Mobbs slams rise in interest rates

SIR NIGEL Mobbs, chairman of UK-based Bovis Homes, has hit out at the Bank of England's decision to raise interest rates last week.

In his interim statement Sir Nigel said: "We do not believe the recent increase in interest rates is justifiable as far as the housing market is concerned." He said that although there was a shortage of high-value properties in London, this was not indicative of the overall market. Bovis's pre-tax profits for the six months to 30 June were up 20 per cent at pounds 20.3m on turnover up 16 per cent at pounds 113.1m.