Rates have gone up again, for the 14th time in a row. The Bank Of England has put up its main rate from 5 to 5. 25 . That will mean higher mortgages for some people, but its also good news for savers. The Bank Of England is using Interest Rate rises to fight inflation, which has slowed recently, but which is still nearly 8 . Our economics correspondent andy verity reports the father of two, peter, keeping up the payments for his familys mortgages looking like anything but childs play. They bought their home under the governments help to buy scheme, but since then Interest Rates have risen 1a times. When his fixed rate deal expires early next year, the payments willjump. Somehow we are supposed to spend less and find an extra £750 per month to pay for that. For many families it is a terrifying situation, but if you have a young family like ourselves, who have been swayed into the Housing Market by government who has advertised help to buy as an affordable scheme, right, when things bec
Responsibility for the fact that inflation in the uk is much higher than it is in comparable countries. In the us, it is 3 . In the eurozone it is 5. 3 . And yet, here in britain, inflation remains stubbornly at 7. 9 because of a decade or more of mismanagement by the conservative party. Lets talk to our work and money reporter peter ruddick. What does this mean for people with mortgages . It what does this mean for people with mortua. Es . , what does this mean for people with mortua. Es . , , what does this mean for people with mortauaes . ,. Mortgages . It was widely expected but unfortunately mortgages . It was widely expected but unfortunately that mortgages . It was widely expected but unfortunately that will mortgages . It was widely expected but unfortunately that will not but unfortunately that will not prevent the pain from hurting. Lets break this down, for people on a variable or a tracker rate mortgage, which tracks the Bank Of England base rate, they will see immediate im
Leads are they going to be telling us about. , ~ y. ,. Lets get more on Birmingham City council, europes biggest local authority, effectively filing for bankruptcy. It has issued a section 4 notice, which prevents all but essential spending. Earlier this year, the council began talks with the government after revealing it was struggling with outgoings including equal pay claims and the implementation of a new it system. This is what the deputy head of the council, Sharon Thompson had to say earlier today. As you all now know, the section 151 office of Fiona Greenway has formally issued a section 4 notice to the government, advising that the council is unable to close its budget gap in the year ahead. As a consequence, some reports scheduled for this meeting today have been deferred, or will be deferred, but i want to stress that despite the significant challenges that we face, we will prioritise Core Services that our residents rely on. We can speak now to stuart hoddinott, a Senior Re