120 years, a time to look back and forward
Back to News & Views120 years, a time to look back and forward
Readers will know that this edition of the ‘Loughborough Echo’ marks 120 years of the paper providing information and a mouthpiece to local people. It’s a time quite rightly to look back at how the Town and its inhabitants have changed over time. It’s also an opportunity to look forward to the challenges and changing face of our town and its local environment.
Loughborough Building Society joins in congratulating the Echo of its longevity. Along with many other societies we were founded by a group of local businessmen and we complete 144 years this week, being our financial year end. Like the Echo we are here to provide a local service, in our case to offer savings, loans and choice, to local people in their financial dealings. Other societies have come and gone but in the heart of the Town we have proudly remained with the same name above the door since 1867.
These are historic times economically, with the European currency being rescued at the eleventh hour through the agreement reached last week by the constituent countries. The UK continues to endure a very difficult year but recently the stock market index (FTSE) has risen strongly from its summer trading range and now that the European situation has a proposed solution, this might reflect a better picture for 2012.
The Monetary Policy committee (MPC) that is responsible for setting UK interest rates announced in October a further £75 billion of asset purchases to loosen monetary policy (quantitative easing). This is to try and encourage additional growth in our economy and improve the level of the all important ‘consumer confidence’.
The crucial issue is that the UK continues to maintain its triple A rating, whereas a number of countries, with whom we trade, have been downgraded. This level of rating will assist the UK to move forward when economic times improve, as they will, in due course.
Responding to housing demand
Experts continue to express support for the housing market and emphasise that this remains an excellent time to enter the market, move within the market, or buy for investment, with house prices being relatively stable and below levels of recent years, in many areas. At some point the level of pricing will increase and owners or landlords will be able to look back and reflect that they timed their purchase well.
Loughborough Building Society has a responsibility to local people to ensure that we are responding to demand for mortgage funds and we have continually during 2011 offered a range of competitive products, several of which have only been available for purchasers in LE, DE and NG postcodes.
Additionally we are constantly looking at our range of savings products to ensure they meet investors needs. This month a new monthly interest and regular savers product are being launched.
Finally, we have much to look forward to in the Town in the months ahead, with 2012 being the year when the Olympics return to the UK and the Town will have an important role to play.
Like the Loughborough Echo, we will continue to offer the best possible service to our members and are counting down to planning our 150th anniversary in 2017.
Colin Bradley
Deputy Chief Executive 27th October 2011
Published in Loughborough Echo November 2011