Cameron, Europe, Boris and moving on
The dense detail of the talks is a tough sell. Jobs, interest rates, exports… that’s the stuff David Cameron wants to get on to.
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Fixed rates on two-year mortgages rose above six per cent today – while short term interest rates on government borrowing hit their highest level for more than a decade.
There is no alternative. That was the message today from the Chancellor, saying the government gave complete backing to the Bank of England in its bid to bring down inflation by raising interest rates.
The UK is on course to be the world’s worst-performing major economy this year, according to updated predictions from the International Monetary Fund – which puts at least part of the blame on higher taxes and interest rates.
As the economy heads towards a recession, interest rates are going up and the government is expected to squeeze the public finances in its Autumn Statement – due out next Thursday.
Normally you’d expect the biggest single hike in interest rates for 27 years would make the biggest headline.
The UK economy faces a grim future as inflation soars to more than 10% later this year – that’s the warning as the Bank of England voted to raise interest rates to 1% – the fourth monthly rise in a row.
We spoke to Bank of England governor Andrew Bailey and started by asking him if raising interest rates during a decline in living standards is a mistake.
Andy Haldane, chief economist of the Bank of England, caused waves on the foreign exchanges yesterday after he disagreed with the Bank’s governor by suggesting interest rates should go up.
The dense detail of the talks is a tough sell. Jobs, interest rates, exports… that’s the stuff David Cameron wants to get on to.
The UK could experience negative inflation this spring, warns Bank of England Governor Mark Carney, but he says, if needed, the bank is prepared to cut interest rates to prevent long-term deflation.
Inflation falls from 1 per cent to 0.5 per cent, making a rise in interest rates even more unlikely.
The Russian rouble plunges further as it hits new lows, despite an emergency hike in interest rates to 17 per cent. As Russia’s economy appears to be heading for free-fall, should we care?
Sorry guys – but the news for wannabe first-time buyers just isn’t getting any better. This time it’s Bank of England Governor Mark Carney, interest rates and new mortgage measures.
Chancellor George Osborne announces a budget for savers after years of low interest rates, with a boost to tax-free ISAs, new pensioner bonds and changes to pensions.
Eight banks, including RBS, are fined a record 1.7bn euros for colluding to rig interest rates, but Barclays escapes punishment after blowing the whistle on the practice.