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What to Know From the Interest Rate Decision of the Bank of England

The Bank of England is set to stabilize interest rates this week, but it is probable that it will attempt to persuade investor rate hikes around the corner. The BoE will publish the minutes of the recent session of the Monetary Policy Committee (MPC) and the interest rate decision of the committee. Critics believe that the MPC will vote consistently to maintain the benchmark bank lending rate at 0.75%. Senior UK economist Sree Kochugovindan from Barclays said they’re expecting coherent strategy and keeping the present composition of a gradual route of rate hikes for minutes. Nomura’s George Buckley wrote that they do not expect the BoE to move interest rates higher unless there is some positive decision to the Brexit story.

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House Price Statistics Indicate the Distinction Between the United Kingdom and London

House prices increased by 1.4 per cent annually across the UK in April, with the subdued rate of development being driven primarily by Southern England, while greater rises were reported elsewhere. According to figures released collectively by the Office for National Statistics (ONS), Land Registry and other bodies, the average UK house price was £229,000 in April. In England, the East Midlands saw the greatest annual rise in house prices in April, with a 2.9% rise, followed by a 2.6% rise in the North West. Gareth Lewis, MT Finance’s commercial director of estate lenders, said – House price development is gaining momentum outside London and the South East. It is refreshing as it generates more stability for the nation as a whole, even though London prices stay at a premium. However, as a reaction to increased demands for land in these fields, values are rising.

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Last PPI Call, Tells Financial Regulator Authority

A final call for Payment Protection Insurance (PPI) return is launched by the City Control. The total paid out to consumers has passed £35bn. A PPI claims that the UK’s Financial Conduct Authority is launching a new advertising drive to encourage more applications with more than two months to go until the deadline for lodging. The FCA said the total amount of compensation paid to people who have mis-sold the policies since January 2011 is £35.3 billion. The final time to complain about PPI’s sale is August 29, 2019. Anyone who has not charged before that date to their supplier will not be able to claim back cash. The final date is to draw to restore government confidence in economic aid and decrease uncertainty for banks and other companies concerned about the open nature of PPI liabilities. A PPI claim is most effective in complaining directly to the bank or financial company concerned, and, where necessary, to the Financial Ombudsman.

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The SFO Makes Its Fifth Arrest Following the Crash of London Capital & Finance

The millionaire founder of marketing firm Surge Financial, Paul Careless was arrested near his Brighton home on Wednesday. As per a Surge Fraud Office spokesman, warrants were executed at several properties on June 19, 2019. An individual was arrested and then got released due to the pending investigation. The operation was performed under the guidance of the National Crime Agency. Surge is a third party supplier of services used for raising investments for LCF. Mr Paul’s arrest was 5th on the list in the ongoing investigation for LCF. About 11,500 people invested in LCF before it collapsed. Financial Services Compensation Scheme (FSCS) asked LCF customers to register on their website for possible payouts.

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Euro Pound Exchange Rate: GBP Flat as the Cost of Transport Decreases in the United Kingdom

Figures published disclosed that the UK Consumer Price Index (CPI) had an annualized rate of 2.0 per cent in May. It’s down from 2.1 per cent in the past month. As per the Office for National Statistics – Falling transport tariffs, air tariffs affected by Easter’s timing, and falling vehicle prices generated the downward returns to the April-May rate shift. After the release of the recent UK retail sales figures, the pound can drop. If retail sales slowdown more than what is anticipated in May, Sterling sentiment might slide.

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Good News for UK Debtors – 60-day ‘ Breathing Space

People struggling with debt will profit from a fresh “breathing room” for two months during which debt collectors and bailiffs will not haunt them. Those who are eligible will be protected from enforcement action by creditors during this period. Their interest, fees, and charges will also be frozen. The breathing space system was a manifesto commitment from the Conservative Party in 2017. Although the measure was commonly accepted, it’s enforcement is not going to take place until 2021. Individuals will be required to engage with skilled debt advisers during this period. To help them discover a long-term solution to their debts and return to payment track. The plan will adjust as per people’s circumstances – which could mean their monthly payments fall if their disposable income changes. The Treasury said regulations on the breathing space would now be put to parliament. It will come into effect in early 2021.

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