Kwasi Kwarteng will bring forward his plan for balancing the government’s finances by almost a month to 31 October, in a bid to reassure markets.
The Bank of England has announced new measures aimed at ensuring an “orderly end” to its emergency bond buying scheme which was introduced to stop a collapse of some pension funds.
The UK’s biggest mortgage lender will raise rates on Wednesday as the cost of new fixed rate deals keeps climbing.The Halifax, part of Lloyds Banking Group, will put up the interest rates on a range of deals for new borrowers to well over 5%.
It’s just over a week since the new Chancellor, Kwasi Kwarteng, presented his tax-cutting mini-budget. His aim was to kickstart economic growth. But it seems to have kickstarted a crisis of confidence, a jump in mortgage rates, and calls for a complete U-turn.
Chancellor Kwasi Kwarteng has unveiled the biggest package of tax cuts in 50 years, as he hailed a “new era” for the UK economy.
The UK economy grew by 0.2% in July, according to official data, following a sharp drop in the previous month.
The Bank of England has postponed a key decision on interest rates following the death of Queen Elizabeth II.It said that “in light of the period of national mourning”, the Monetary Policy Committee’s decision would now be announced at midday on 22 September.
Borrowers tempted to snap up a cheap tracker mortgage because of soaring fixed rates are being urged to think twice.
It can be a big decision on deciding to fix your mortgage rate or go for a tracker rate. With most popular initial mortgage deals offering 2-5 year products the cost savings between these choices can be substantial.