The Monetary Policy Committee held the rate at 0.5 per cent for the second consecutive month after last cutting the rate in March to its current historic low.
The Bank noted that consumer price index inflation is well above its 2 per cent target at the moment at 2.9 per cent but warned it would drop below this later in the year and so the MPC decided that to bring it back to target over the medium term the base rate should remain at 0.5 per cent.
Supporting Business
The financial crisis has caused a steep and synchronised global downturn. Government support, alongside action to restore the flow of credit in the financial system, is helping businesses across the UK.
More on Budget 2009 Round Up – Enable Finance Supporting Business
The Bank of England has decided to hold rates for the first time in seven months as analysts and businesses looked to the central bank to re-affirm its commitment to quantitative easing. Rates remain at an all-time low after six cuts since October last year, when interest rates stood at 5%.
Enable Finance has today included a new financial product to their personal loan offering. Payday loans are now available via the enablefinance.com website the process is simple and with an online approval process and same day pay out.
More on Payday Loans and Cash Advance Payday loans now available
The focus of our small business Invoice discounting facility is to cater for the start up and SMEs with turnovers generally under £5 million and borrowing needs of between £25,000 and £500,000. Naturally we have solutions if your funding requirement is greater than this.
The Bank of England Monetary Policy Committee has cut the base rate by another half of one percentage point to a record low of 0.5% and begun so-called ‘quantitative easing’.
The central bank voted to undertake a programme of asset purchases of £75 billion financed by the issuance of central bank reserves.
Some Factoring Companies have moved their lending away from margins above Bank of England Base Rate to margins above LIBOR (London Inter Bank Offered Rate). We at the Enable Invoice Finance team have a look why.
Cautious lending criteria from the conventional banks and lenders are impacting severely on UK businesses at a time when many firms are looking for increased funding to help them ride out the recession.
More on Invoice Factoring and Sale & Leaseback Finance could provide lifeline
Over the past few months, small to medium sized businesses have been at the sharp end of the credit crunch with loans and overdrafts being pulled or restricted by their banks. This reduction in available finance has had huge implications for business cash flow and has forced some businesses to fall into arrears with HMRC, either on VAT or PAYE or even both.
Enable Finance can announce today a new commercial mortgage lender that fits a very specific niche. Where the traditional banks and institutions will no longer lend.
- Adverse Credit History – we understand that not everybody has a perfect credit history and we assess each case on its own merits, regardless of CCJs, arrears, etc.
More on New Commercial Mortgage & Bridging Loan Product – Enable Finance
Paragon will limit its secured loan lending to existing customers only from April 2009. In an interim management statement this morning the lender says it has seen lower levels of secured lending this year, compared to previous.
Enable Finance Ltd. is proud to announce that Equity release mortgages are now available through our advisors via our carefully selected partners and lenders who are all members of the Safe Home Income Plans (SHIP)
More on Equity Release Schemes & Mortgages Now Available – Enable Finance
Cattles has revealed that unprecedented financial market turmoil and its £635m financing renewal plan have forced it to withdraw its retail deposit application.
The sub-prime lender said in a statement this morning that permission for the application would be delayed until market turmoil stabilises and the renegotiated terms are known of £635m in bank facilities.
More on Cattles Plc withdraws its application to hold retail deposits
The UK mortgage market saw a £41bn year-on-year fall for new lending in Q3 2008, according to data compiled from Mortgage Lending Administration Returns provided to the Financial Services Authority.
In Q3 2007 new lending peaked at £102bn but this fell to £61bn in Q3 2008. From Q2 2008 to Q3 2008 new lending fell by a whopping 15%. Loans to borrowers with an impaired credit history represented 1.5% of new lending in Q3 2008, compared to 3.5% a year earlier.
The UK is now in recession for the first time since 1991, official government figures have confirmed.
Gross domestic product fell by 1.5% in the last three months of 2008 after a 0.6% drop in the previous quarter. That means that the widely accepted definition of a recession – two consecutive quarters of falling economic growth – has been met.
Sale and leaseback finance is becoming more popular as the economy forces businesses to reassess how their Company is funded.
Enable Finance – Leasing Division has recorded a rise in sale and leaseback deals of more than 50 per cent during 2008. This rise in asset refinance is further evidence that the British business owner has to be resourceful and look for alternatives sources of funding.
More on Sale & Leasback Becomes Popular as Business Seeks Refinance
You may have seen in the news over the last few days reports of job losses in Cattles as a result of a decision to cut lending by 75% in its consumer division. Last night two TV channels erroneously used our logo in their report and I felt I should write to you to reassure you that these changes have absolutely no impact on our business.
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