There is a lot of speculation about what the BoE will do, and should do, tomorrow. In The Times Sir Steve Robson, the former second permanent secretary to the Treasury, said that policy makers should refrain form cutting interest rates further or pumping money into the economy. They should instead monitor events in Frankfurt.
The Times’ business section writes that Tesco Bank has cut interest rates on home loans less than a month after its new mortgage offering got off to a tepid start. It offered the loans for the first time last month but its terms were dismissed by FA’s as disappointing and uncompetitive. The initial rate on a two year fix has fallen from 3.19% to 2.95%.
Following implementation of National Planning Policy Framework in April, 2,000 extra building projects have been given planning permission by councils – Daily Telegraph
And there was also a cabinet reshuffle. Every paper featured a grinning Hunt and depending on the leaning of the paper lambasted or praised Cameron moving to the right.