term deals, and the vast majority of people with mortgages on those fixed term deals who will see the impact of today and recent interest rate rises when their time, is to renegotiate and they could see their mortgage payments going up by hundreds of pounds. the average two year fixed deal is now almost three times as high as it was a year ago, at 6.47%, the highest since 2008. i ve been speaking to people a bit about what they are anticipating on what they want to hear from today s announcement. asa as a retired person, if investments go as a retired person, if investments 9° up, as a retired person, if investments go up, that is good but for a lot of other things it will be more problematic. children s mortgages, hopefully they have budgeted properly, but i m sure the bank of mum and dad might come into it again. this mum and dad might come into it aaain. . . mum and dad might come into it aain. ,., ., , mum and dad might come into it aaain. ., , ., ., again. as a heavy borrower,
increase since 1989. the idea is by raising the cost of borrowing, it gives people less money to spend, takes money out of their pockets, and that brings down prices because people can t afford to be spending quite so much on all other kinds of essentials. that is a difficult message to tell to anyone who is feeling the squeeze already at the moment, but it is worth saying that interest rates are going up in america and in europe as well. about 1.6 million people have mortgages that are variable or tracker mortgages, tied directly to today s interest rate announcement. and millions more, the vast majority of people, are on fixed rate deals, who will see their repayments likely increase quite significantly when their time comes to renegotiate. some people seen their monthly payments going up by hundreds of pounds. the big question today is how high will interest rates eventually go to? that has been previously said that the benchmark rate could go up as high as 5% bite next year. the ba
been happening as thousands of i been happening as thousands of pe0ple s been happening as thousands of people s mortgages going up by hundreds of pounds, and gas prices are out hundreds of pounds, and gas prices are out of hundreds of pounds, and gas prices are out of control. the people in this country who looked to the government for guidance have been leftiust government for guidance have been leftjust completely government for guidance have been left just completely excluded from this conversation as the tory party once this conversation as the tory party once again this conversation as the tory party once again enters into another brand as who once again enters into another brand as who can once again enters into another brand as who can pick week? frankly, i m scared as who can pick week? frankly, i m scared for as who can pick week? frankly, i m scared for people, disgusted at the conduct scared for people, disgusted at the conduct of scared for people, disgust
these changes to the nhs, that is a long term problem and yours is a short term solution? the short-term solution? the windfall tax in particular short-term solution? the windfall tax in particular is short-term solution? the windfall tax in particular is about - short-term solution? the windfall tax in particular is about vat, - short-term solution? the windfall tax in particular is about vat, it s| tax in particular is about vat, it s about tax in particular is about vat, it s about energy prices. what we do about about energy prices. what we do about energy prices. what we do about energy prices. what we do about energy prices is to get rid of vat on about energy prices is to get rid of vat on energy because the government has made vat on energy because the government has made a vat on energy because the government has made a great deal of money because has made a great deal of money because the prices in energy have gone because the prices in energy have gone up.
this is bbc news. the headlines. energy bills could go up by hundreds of pounds next year because of another big rise in wholesale prices. and it s causing more concern about the cost of living. the legal requirement for social distancing and bars, cafes and restaurants and northern ireland are to be lifted. the nhs in england and wales is to find the first ever study of patients living with secondary breast cancer. we speak to the british woman who joined the islamic state group with her young group, now in a camp in syria and asking to return home. the queen has launched the baton relay for next year s commonwealth games, which will take place in birmingham.