Goldman economist to join Bank committee
With increasing nervousness about the next move in interest rates by the Bank of England's Monetary Policy Committee, the Treasury yesterday announced the appointment of Ben Broadbent, a senior Goldman Sachs economist, as the latest external member of the nine-man MPC. He will replace Andrew Sentance, a so-called hawk, after the May meeting.
Although comparatively littleis known of his views, a recentarticle by Mr Broadbent for theFinancial Times predicted a tightening from the MPC sooner rather than later. Thus, he may well side with the two other members who voted for a rise of 0.25 percentage points last time, although Mr Broadbent may not be as cautious oninflation as Mr Sentance, whomost recently voted for a hike of 0.5 percentage points.
The announcement came as demand for housing is declared to be at "historically low levels", by the the Royal Institution for Chartered Surveyors, which adds that worries about interest rates are weighing on confidence.
The latest institute survey shows the surveyors expecting prices to rise over those seeing them fall shift to a net balance of minus 26 per cent in February. While weak by most past standards, it is an improvement on the minus 31 per cent rating recorded in January, let alone the minus 39 per cent in December and an 18-month low of minus 49 per cent in October. Still, only London shows any sign of improving real estate values over the next few months.
The institute says that a continuing shortage of mortgage finance and increasing nervousness among prospective borrowers is driving prices lower.
The capital is the only part of the country to record rising prices, with a positive net balance of 14 per cent. Scotland came next, (minus 21) recording the least negative net balance.
By contrast, Wales (minus 58) and Yorkshire and Humberside (minus 51) are the worst performers, while in Northern Ireland the price net balance fell from minus 28 to minus 46. These reflect the preponderance of public-sector employment in those areas, and the prospect of heavy job losses as the public-spending cuts bite.
- 1 Al Pacino on suffering from depression: 'It can last and it's terrifying'
- 2 Half of young women unable to ‘locate vagina’ and 65% find it difficult to say the word
- 3 Saudis risk new Muslim division with proposal to move Mohamed’s tomb
- 4 A teacher speaks out: 'I'm effectively being forced out of a career that I wanted to love'
- 5 Mexican woman becomes world’s 'oldest person' at 127
Perez Hilton apologises for publishing Jennifer Lawrence naked photo leak
Jennifer Lawrence 'nude photo hacker' claims there are hundreds more celebrity images to come
Victoria Justice on naked photo leak: 'Let me nip this in the bud right now – pun intended'
Saudis risk new Muslim division with proposal to move Mohamed’s tomb
Ariana Grande nude photos leak: Pictures are completely fake, say singer's representatives
Rotherham child sex abuse scandal: Labour Home Office to be probed over what Tony Blair's government knew - and when
What do immigrants really think of Britain? Polish immigrant's Reddit post goes viral
Ashya King: Parents of five-year-old boy refused permission to visit him in hospital and denied bail at Spanish court
With Douglas Carswell joining Ukip, my party has taken another giant step forward
When elitism grips the top of British society to this extent, there is only one answer: abolish private schools
Ashya King: 'Cruel NHS has not given us the treatment we need', says father of five-year-old with brain tumour who fled to Spain
iJobs Money & Business
£600 - £800 per day: Harrington Starr: Derivatives Risk Commodities Business A...
£600 - £800 per day: Harrington Starr: Power & Gas Business Analyst/Subject Ma...
£600 - £900 per day: Harrington Starr: Infrastructure Lead, (Trading infrastru...
£35000 - £38000 per annum + benefits: Ashdown Group: A highly successful, glob...