an Office of Fair Trading (OFT) report says. Its recommendations include improving the information available to customers, and the setting-up of a credit card price-comparison website to be run by the Financial Services Authority.The report is the result of the OFT's investigation into a co-called super-complaint brought by consumer group Which, driven by concerns that consumers choose credit cards without fully understanding their costs. Research commissioned by the OFT found that only 32% of users had compared the cost of cards when choosing their most recent one, while another 32% simply chose the card recommended by their bank."No-one wants to throw money away," said OFT chief executive John Fingleton, "but consumers who don't shop around for credit cards are doing just that.""It is essential that consumers are given the right tools to make comparisons between credit cards more easily, and we can achieve this through some of the recommendations announced today." |
| February 10th, 2008 |
English councils 'getting better'
The majority of councils in England are delivering a high standard of service, an independent public body has found. The Audit Commission says that 83% of councils achieved a three- or four-star rating in its yearly Comprehensive Performance Assessment (CPA) for 2007. No councils failed to score on the scale, while the number awarded just a single star fell from five to two.Not all councils performed well, however, with 14 dropping a star, and 13 remaining 'stuck' on two stars.The CPA awards a maximum of four stars to councils, based on their care for children and adults, and an assessment of their housing, environment, culture, benefits and fire services."This is good news for most councils and taxpayers in England, with the majority of councils performing better than ever," said Audit Commission chair Michael O'Higgins."The 2007 results show that councils continue to rise to the challenge of delivering better services for local people at better value for money."Not everyone agrees with the commission's assessment, however. Replies to the thread "My council is great because..." on the BBC Radio 5 Live website include praise from people such as Simon from Enfield, who writes that his council "is great because it gives me a disabled freedom pass so I can travel any where in London."Many other comments are negative. Steve in Newcastle writes that the council charges "more and more council tax and [delivers] less and less value", while Phil on the M25 condemns his council as "a bunch of bureaucrats in non-jobs trying to justify their own existence". |
| February 8th, 2008 |
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