Author: MarianaMcnutt

Further expansion for Loddon Prison 0

Further expansion for Loddon Prison

22 November 13 Further expansion for Loddon Prison The Victorian state government has announced that another 84 beds will be added to the 152-bed expansion already underway at Loddon Prison in Castlemaine. Due to be completed in the middle of 2014, the new 236-bed annexe is the first stage of the overall $76 million upgrade and expansion underway at Loddon. The second stage is an upgrade to the prison s security system and is due for completion by September 2014.

The new facility will represent a new type of security classification restricted minimum sitting outside the existing prison walls, but with its own secure perimeter. Construction started earlier this year on the new secure annex outside the walls of the current prison, which adds to one of the largest prison expansion programs in state history. Major expansions are also underway at Hopkins Correctional Centre (formerly Ararat Prison), Marngoneet, the Metropolitan Remand Centre, Langi Kal Kal.

The contract to carry out the works was awarded to Woolacotts consulting engineers in January. More information 1 . This news item has been posted by Engineers Media, a wholly owned subsidiary of Engineers Australia.

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Clothing seized in shoplifting probe 0

Clothing seized in shoplifting probe

10 October 2013 Police seized items of clothing yesterday Wednesday 9 October after a 65-year-old woman was arrested on suspicion of theft. It follows an incident on Tuesday 8 October when security tags were removed from items of clothing in Wallis in the city centre. Enquiries led officers to an address in The Runnell, Bowthorpe, where a woman was arrested in connection with the incident and taken to Wymondham Police Investigation Centre for questioning.

Officers searched the address, seizing clothing including jackets, jumpers and trousers and the woman was released on bail until later this month while enquiries continue.

Bank of England governor reiterates pledge on low interest rates … 0

Bank of England governor reiterates pledge on low interest rates …

The Bank of England governor, Mark Carney. Photograph: Bank of England Mark Carney 1 , the governor of the Bank of England 2 , sought to convince a sceptical City that borrowing costs will remain on hold for the next three years on Wednesday, as he warned that Britain needs a prolonged period of low interest rates 3 to make up the ground lost during the recession. In his first big speech since taking charge in July, Carney left the door open for fresh stimulus measures if adverse market reaction to the Bank’s new forward guidance regime threatened the UK’s “fledgling recovery”.

The governor said he was trying to provide certainty to businesses and households that the recent signs of growth would not be followed swiftly by a tightening of policy. “We have a recovery that’s just beginning. It’s a very long way back. We are lagging just about everybody else in the advanced world.

There’s a lot of spare capacity”, Carney said in a press conference following his speech to business leaders in Nottingham. The City was left unimpressed by the renewed commitment to leave interest rates at their record low of 0.5% and to maintain the level of assets purchased under the Bank’s quantitative easing programme at 375bn. Sterling jumped by half a cent against the dollar after he spoke, while yields on 10 year gilts rose from 2.73% before his speech, to 2.8% afterwards the opposite direction to the move Carney might have hoped for.

Traders believe that the pick-up in economic activity will strengthen over the coming months and that the unemployment rate will fall to 7% the threshold at which Carney might raise interest rates – well before the 2016 date pencilled in by the Bank. The governor’s announcement on Wednesday that banks would be able to reduce their holdings of liquid assets by 90bn, thereby making it easier for them to lend, strengthened the belief that Threadneedle Street was being too pessimistic about growth prospects. But Carney insisted that the 7% jobless rate was a “staging post”, which would not necessarily lead to borrowing costs going up but only require the nine-strong monetary policy committee to re-think its approach.

The jobless rate stands at 7.8% currently. He said the Bank’s task was “to secure the fledgling recovery, to allow it to develop into a period of sustained and robust growth. We aim to get there in part by reducing the uncertainty that has held back growth.” Since the MPC adopted its new policy of forward guidance in July, investors have brought forward their expectations of a rate rise, amid strong economic data for the UK, and fears about the knock-on effects if the US Federal Reserve phases out its own $85bn( 55bn)-a-month programme of QE.

But the new governor insisted the Bank will not be swayed by decisions made thousands of miles away in Washington. “While much has been made of the special relationship between the US and UK, it is not so special that the possibility of a reduction in the pace of additional stimulus in the US warrants a current reduction in the degree of monetary stimulus in the UK,” he said. City analysts said, however, that the speech lacked details of how exactly Carney and his colleagues will respond if the current market reaction persists. “If market rates are at ‘unwarranted’ levels and rise further, putting recovery in the real economy at risk, what would the BoE do?”, said Ross Walker, UK economist at Royal Bank of Scotland. Simon Wells, of HSBC, said: “There was little attempt to talk the market down with threats of imminent easing.

Even if Mr Carney is personally irritated or concerned by the rise in market rates, he probably knows that there is little chance of garnering a majority on the MPC for policy loosening at this stage”. Carney did explain how he plans to use the Bank’s new powers to supervise Britain’s banks, in order to underpin recovery. He confirmed that once individual banks have increased their capital levels to the new minimum level of 7% of their risk-weighted assets, the Prudential Regulatory Authority will relax liquidity rules, allowing them to hold less of their capital in the form of the most liquid instruments such as government bonds.

In total, the Bank says the move could free up 90bn for new lending. The governor also addressed fears that the government’s various schemes to rekindle the housing market, coupled with the Bank’s promise to keep rates low, risked stoking a new speculative bubble. He said there was little evidence of a boom, with mortgage approvals running at just over half their pre-crisis level, and debt servicing costs low.

But he added that the Bank was “acutely aware of the risk of unsustainable credit and house price growth and will be monitoring it closely”.

References ^ More from on Mark Carney ( ^ More from on Bank of England ( ^ More from on Interest rates (