Business Finance Junction – May 2015

The Fixed Rate mortgage hit a record low of 1.09% from the Co-op Bank for those with a 40% deposit.

According to the latest building society index, Annual House Price Growth was up, to 5.2%  in April from 5.1% in March, with the average price of a home at £193,048.

TSB is to close 17 branches before takeover by Banco de Sabadell and its’ being positioned as a challenger bank. Lloyds Banking Group posted losses of £660m which were largely attributed to migrating TSB to an alternative IT platform, at the sell-off of to the Spanish Bank.  RBS posted  £446m losses as it places more provisions for future misconduct penalties.

The Bank of England’s Monetary Policy Committee gave unanimous rejection to a rate rise in April, “Although it was too early to be confident, a succession of firmer data suggested that growth in the euro-area economy was picking up, supported by a confluence of factors – improving credit conditions, a recovery in confidence, a lower oil price, accommodative monetary policy and a weaker currency,” the minutes recorded. The next meeting is during the elections, followed by Quarterly Inflation Report May 13.

A 144 year old tradition is coming to an end – Some banks have decided to open on Bank Holidays.

Image and Article credit: Copyright SUF © 2015