UK Economy

Archive link for us less well off.

The most eye watering paragraph:

The money will make a tiny dent in the government’s debt. Public sector net debt was £2.6tn at the end of September with the interest payable that month at £700mn, according to the Office for National Statistics.

Bugger.... 😞

cross-posted from: https://lemmy.zip/post/1518328

Archived version: https://archive.ph/PAblT
Archived version: https://web.archive.org/web/20230816112128/https://www.politico.eu/article/uk-bank-close-accounts-british-smes-trading-with-ukraine/

https://www.bbc.co.uk/news/business-66153812

For the 0.5% raise, the measure was voted in 7-2 (2 against advocating for remaining at the current rate).

More than a quarter of UK homeowners on a fixed-rate mortgage are heading for sharp increase in monthly payments before the next election, in a financial timebomb that will rock the Conservatives just as voters prepare to choose the next government.

With the Bank of England expected to increase its key interest rate next week for the 13th time, figures shared with the Guardian by UK Finance, the banking industry trade body, show more than 2.4m fixed-rate homeowner deals will expire between now and the end of 2024.

The prospect of millions of 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.

Wonder what has caused the sudden rise in the last few months