With the Bank of England expected to increase its main interest rate for the 13th time in a row next week, figures shared with the Guardian by UK Finance, the banking industry trade body, show more than 2.4m fixed-rate mortgage deals will expire between now and the end of 2024.
The prospect of millions more households facing a dramatic rise in borrowing costs comes after a week of renewed turbulence in financial markets as City traders bet the Bank rate would reach close to 6% before Christmas.
In convulsions last seen during the chaos of the ill-fated Liz Truss premiership, Britain’s biggest lenders, including Nationwide, Nat West and HSBC, have scrambled to pull hundreds of cheaper deals in recent days, and have raised the cost of new mortgages to the highest level since the 2008 financial crisis .
“It seems to me the government and the Bank are in very deep trouble,” said David Blanchflower, a former member of the Bank’s ratesetting monetary policy committee. “The reason is because inflation is higher in the UK, and the markets don’t believe they are getting it down. They’re completely and utterly lost.
Bu hikaye The Guardian dergisinin June 17, 2023 sayısından alınmıştır.
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Bu hikaye The Guardian dergisinin June 17, 2023 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Giriş Yap
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