Bank of England Adviser Says Low Rates are Here to Stay

interest-rateIn his first public speech since joining the Monetary Policy Committee, Gertjan Vlieghe has said that he is prepared  to be “patient” before voting for an increase in interest rates. He has warned that we must “be prepared for the possibility that real interest rates will remain well below their historical average for a very long time”.

The rate setter has said that he needs to see inflation in a medium term upward trend before he would reconsider.

As of March, the the Base Rate will have remained at 0.5% for a total of seven years. Since then, only one member has voted for an increase during one of their meetings.

Time is Running Out for the New Stamp Duty Changes.

BTL Stamp DutyFrom April 2016, buyers of Buy-To-Let properties and second homes will have to pay an extra 3% stamp duty on each of the bands. There will also be an additional band of £0-£40,000 introduced with 0% stamp duty to pay.

Any buyers who complete their purchase before the 1st April 2016 will still fall under the current stamp duty rates.