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Not now Yes please
As it happened ended 1 year ago
News UK Home News Interest rates – live: Mortgage warning as Bank raises rates to highest level since 2008 Experts have warned the rise will affect the property market, with lenders already raising their rates
Bank of England expected to raise interest rates for 12th time in a row Your support helps us to tell the story From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
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Your support makes all the difference. Read more Experts have warned of mortgage increases after the Bank of England hiked up interest rates to the highest level since 2008 amid soaring inflation.
Rates have risen from 4.25 per cent to 4.5 per cent, representing a 0.25 percentage point increase, as the Bank of England aims to bring UK inflation down to its 2 per cent target.
Thomas Jackson, Managing Director for Cooper Associates Mortgages, said the rise will affect the property market, with lenders already raising their rates.
He said: “This next increase will have further consequences on homeowners and home buyers. Anticipating today’s rise, mortgage lenders have already raised their rates.
“Those on tracker mortgages and standard variable rates (SVR), are likely to see their monthly payments increase. The average SVR is now above 7%, its highest since 2008. Those on fixed mortgages are ok for the time being but anyone due for remortgage soon should put talking to a mortgage adviser to the top of their list. “
It comes as UK Consumer Prices Index (CPI) inflation remained firmly in double digits in March.
1 year ago What is inflation? Inflation is a measure of how fast prices are rising for shoppers across the country. The Bank of England is meant to try to keep inflation as close to 2% as possible at all times.
The main tool it has to do this is interest rates. By putting up the base rate it encourages people to save rather than borrow.
This reduces the amount of demand for products and services, therefore helping to keep pries under control.
Martha Mchardy 11 May 2023 11:30
1 year ago Interest rates rise to highest level since 2008 The Bank of England has raised interest rates to 4.5% from 4.25% - the highest level since 2008, the Bank of England has announced,
The rise comes amid soaring inflation, which is currently at 10.1%.
Martha Mchardy 11 May 2023 12:04
1 year ago Bank of England raises interest rates for 12th consecutive time to curb rising inflation Policymakers said base rates will move from 4.25% to 4.5%, representing a 0.25 percentage point increase.
It is the highest level since 2008, amid soaring inflation , and threatens higher bills for hundreds of thousands of homeowners.
Alastair Jamieson reports:
Base rates hit 4.5% for first time since 2008
Martha Mchardy 11 May 2023 12:05
1 year ago Inflation to fall slower than expected, BoE says UK inflation is expected to fall slower than previously thought as food prices remain stubbornly high, the Bank of England has said, as it raised interest rates for the 12th time in a row.
Seven members of the Bank’s Monetary Policy Committee (MPC) voted to increase the base interest rate to 4.5% from 4.25%.
Food prices have stayed higher for longer than expected, the Bank said, partly due to Russia’s war in Ukraine and poor harvests in some European countries, ramping up the cost of living for households across the UK.
It means Consumer Prices Index (CPI) inflation is expected to decline less rapidly than the Bank predicted in its last report in February.
Inflation is still expected to drop sharply from April this year, as energy prices decline and household bills are subsidised, the MPC said.
“There remain considerable uncertainties around the pace at which CPI inflation will return sustainably to the 2% target,” it added.
Martha Mchardy 11 May 2023 12:10
1 year ago ‘Repeated surprises about the resilience of demand’, says BofE as interest rates rise Members of the Bank of England’s Monetary Policy Committee (MPC) said there had been “repeated surprises about the resilience of demand” amid rising interest rates.
The Bank also said that inflation had been stronger than expected as the price of food and other goods were higher.
Two out of seven of the members of the MPC wanted to keep rates unchanged, saying that inflation was already expected to fall considerably this year without the need to rise the rate again.
They also said a lot of the impact of rising rates has not yet come through into the economy. The Bank estimates that around a third of the impact of rates increases has been passed through.
Martha Mchardy 11 May 2023 12:13
1 year ago Scottish families ‘paying price of Tory failure’, says SNP MP as interest rates rise SNP spokesman Stewart Hosie MP said Scottish families would be “paying the price for Tory failure” after another rise in interest rates was announced.
He said: “Millions of Scottish families are paying the price for Tory failure as the cost of living soars - showing exactly why Scotland needs independence to escape the damage of Westminster control.
“The SNP is the only party offering a real alternative. The Tories and pro-Brexit Labour Party are making the cost of living worse by imposing cuts and a hard Brexit that’s harming the economy.
“With interest rates rising, yet again, households across Scotland are being forced to foot the bill for this Tory mortgage premium, with payments increasing by hundreds of pounds.”
Martha Mchardy 11 May 2023 12:15
1 year ago In a report, the Bank of England’s Monetary Policy Committee (MPC) said: “In the modal forecast conditioned on market interest rates, and taking account of stronger paths for food prices and demand growth, CPI inflation is expected to decline somewhat less rapidly compared with the February report.”
Speaking about the troubles that have hit banks in recent months, it added: “Risks remain but, absent a further shock, there is likely to be only a small impact on GDP from the tightening of credit conditions related to recent global banking sector developments.”
The Bank said it expects the banking crisis will reduce US GDP by around 0.25 percentage points, but will have a much smaller impact in Europe.
It added: “The committee judges that growth over much of the forecast period will be materially stronger than in the February report.
“This reflects stronger global growth, lower energy prices, the fiscal support in the spring Budget and the possibility of lower precautionary saving by households than previously thought.”
Martha Mchardy 11 May 2023 12:16
1 year ago People ‘wracked with anxiety’ after news of interest rates rise, shadow chancellor claims Shadow chancellor Rachel Reeves repeated concerns that people will be “wracked with anxiety” after an expected rise in interest rates was confirmed.
“People will be wracked with anxiety by this news. The (Prime Minister) must admit his responsibility for the Tory mortgage penalty leaving so many worse off,” Ms Reeves said.
“We need a proper windfall tax on oil and gas giants now to ease the cost of living.”
Martha Mchardy 11 May 2023 12:22
1 year ago Higher inflation could become ‘entrenched’, warns CBI economist The Bank of England is “rightly concerned” that higher inflation could become “entrenched”, CBI deputy chief economist Anna Leach said.
“The MPC has again been driven to raise rates by stubbornly high inflation, ongoing strength in wage growth and better-than-expected activity. With inflation having been at or above 9% for a full year, the Bank are rightly concerned that higher inflation could become entrenched,” she said.
“The future path for interest rates is as yet uncertain. With ongoing bouts of banking sector turbulence in the US, risks to financial stability seem likely to persist as global interest rates continue to ratchet up and the full impact of past rises continues to feed through.
“While credit costs have so far adjusted smoothly, further material turbulence could yet disrupt activity, requiring a looser monetary stance. On the other hand, inflation could surprise to the upside, particularly if wage rises remain elevated, suggesting further rate rises.”
Martha Mchardy 11 May 2023 12:24
1 year ago Pound remains resilient despite rise in interest rates The pound was little changed by the quarter percentage point interest rate rise, which was widely expected by economists.
Sterling stood 0.2% lower at 1.26 US dollars and was 0.2% higher at 1.15 euros.
Martha Mchardy 11 May 2023 12:26
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