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Share Price: 54.18
Bid: 54.40
Ask: 54.44
Change: 0.12 (0.22%)
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Open: 53.96
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UK home loan scheme will raise house prices, not supply -budget watchdog

Wed, 09th Oct 2013 16:28

LONDON, Oct 9 (Reuters) - The British government's plan tohelp aspiring home buyers will boost the price rather than thesupply of housing, a member of the budget watchdog said onWednesday, just a day after the latest phase of the scheme waslaunched.

Critics of the Help To Buy initiative, which allows would-behomeowners to put down a deposit of as little as 5 percent onproperty, fear it could fuel another unsustainable boom in thehousing market, with an economic recovery already pushing priceshigher.

Stephen Nickell, a member of the Office for BudgetResponsibility, rejected the idea of a bubble but suggested thatdemand for homes in Britain was rising faster than their stock.

Quizzed by a lawmaker on his previous comment that Help toBuy could increase prices rather than supply, he replied: "Ipretty much said that, and I don't think my colleagues on the(OBR's) Budget Responsibility Committee would be moving up anddown to disagree with me."

"You've got a fixed stock of houses... The price has to riseto ration the stock of houses across the people who want to buy.It's genuine demand," he added.

The OBR, which was set up by the government to produceeconomic forecasts and assess fiscal policy but is independentof it, will publish an analysis of the scheme later this year aspart of its next set of predictions, Nickell said.

In an unexpected move last month, finance minister GeorgeOsborne asked the Bank of England's Financial Policy Committeeto keep a closer eye on Help to Buy.

The central bank will now do an annual check on whether the600,000 pound ($966,300) limit on properties that can be boughtunder the plan is too high and if fees charged to banks are toolow.

Nickell expressed little concern about the risk of a housingbubble so far.

"My feeling is that there's quite a long way to go in thehousing market before the FPC decides that they want tointroduce some sort of restrictions," he said.

Under the latest part of Help to Buy, the government willoffer to guarantee up to 15 percent of a mortgage, helping thosewho have been unable to put together the high deposits lendersnow require.

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TOP NEWS: Major UK banks "resilient" in BofE's annual stress test

(Alliance News) - The Bank of England on Wednesday said the major UK banks were "resilient to a severe stress scenario", in its latest cyclical stress test results, with all eight surveyed lenders passing.

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12 Jul 2023 08:26

UK bank shares rise after BoE stress test

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12 Jul 2023 07:21

UK bank pass annual stress tests, says BoE

(Sharecast News) - Eight major UK banks have passed annual capital stress tests and were well positioned to support households and businesses through a period of rising interest rates, the Bank of England said on Wednesday.

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12 Jul 2023 07:15

Stress test shows top 8 UK banks have enough capital, says Bank of England

LONDON, July 12 (Reuters) - The Bank of England said on Wednesday its annual stress test of eight major lenders showed that each could cope with rising interest rates in a stressed environment, and none would need to submit a revised capital plan.

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7 Jul 2023 11:13

British lender OSB shares slide on mortgage hit warning

LONDON, July 7 (Reuters) - British financial services group OSB's shares fell by more than 20% on Friday after it said it would take a net income hit of up to 180 million pounds ($229 million) as mortgage customers switched from higher rate products.

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6 Jul 2023 19:14

Banks recognise savers need help accessing best rates - UK regulator

(Alliance News) - The City regulator said it had held a "constructive" meeting after summoning UK banks to discuss concerns surrounding interest rates for savers lagging behind the cost of mortgages.

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6 Jul 2023 18:45

UK banks must accelerate rate rises for savers, says watchdog

LONDON, July 6 (Reuters) - British regulator the Financial Conduct Authority (FCA) said on Thursday that banks need to accelerate rate rises for savers, but said it was not up to the watchdog to dictate pricing.

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6 Jul 2023 16:41

Banks must provide value to savers, says UK watchdog

LONDON, July 6 (Reuters) - Britain's Financial Conduct Authority said on Thursday that banks need to ensure they are providing value to savers, but said it was not up to the regulator to dictate pricing.

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6 Jul 2023 07:43

LONDON BRIEFING: FTSE 100 to fall as more US rate hikes expected

(Alliance News) - Stocks are called lower in London on Thursday, after hawkish minutes from the US Federal Reserve once again gave rise to interest rate fears.

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6 Jul 2023 06:19

UK FCA to discuss savings rates concerns with bank chiefs

(Alliance News) - Bank chiefs are meeting Financial Conduct Authority officials on Thursday to discuss concerns surrounding interest rates for savers lagging behind the cost of mortgages.

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4 Jul 2023 07:53

LONDON BRIEFING: Sainsbury's sales up; Eurowag buys more of JITpay

(Alliance News) - Stocks in London are to open a touch lower on Tuesday, with little in the way of catalysts for global markets, given a lack of major data and a holiday in the US.

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4 Jul 2023 07:24

FCA summons bank chiefs over low savings rate concerns

(Sharecast News) - The Financial Conduct Authority (FCA) has called on the chief executives of major banks to address concerns over the low savings rates being offered to customers, it emerged on Tuesday.

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3 Jul 2023 17:15

UK banks asked by lawmakers if they're 'exploiting' savers with low rates

LONDON, July 3 (Reuters) - British banks faced fresh criticism on Monday for the savings rates they offer to cash-strapped customers, in the latest intervention by parliament's influential Treasury Select Committee.

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3 Jul 2023 11:06

IN BRIEF: Capita extends revolving credit facility to end of 2026

Capita PLC - London-based process outsourcing and professional services company - Extends the maturity of its revolving credit facility by just over two years to December 31, 2026 from August 31, 2024. The available facility is for GBP284 million, reducing to GBP250 million by January 1, 2025. The facility was arranged by seven lenders. These comprised two new banking partners, Standard Chartered PLC and the London branch of Bank of China Ltd, plus five existing lenders, including Barclays Bank PLC and Lloyds Banking Group PLC. The original terms of the RCF are "substantially unchanged." Barclays acted as the coordinator for the arrangement.

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3 Jul 2023 09:37

LONDON BROKER RATINGS: Stifel cuts Croda International to 'hold'

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