Deputy Governor for Markets and Banking at the Bank of England, says that “there is no doubt in my mind that the UK is experiencing a sizeable economic shock

Minouche Shafik, Deputy Governor for Markets and Banking at the Bank of England, says that “there is no doubt in my mind that the UK is experiencing a sizeable economic shock in the wake of the referendum". In a speech at Bloomberg’s Markets Most Influential Summit, Minouche added that “it seems likely to me that further monetary stimulus will be required at some point in order to help ensure that a slowdown in economic activity doesn’t turn into something more pernicious”. Shafik said that any need to reallocate read more

Stiff find from USA to foreign Banks

The US Department of Justice is asking Deutsche Bank to pay $14bn (£10.6bn) to settle an investigation into mortgage-backed securities, the bank has said. Deutsche Bank said it "has no intention to settle these potential civil claims anywhere near the figure cited". The claim against Deutsche, which is likely to be the subject of negotiations for several months, was much bigger than expected. The bank's shares fell nearly 7% in early trading. "The negotiations are only just beginning. The bank expects that they will read more

Fixed rates drop since January

Rates on fixed interest mortgages plummeting since January Average rates across all fixed mortgage terms have fallen since the start of the year. According to research from data provider, Moneyfacts.co.uk the average two-year fixed rate has reduced the most, falling by 0.24% since January this year to 2.52%. Five-year fixed rates have dropped from 3.29% in January, to the current 3.10% and the 10-year rate has fallen to 3.43% from January’s 3.63%. Charlotte Nelson, finance expert at Moneyfacts.co.uk said: “With read more

Mortgage market concerns about ‘Brexit effect’ are justified OR are they????

The government has been heavily criticized for recent calculations on the cost of a UK exit from the EU, but their focus on how this could impact mortgage availability is wholly justified, writes Pad Bamford. The UK isn’t exactly ‘on hold’ until June 23, when the result of the EU Referendum will be known, but it certainly feels like all roads lead back to the vote. As I write, sterling has taken a tumble on the back of opinion polls showing the ‘Leave’ campaign out in front by three points (now seven points) and I read more

In or out??? You questions on Britexit

Prices, property, pensions: 30 EU referendum questions answered Will the nation’s decision on 23 June make you richer or poorer? We address the key consumer concerns PRICES Will food prices go up or down if we vote to leave the EU? David Cameron says families would face increased food bills of more than £220 a year if Britain left because so much of our food is imported from the single market. His claims are based on a belief that the pound would fall in value by 12%, making imports more expensive. But critics read more

Osborn is attempting to miss lead you again

Buyers could be set back an extra £1,500 in the event of a decision to leave the European Union on June 23, as Chancellor George Osborne claims mortgage prices will be sent soaring. In fresh analysis of figures published by the Treasury in April, the Sunday Times reported that a Brexit scenario would pile on between £920 and £1,470 to the cost of a mortgage on an average home priced in £292,000, in March. The analysis, carried out by Britain Stronger in Europe, suggested that first-time buyers, who pay an average of read more

Half of ALL Brokers want to leave the EU

A new Brexit poll of over 150 finance brokers operating in the fields of bridging, development finance, asset finance and mortgages has revealed that if broker views are anything to go by, the outcome of the European Union referendum rests on a knife edge. The new poll, carried out in April by specialist lender United Trust Bank, has found that 50.7% of brokers intend to vote to leave the EU in the referendum on the 23rd of June, whilst 49.3% will vote to stay in. In a further question, 21% of brokers indicated that read more

More Crap about Brexit from government puppets or is it “muppets?”

The Bank of England has issued a further warning over the impact of a UK exit from the European Union, with the risk of a “technical recession” now on the cards. Addressing a press conference following the release of the Bank’s Inflation Report, governor Mark Carney said there were a “range of scenarios” that could emerge from an out vote on 23 June, including lower growing and higher inflation, the Telegraph reported. He added that a further scenario could include a “technical recession”, whereby an economy read more

Government tries more scare tactics to stay in the EU

Economic Secretary to the Treasury, Harriett Baldwin, has warned that leaving the EU could "severely damage the competitiveness of the UK's financial services industry". Speaking in Belfast today, Baldwin will discuss how leaving the EU would not simply be a problem for London but the wider UK financial sector, including damaging Belfast’s position as a financial hub. Baldwin adds that a vote to stay will protect jobs in Northern Ireland, as the financial sector employs around 21,000 people and a further 15,000 in read more