Archive for the ‘New Legislation’ Category
Friday, December 7th, 2007
Following the announcement that the Bank of England’s monetary policy committee (MPC) cut interest rates by a quarter of a percentage point to 5.5 per cent, a number of organisations have responded.
The National Association of Estate Agents "heartily welcomed" the cut.
Chief executive Peter Bolton King commented: "There has been considerable doom and gloom lately as we have had to endure the fallout from some significant national and international events."
He stated that the cut will go some way towards improving consumer confidence.
The Council of Mortgage Lenders stated that a reduction in interest rates is "exactly" what the market needs, but called for more aggressive intervention on the part of authorities to open wholesale funding markets.
Director general Michael Coogan noted a "real need" to minimise the shortfall between supply and demand in the mortgage market.
The Bank’s decision to reduce the interest rate reflects the first drop since August 2005.
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Thursday, December 6th, 2007
The Bank of England’s monetary policy committee (MPC) has elected to reduce the rate of interest by 0.25 percentage points to 5.5 per cent.
Signs that growth in the market is beginning to slow and forward-looking surveys of households and businesses suggesting that spending is moderating led the committee to decide that a cut was the best move to make.
Commenting on the results, Nici Audhlam-Gardiner, head of mortgages at Abbey, states that the reduction reflects some warning signs of a slowing economy and, in particular, the drop in activity noted in the housing market in recent weeks.
"The rate cut will be a welcome start to 2008 providing relief for house-buyers and remortgagers as it eases the pressure on monthly mortgage payments," she said.
The previous change in rate was an increase of 0.25 percentage points to 5.75 per cent on July 5th this year, the last of five rises since August 2006.
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Wednesday, December 5th, 2007
Analysts are predicting that the base rate of interest will remain steady at 5.75 per cent this Thursday.
Christmas shoppers may be relieved to hear that most experts believe that the Bank of England’s interest rate decision making monetary policy committee (MPC) will keep rates unchanged.
The December interest rate decision will be announced at midday on Thursday December 6th and MPC members are expected to keep them unchanged in light of a recent dip in the property markets, economic uncertainty and high energy prices.
According to the Centre for Economics and Business Research, the chances of a cut in interest rates stand at around 20 per cent, while Howard Archer, chief UK and European economist at Global Insight, claims that "it’s right on the margin" but is likely to remain at 5.75 per cent.
Making his prediction for Thursday’s MPC meeting, Trevor Williams, UK chief economist for Lloyds TSB, said: "We’re going for a hold at 5.75. We think there will be a cut in February 2008."
Calls are growing for a reduction in interest rates amid increases in food prices, forecasts of an economic slowdown and further pressures on household finances.
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Monday, December 3rd, 2007
The Trades Union Congress (TUC) has called for the national minimum wage (NMW) to be increased to more than £6 an hour in 2008.
General secretary of the TUC Brendan Barber comments that it is “vital” for a crackdown on those who flout regulations by underpaying their staff, stating that they deserve “zero tolerance”.
Mr Barber adds that the NMW makes a “real difference” to the lives of many low-income workers and that more must be done to catch penny-pinching bosses who do not pay their staff the wage they are entitled to.
“Economic growth is set to continue next year and we expect to see 175,000 extra jobs created. All the signs are that the UK can afford a £6 hourly wage,” he concludes.
The NMW currently stands at £5.52 an hour for adult workers aged 22 and over, £4.60 per hour for those between the ages of 18 and 21 and £3.40 an hour for employees who are below 18 years old and are no longer of compulsory school age.
With member unions representing more than six and a half million people, the TUC campaigns for social justice and a fair deal at work.
Tags: employment law
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Thursday, November 15th, 2007
A one-stop shop for the provision of legal services would be welcomed by consumers, MSPs have been told
Shadow community safety officer Paul Martin told the Midlothian Advertiser that the party recognises that we live in a "one-stop shop age".
"It is clearly evident that consumers - all of us - want our commodities to be available at the one point of contact," he added.
He added that the notion of being able to access legal services and other commodities via one point of contact sounds appealing and that "probably the majority" of clients would welcome such a business model.
Earlier this month, the Law Society of Scotland issued a consultation paper regarding the possible changes to the delivery of Scottish legal services which would allow non-lawyer providers such as supermarkets to offer legal aid.
It urged all interested parties to respond to the paper by January 31st 2008.
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Tuesday, November 6th, 2007
The Queen delivered her speech at the state opening of parliament today.
Prime minister Gordon Brown’s legislative plans for the coming year were revealed in the 29 bills and draft bills mentioned.
Included in the address was the child maintenance and other payments bill, which will establish the Child Maintenance and Enforcement Commission, that will have tougher powers to obligate absent parents to pay for their children.
A number of provisions of the criminal justice and immigration bill will extend to cover Scotland, despite relating for the most part to England.
The Dormant Bank and Building Society Accounts bill will allow the government to use money held in accounts anywhere in the UK that have not been used in the past 15 years to provide more facilities for youths.
Following the Queen’s speech, the government’s plans for the year will be debated by both the House of Commons and the House of Lords.
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Friday, October 26th, 2007
Thousands of unresolved Scottish legal cases are due to be revived and many more may be taken up following a ruling by the House of Lords.
Law lords have stated that anyone living in Scotland can pursue a human rights case dating back to 1999.
In light of the ruling, consumers wishing to make a case regarding infringement of their rights may wish to seek legal advice to gain a better understanding of the details of their standing in the eyes of the law.
John Scott, spokesperson for the Law Society of Scotland, told the Guardian that the ruling means more such cases could come to court, such as claims regarding the ill-treatment of the elderly in care homes.
Due to the decision, former prisoners and current inmates who endured "slopping out" in their cells due to inadequate sanitation in prisons are now able to sue the Scottish prison service and are expected to win some £70 million in compensation.
The Law Lords is the highest court of appeal in the UK.
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Thursday, October 18th, 2007
The future of Scotland’s free health care for the elderly was thrown into disarray following a judge’s ruling, it has emerged.
In a landmark decision, Lord Macphail declared that councils do not have to pay care costs for pensioners who had made their own arrangements in private nursing homes.
The judgement was on a dispute over the provision of free personal care to a Helensburgh man by Argyll and Bute council between the local authority and the Public Services Ombudsman.
It removes the requirement for local councils to pay the £145 weekly grant for personal care to elderly people who pay for their board in residential care homes, the Herald asserts.
Recent figures suggests that this issue may affect between 9,000 and 9,500 consumers.
Scotland introduced free personal care for those over the age of 65 - who live at home or in care homes - assessed as requiring such attention in July 2002.
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Monday, October 8th, 2007
A West Lothian woman has attacked new legislation regarding the licensing of airguns, it has been reported.
Jacqueline Jack has stated that changes in the law that came into effect on October 1st do not go far enough and they would not have prevented the death of her brother, who was killed by an airgun last year, the Scotsman reports.
The new legislation brought in by the Scottish parliament raises the minimum age to purchase the firearms to 18 as well as requiring retailers of airguns to be registered firearms dealers and to take the name and address of buyers.
Ms Jack told the newspaper that the man who killed her brother was in his forties and as such the change in the law would not have done anything to protect him - she also questioned the effectiveness of having sellers take the names and addresses of purchasers.
According to the publication, the Scottish National Party administration has called for firearm laws to be devolved to the Scottish parliament.
Under Scottish law, the minimum purchase age for crossbows is also 18, as part of the Custodial Sentences and Weapons Act.
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Tuesday, October 2nd, 2007
New arrangements for establishing a power of attorney may involve an increased amount of bureaucracy but are generally "a good idea", an independent financial adviser (IFA) said today.
Bernard Hunte from IFA Bates Investment Services said that the new lasting power of attorney (LPA) is taking longer to set up than its predecessor - the enduring power of attorney (EPA) - did.
The process also involves a greater amount of paperwork due to the fact that the power is "split into two parts" - financial and welfare, he said.
He added that despite the increased amount of red tape, an LPA is intended to protect an individual if and when they start to lose their mental faculties.
Mr Hunte added that an IFA should not claim to be an expert on the technicalities of how LPAs are set up and as such it may be advisable for consumers to seek legal advice when constructing one.
The Mental Capacity Act became fully implemented on October 1st and replaces the EPA with the LPA.
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