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Bank of England raises base rate again to 1.75%


By Michael Griffiths

The Bank of England (BoE) has confirmed a further increase to its base rate to 1.75%.

The 0.5 percentage point rise from 1.25% is the largest single increase to interest rates in 27 years, and leaves interest rates at their highest level since December 2008


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Average house price drops 0.1% in July – Halifax

House prices in the UK fell by 0.1% in July, according to the latest Halifax House Price Index, the first decrease since June 2021

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£811bn of equity available for release in UK homes during Q2

A total £811bn worth of property wealth was available for equity release to UK homeowners over the age of 55 during the second quarter, new analysis by Canada Life has revealed

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News in brief – 5 August 2022

The latest news in brief coming out of the consumer finance space in the week commencing 1 August, featuring Recognise Bank, LSL Property Services, and more...

Consumer finance new business jumps 7% on last year

New business conducted across the consumer finance space climbed by 7% in June compared to last year, new figures published by the Finance & Leasing Association (FLA) have revealed

OSB Group confirms Canterbury Finance No.5 securitisation

OSB Group has announced that it has closed the Canterbury Finance No.5 securitisation
Evolution Money confirms £290m securitisation

Evolution Money has announced the successful completion of the group’s inaugural private securitisation, with a facility of up to £290m

Liz Truss commits to IHT review in build up to leadership vote

Conservative leader hopeful Liz Truss has vowed she would oversee a review of inheritance tax (IHT) should she win the party’s leadership contest and become the next Prime Minister

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HMRC reports record CGT figures

Record amounts of capital gains tax (CGT) were recorded in the 2020/21 tax year, HMRC has reported

Liz Truss commits to IHT review in build up to leadership vote

Conservative leader hopeful Liz Truss has vowed she would oversee a review of inheritance tax (IHT) should she win the party’s leadership contest and become the next Prime Minister

Govt’s IHT intake rises at highest level for six years

Last year’s increase in inheritance tax (IHT) receipts received by HMRC was the largest single-year rise in receipts for six years, new figures have confirmed

Interest rate rises significantly raising liable IHT bills

This year’s flurry of interest rate increases could lead to some families faced with a large inheritance tax (IHT) bill to reluctantly sell their property, NFU Mutual has warned

FCA confirms new rules to improve AR responsibilities

The FCA has outlined new rules that aim to make authorised financial firms more responsible for their appointed representatives (ARs)

New govt register brought in to root out UK property money launderers

The government has brought in a new register today designed to root out elites attempting to hide gains made through UK property

FCA confirms final guidance on Consumer Duty rules

The FCA has published the final guidance for its new Consumer Duty rules, which are now set to come into force on 31 July 2023

Monzo ordered to review procedures for departing customers

Monzo has been ordered by the Competition and Markets Authority (CMA) to review the way it informs departing customers of their historic financial transactions

Consumer finance new business jumps 7% on last year

New business conducted across the consumer finance space climbed by 7% in June compared to last year, new figures published by the Finance & Leasing Association (FLA) have revealed

Bank of England raises base rate again to 1.75%

The Bank of England (BoE) has confirmed a further increase to its base rate to 1.75%. The 0.5 percentage point rise from 1.25% is the largest single increase to interest rates in 27 years, and leaves interest rates at their highest level since December 2008

Bank of Mum and Dad gifts to total £25bn in next three years

Gifts from the Bank of Mum and Dad (BOMAD) will total £25bn over the next three years, new analysis from Savills has suggested

Slowdown in total amount being saved into UK bank accounts

Growth in the overall amount of savings in UK bank accounts has ground to a halt, new research by Paragon Bank has indicated

FTSE 350 DB pension scheme deficit falls back to surplus £2bn

The accounting surplus of defined benefit (DB) pension schemes for the UK’s 350 largest listed companies decreased by £9bn during July, according to the latest Pensions Risk Survey from Mercer

Applications for CDC schemes open

Applications for collective defined contribution (CDC) pension schemes officially opened today (1 August), in what has been highlighted as an “injection of innovation” for the industry, with plans to consult on new forms of CDC pensions confirmed for later this year

16 million workers at risk of not saving adequately for retirement

Around 85 per cent of workers, equal to 16 million people, are not saving at levels likely to deliver an acceptable standard of living in retirement, new research has found, prompting calls for the development of a 'Living Pension Standard'

Industry calls for consistency in pre-retirement support

Industry experts have urged the government to follow the Financial Conduct Authority's (FCA) lead on pre-retirement communications to ensure a consistent approach across trust- and contract-based pension schemes

Evolution Money confirms £290m securitisation

Evolution Money has announced the successful completion of the group’s inaugural private securitisation, with a facility of up to £290m

OSB Group confirms Canterbury Finance No.5 securitisation

OSB Group has announced that it has closed the Canterbury Finance No.5 securitisation

FCA clamps down on high-risk investment advertisements

Stronger rules to help tackle misleading adverts that encourage investment in high-risk products have been finalised by the FCA

Gatehouse Bank announces investment grade rating from Moody’s

Gatehouse Bank has received an investment grade rating from Moody’s Investor Service

Mortgage Magic launches electronic ID verification

Software firm Mortgage Magic has launched its own electronic ID verification (E-ID) technology

Evolution Money partners with Nivo to launch mobile app

Evolution Money has announced a new partnership with fintech firm, Nivo, to launch a new digital mobile app for customers and adviser introducers

Finance firms failing to carry out AML checks on ‘ghost firms’

Almost half (45%) of banking and finance firms are failing to carry out “ghost firm” checks on new business clients, anti-money laundering (AML) platform SmartSearch has warned

Mansfield Building Society partners with open banking platform DirectID

Mansfield Building Society has launched a new partnership with open banking platform, DirectID, to make it easier for mortgage applicants to provide their bank statements online

News in brief – 5 August 2022

The latest news in brief coming out of the consumer finance space in the week commencing 1 August, featuring Recognise Bank, LSL Property Services, and more...

Capricorn Financial Consultancy reveals carbon neutral achievement

Capricorn Financial Consultancy has announced that it has achieved carbon neutral status following a partnership with international tree-planting platform, Evertreen

LiveMore appointed to Sesame Bankhall Group lender panel

Sesame Bankhall Group has appointed LiveMore Capital to its panel of lenders

Majority of equity release customers conduct research before turning to advice

An estimated seven in 10 (70%) equity release customers do their own research before speaking to an adviser about their later life lending options, new research by Standard life Home Finance has found

BLOG: Trusts for Vulnerable People

There are a number of reasons as to why you may wish to settle assets in trust, but one of the most prominent is to protect family wealth and to look after the long term interests of family members

BLOG: The changing face of credit: How BNPL usage across Generation X is accelerating

James Bradley, Director of Sales and Business Development for DivideBuy, discusses the rise of Buy Now Pay Later

BLOG: How the equity release sector is weathering the storm

Pure Retirement CEO, Paul Carter, discusses how the equity release sector weather the storm of challenges presented by the last couple of years

BLOG: Say hello to the future of mortgage lending 

Target Group opens up on how it became a National Credit Awards winner

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