According to well-placed sources, an order to suspend HIPs (Home Information Packs) has been signed, with Parliament making an announcement later this week.
Many people think that HIPs have been a complete failure and have not helped spead up transactions like the basic remit wassupposed to do. It will be interesting to see if this will have a positive impact on the housing market.
The HIP industry is anxiously awaiting developments, and could mount a legal challenge to the suspension.

We will continue to monitor the progress and keep you informed.

The Bank of England’s Monetary Policy Committee voted on  Monday to maintain the official Bank Rate paid on commercial bank reserves at 0.5%.  Although they usually meet on the first Thurday of the month, this was changed to the 10th May due to the General Election. 

The Committee also voted to maintain the stock of asset purchases financed by the issuance of central bank reserves at £200 billion.

The Committee’s latest inflation and output projections will appear in the Inflation Report to be published at 10.30am on Wednesday 12 May 2010.

The minutes of the meeting will be published at 9.30am on Wednesday 19 May.