firms. it makes them more competitive. but the big worry around all of this is the impact it will have on mortgages. we know that some lenders, halifax, skipton, virgin money, have withdrawn some of their products particularly first time buyers, and it is thought that something like 2 million people in the uk who are on track or variable rate mortgages could see their monthly costs go up, got quite sharply. if interest rates at the bank of england went up to 6% early next year, someone with £200,000 left to pay off on the mortgage coming off a two year fixed rate deal, their monthly repayments could go deal, their monthly repayments could 9° up deal, their monthly repayments could go no tjy deal, their monthly repayments could go up by £600 every month. i don t know about you, but the people i have been speaking to, there are very few if any who could withstand a £600 increase in their monthly mortgage payments. hence the worry around all of this.
our low pound makes it more expensive to import commodities priced in dollars, like oil, gas, food, materials. that could mean higher prices for goods and services that we buy. the bank of england tried to calm the situation, saying it would not hesitate to raise interest rates as much as necessary. they have not ruled out an emergency rise in the coming weeks, possibly in the coming days to try to rein in those price rises, inflation already at a a0 year high. the government has said it will give an update on its economic plans in november but the impact is already being felt. halifax, skipton, virgin money will put a temporary hold on some of their new mortgage products, making it hard to get the deal, especially as a first time buyer. it makes it more expensive for those who already hold a mortgage. if, as some traders expect from the bank of england raises interest rates to 6% at some point early next year, someone with £200,000 left on their mortgage, coming off a two year fixed
rice announced by the bank of england in the coming weeks, possibly even the coming days, to try to tackle inflation which is already at a a0 year high. average prices almost 10% higher than they were a year ago and that was before the pound s value fell so sharply. the government has given an update, the treasury saying it will give more detail on its economic plans in november. the impact is already being felt. halifax, skipton, virgin money, mortgage providers have already put at every hold on some mortgage products meaning it is harder to get a deal especially if you are a first time buyer. if you already have a mortgage, well, i m afraid it s not good news, either. let s say rates climb to 6%, which some traders expect could happen early next year, if you have £200,000, say, of debt on your house still to pay off when you are coming off a two year fixed deal, that means your repayments would rise by
good morning, welcome to breakfast with sally nugent and jon kay. our headlines today. banks have started pulling some mortgage deals over fears of interest rate rises. as halifax, skipton and virgin money withdraw some deals following turmoil in the markets all eyes turn here, to the bank of england, to see how they will respond. labour leader sir keir starmer accuses the government of losing control of the economy as he prepares to address his party conference in liverpool. oh, my gosh! whoo! oh, wow! awaiting visual confirmation. cheering. bullseye! nasa successfully crashes a spacecraft into an asteroid to push it off course in its first planetary defence mission.
this first shipment of grain from ukraine is a symbolic step and offers some relief, but it s not clear yet if any other ships will follow its lead. catherine byaruhanga, bbc news, djibouti. here in the uk, six of the largest pub and brewing companies are warning that rising energy prices could force a wave of closures in the coming months. unlike households, businesses aren t covered by an energy price cap, and the fear is that their costs could rise by as much as 300%. our correspondent, danny savage reports from skipton. in the centre of skipton, there are more than 20 pubs and bars. this is one of the oldest. their plans for the winter are extraordinary. they include specially insulated boards to put up after dark to keep the draught out,