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News - 13 May 2014

CBI predicts rate rise in early 2015

According to a prediction from the CBI, UK interest rates will rise to 0.75% from 0.5% in the first three months of 2015 as growth picks up, forecasting growth of 3% this year, up from a previous estimate of 2.7%.

In addition to an increased forecast for growth this year, the CBI is also expecting 2.7% growth in 2015 - an increase from a previous estimate of 2.5%.

Tonmoy Kumar, Manager of the Accounts Department of ABDS comments:
“The CBI are in agreement with the National Institute of Economic and Social Research (NIESR) and the Organisation for Economic Co-operation and Development (OECD) in upgrading growth forecasts for the UK. In fact, NIESR also said that the UK economy was close to regaining its pre-financial crisis level of economic activity.”

The CBI also highlighted the housing situation, calling on the government to scrap the migration target and for a push on housing supply "to meet the urgent need for homes", and the possibility of “unsustainable house price inflation”.

The CBI predictions come amid increased scrutiny of mortgage applications by lenders, in response to a market review by the Financial Conduct Authority.

Mortgage providers are seeking reassurance that applicants will have sufficient income to cover any potential rises in interest rates.

The Council of Mortgage Lenders said that in February 22,200 first-time buyers received loans, 26,200 home-movers and 14,300 buy-to-let applicants.

If you need any help and advice for your business on the implications of central and local Government Funding initiatives and the construction industry, contact Lavinia Newman, Stuart Coleman or Tonmoy Kumar to discuss how ABDS can help

ABDS Chartered Certified Accountants of Southampton.
Tel: 023 8083 6900  E-mail: abds@netaccountants.net

Brilliant with numbers   
Great with people  
Clear and precise with advice
Timely and cost effective 
In touch with issues that face our clients
Mindful of our client’s long term strategic goals

Helping Your Business is Our Business
 

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