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Andrew Bailey confirms inflation expected to hit 10% before end of year


By Michael Griffiths

The governor of the Bank of England (BoE), Andrew Bailey, has indicated that consumer price inflation will hit 10% before the end of the year.

In his latest report published to the Treasury Select Committee, Bailey revealed the Bank’s Monetary Policy Committee (MPC) is forecasting inflation to average slightly over 10% in the fourth quarter


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Consumer finance new business climbs 19% in March

New business carried out in the consumer finance space jumped by 19% in March compared to the same month last year, figures published by the Finance & Leasing Association (FLA) have revealed

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Mortgage choice significantly reduces for over-65s, research finds

Mortgage customers over the age of 65 are finding it significantly harder to get the mortgage they want compared to younger borrowers, according to the Mortgage Broker Tools (MBT) Affordability Index

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Recognise Bank confirms £8.7m capital raise

Recognise Bank is to benefit from £8.7m in new capital following a new successful round of funding announced by the bank’s parent company, the City of London Group (CoLG)

Rising costs to have ‘destructive impact’ on UK savings plans, study suggests

The cost-of-living crisis is threatening to have a “destructive impact” on the long-term savings plans of young people in the UK, research from AJ Bell has indicated

Nationwide partners with wellbeing partner ReachOut

Nationwide has become the first bank or building society to offer ReachOut, a free service for the society’s members to provide support to members impacted by financial hardship
Annual rental growth in UK up to 11% – Zoopla

The annual rate of rental growth for new lets climbed to 11% the in the first quarter of the year, according to Zoopla’s latest UK rental Market Report

Retirement planning drives one in three equity release customers

Plans for retirement are driving around one in three (32%) of equity release customer choices, new research from Standard Life Home Finance has indicated

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HMRC’s IHT intake surpasses £6bn for tax year

HMRC has now taken in £6.1bn from inheritance tax (IHT) receipts since April 2021, new figures have confirmed

FOI reveals only 150,000 trusts registered with HMRC

A Freedom of Information request to HMRC has revealed that just 153,241 trust registrations have been received since the Trustee Registration Service began in June 2017

Kent Reliance for Intermediaries and EY launch new tax guide for brokers

Kent Reliance for Intermediaries and EY have worked together to produce an educational guide for brokers based on the rule updates to the UK tax system

Govt tax breaks have decreased by 6% in a decade

Government tax breaks for savings and investments have decreased by an average of 6% in the last decade, according to calculations published by Quilter

NatWest Group banks fined for overcharging fees on credit cards

Four NatWest Group banks have been fined £1.82m by the Payment Systems Regulator (PSR) for overcharging interchange fees on credit cards

FCA bans five IFA directors from financial services sector

Five directors of financial advice firms have been prohibited from working in financial services by the FCA and fined over £1m, after they caused significant losses to pension customers

Majority of advisers ‘well prepared’ for new customer care standards

Four out of five (80%) financial advisers feel they are “well prepared” for the introduction of new customer care standards, as part of the FCA’s Consumer Duty Guidance

AMI criticises FCA’s latest fees consultation

The FCA’s latest regulated fees and levies consultation has been criticised by the Association of Mortgage Intermediaries (AMI)

Rising costs to have ‘destructive impact’ on UK savings plans, study suggests

The cost-of-living crisis is threatening to have a “destructive impact” on the long-term savings plans of young people in the UK, research from AJ Bell has indicated

Andrew Bailey confirms inflation expected to hit 10% before end of year

The governor of the Bank of England (BoE), Andrew Bailey, has indicated that consumer price inflation will hit 10% before the end of the year. In his latest report published to the Treasury Select Committee, Bailey revealed the Bank’s Monetary Policy Committee (MPC) is forecasting inflation to average slightly over 10% in the fourth quarter

Financial education among children falling behind – Yorkshire Building Society

Almost nine in 10 people (87%) people between the ages of 11 and 18 in the UK have “limited knowledge” about managing money, new research from Yorkshire Building Society has suggested

Four in five UK adults do not have Lasting Power of Attorney

Around four out of five adults (78%) across the UK have not registered a Lasting Power of Attorney (LPA), new research from Canada Life has indicated

Almost two-fifths of pension transfer ‘amber flags’ due to overseas investments

Nearly two-fifths (39 per cent) of ‘amber flags’ raised by pension trustees of a transferring pension scheme were due to overseas investments, according to a Freedom of Information (FOI) request by Quilter

Health of UK DB schemes reaches ‘new high’

The health of defined benefit (DB) pension schemes in the UK continued to improve in the first quarter of 2022, reaching a new high as of 31 March 2022, data published by Legal & General Investment Management (LGIM) has revealed

Low earners risk missing out on state pension qualifying year despite exclusivity clauses ban

The government has widened a ban on exclusivity causes for low-income workers to allow them to work multiple jobs and boost their income, although Interactive Investor (II) has raised concerns over low-paid workers' state pensions

DB pension scheme deficit falls by £24bn in April

The accounting deficit of defined benefit (DB) pension schemes for the UK’s 350 largest listed companies fell by £24bn over the course of April, according to Mercer’s latest Pensions Risk Survey

Recognise Bank confirms £8.7m capital raise

Recognise Bank is to benefit from £8.7m in new capital following a new successful round of funding announced by the bank’s parent company, the City of London Group (CoLG)

Tuscan Capital secures new £150m funding for BTL portfolio landlords

Tuscan Capital has announced it has secured new funding for buy-to-let (BTL) portfolio landlords looking to secure short-term funding

Ying Tan leads £180k funding for AI firm Propflo

AI start-up firm Propflo has announced that it has successfully closed its pre-seed funding round of £180,000 from investors to grow its property transparency platform

Fluent Money Group acquired by Mortgage Advice Bureau

Mortgage Advice Bureau (MAB) has announced it is to acquire a majority stake in the Fluent Money Group for a total cash payment of around £73m

360 Dotnet renews contract with New Leaf

360 Dotnet has announced a five-year contract renewal with New Leaf Distribution

Moneyhub launches open banking platform with Envizage

Moneyhub has partnered with financial analytics firm, Envizage, to deliver an open banking-powered financial planning application

360 Dotnet extends relationship with HLPartnership

360 Dotnet has renewed its contract with appointed representative (AR) network, HLPartnership (HLP)

Air Group announces integration of Just Adviser Portal

Air Group has announced it is introducing a Just API link to its Air Sourcing platform

Nationwide partners with wellbeing partner ReachOut

Nationwide has become the first bank or building society to offer ReachOut, a free service for the society’s members to provide support to members impacted by financial hardship

Selina Finance confirms criteria changes to residential offering

Selina Finance has announced several criteria enhancements across its residential range for self-employed, unencumbered properties and married applicants

Landbay launches new broker portal

Landbay has announced the launch of a new broker portal and at the same time revealed a new brand identity

Evolution Money appoints head of ESG

Second charge lender, Evolution Money, has announced the appointment of Sue Harrison as its new head of environment, social and governance (ESG)

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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