is a rate rise good for you? really looking forward to speaking to you, to hearing from you this morning, by telephone, by text or social media. let's get the neatest news headlines from karishma patel. the bank of england is expected to raise its main interest rate to 5.25% at lunchtime. it will be the 14th time in a row it's gone up. inflation has slowed down in the past few months, but is still at nearly 8% —— four times higher than the official target. deputy prime minister, oliver dowden, says migrants will start to be housed on a barge in dorset in "the coming weeks" — and that inspections are being carried out. they were meant to move in earlier this week — but there have been concerns over fire safety and port staff. ofcom says older viewers are switching away from live tv — as part of a record drop in people watching traditional television. the broadcasting watchdog says audiences now have an "all you can eat buffet" of broadcast and online content to choose from. scientists say a prehistoric whale — discovered in a desert in peru — could be the heaviest creature that's ever existed. researchers estimate the animals could have weighed nearly 200 tonnes. good morning, chris warburton with you for the next couple of hours, whether you are watching or listening, it is fantastic to have your company. a big one for us today. is a rate rise good for you? lots of expectation the bank of england will increase its base rate to 5.25% from its current 5%. remember inflation fell by much more than expected injune. it was sticky. we got a drop below 8% for the first time in a good while. it's at 7.9%, its lowest level in over a year. but this is still nearly four times higher than the bank of england's target of 2%. it shows you how far of the bank of england are. the tuc says a rate hike today is the last thing we need — manufacturing figures last month the worst for the year. house prices falling at their fastest annual rate in m years last month — as mortgage costs hit a 15—year? high. if you are looking to get on the ladder, and you are thinking things are more affordable, a mortgage might be out of your reach. if you own a business — if you're looking to buy, if you're one of those coming off a fixed rate — then do call. and what about savers? this should be your moment — mortgage rates up and up. savings rates have not grown anything like as fast. the financial watchdog says that needs to change. ? they are going to put measures in place to force the hands of banks to pass the interest rates on to you if you are a savour. text 85058. call me mac. call 08085 909 693. we have got a call in chesterfield. we have got a call in chesterfield. we are going to sophie in ipswich as well. but let's go first of all to peter, our reporterfrom well. but let's go first of all to peter, our reporter from the well. but let's go first of all to peter, our reporterfrom the bbc well. but let's go first of all to peter, our reporter from the bbc on money. i mention the bank of england walking a tightrope, that is absolutely the truth. go too far one way, and you start really bringing about fears of recession. you don't go enough, you are not tackling the beast of inflation.— beast of inflation. some days, it has been really _ beast of inflation. some days, it has been really clear-cut - beast of inflation. some days, it has been really clear-cut and i beast of inflation. some days, it has been really clear-cut and it | beast of inflation. some days, it. has been really clear-cut and it is has been really clear—cut and it is clear and obvious that there are plenty of people in favour of the bank of england action. today is not one of those days, it's a stick or twist. you mentioned the trade union congress, and the free market think tank, they are saying the same thing. it is not often they are on the same page. there is a discussion and debate that will be happening within the monetary policy committee. if you look at the pros and cons, in favour of not doing anything, the latest inflation figures suggest the rise in the cost of living is easing, but if you look at the detail, the supply chain, producer price inflation, that tends to be what happens for factories and businesses. that is way off it, there could be good news coming down there could be good news coming down the track for us, a leading indicator. there are signs that the medicine is starting to heart. the number of people missing payments on bill, the same level as winter, a jump bill, the same level as winter, a jump in the number of company insolvencies. 0n the other hand, headline inflation four times the bank of england's on target. june's easing is a lot to do with petrol prices, core inflation is still not falling significantly, wage growth is incredibly high. the economy is running too hot. the uk would be an outlier if they did not act today, if the bank did not act today. look at the area of the euro, look at the us, inflation is lower in the central banks in those territories have carried on with their rate hikes in the latest meetings. the question today is will they or won't they bite how high will be go today and how high could rates peak eventually. and how high could rates peak eventually-— eventually. you can pick your economist. _ eventually. you can pick your economist, your— eventually. you can pick your economist, your forecaster i eventually. you can pick your| economist, your forecaster as eventually. you can pick your . economist, your forecaster as to eventually. you can pick your - economist, your forecaster as to how economist, yourforecaster as to how far rates might go, some suggest we might see incremental increases perhaps still november, december, that might be the end of it. but the other question alongside that for people with ice on mortgage rates and such like, how long does it stay at that rate for two that and such like, how long does it stay at that rate for two— at that rate for two that last point is difficult. _ at that rate for two that last point is difficult, there _ at that rate for two that last point is difficult, there could _ at that rate for two that last point is difficult, there could be - is difficult, there could be relatively good news, you ask two economist and you get five or six opinions and it is important to say this is not a science, this is a choice, economists have different views on this. there is some good news for mortgage brokers. essentially, they safe to do's height if comes is probably baked in and a peak in rates at 5.5% or 5.7% is probably also baked in. in fact, average fixed rate deals on offer could well start coming down despite interest rates going up today basically because lenders now have a sense of how high they are going to peak at so they can begin to tempt people with market leading deals. the question for those people considering those deals is how long the peak at last and that is what really no one has an answer to. we have seen — really no one has an answer to. we have seen mortgage rates coming down. mark harris, chief executive of the mortgage broker who said a few lenders including hsbc, barclays, nationwide have reduced their fixed—rate mortgage pressing on the back of better—than—expected inflation news which has led to a calming of swap rates which underpin the pricing of fixed—rate mortgages after weeks of considerable volatility. it will be interesting to see what happens in terms of mortgage rates after today's decision. 0n business, we want to hearfrom business as decision. 0n business, we want to hear from business as well, smaller or medium sized businesses around the country. as individuals, we tend to choose to borrow less when interest rates are higher but so do businesses. and then that means less likely to create jobs, more likely to cut staff, i suppose, as well. that is the warning from the tuc. absolutely. a lot of those businesses are still in recovery mode from the pandemic and they are paying off loans from the pandemic as well and interest rates could impact them there. i spoke to someone in peterborough yesterday, she said that she gets the economics of theirs, you did to stop people spending, my business relies on people spending. if they stop spending, i have to close the door and let staff go, i have to essentially, you know, consider the future of my business. those decisions are being made up and down the country. this is the point at which the economic theory hits the business reality for people. unfortunately, sometimes it's not set enough, higher interest rates are designed to cause pain and at the moment, that is what we are living with. the moment, that is what we are living with-— the moment, that is what we are livin: with. , , . living with. this is the medicine. i cuess living with. this is the medicine. i iuess it living with. this is the medicine. i guess it economist, _ living with. this is the medicine. i guess it economist, the _ living with. this is the medicine. i guess it economist, the bank - living with. this is the medicine. i guess it economist, the bank of l guess it economist, the bank of england, the government, will say it is doing what we expected to do. if it can push inflation down. peter, if you are staying, all good, if not, let's get to some of the phone calls. thank you for the millions of texts. text 85058. let's talk to sophie in ipswich, creek in edinburgh, tracy is in chesterfield. good morning and welcome to the programme. tracy, tell us about your situation, you are a small business, a cafe owner in chesterfield. how are things? we a cafe owner in chesterfield. how are things?— are things? we run a cafe in chesterfield, _ are things? we run a cafe in chesterfield, we _ are things? we run a cafe in chesterfield, we have - are things? we run a cafe in chesterfield, we have been| are things? we run a cafe in - chesterfield, we have been open for one year. as the economist said, we are still recovering from covid—i9 and what that brought us which was interesting. we are noticing month on month that fewer people are coming in. and the people that are coming in. and the people that are coming in, we have loyal customers, i have to say, are spending less, are coming less frequently and spending less and they come in. they have got less disposable income, basically, which indirectly affects us. ~ ., basically, which indirectly affects us, ~ ., ., , ., basically, which indirectly affects us. ., ., ., ., basically, which indirectly affects us. what does that mean for your future plans? _ us. what does that mean for your future plans? personal— us. what does that mean for your future plans? personalfuture - us. what does that mean for your l future plans? personalfuture plans or plans for the business itself? you cannot make any plans. that is the worst thing. it is a time of instability. we really could do with taking on a couple of staff to give the people we have more flexibility in their working hours, but we can't do it, we never know from monday to the next how busy we are going to be, what the footfall going to be, i absolutely understand every small business that i have spoken to, in chesterfield and arran, we are all in the same boat. we cannot make plans for the future. we cannot make plans for the future. we cannot make plans to invest in new equipment, we dare not spend the money. find dare not spend the money. and distress? yes, _ dare not spend the money. and distress? yes, stress. - dare not spend the money. and distress? yes, stress. it- dare not spend the money. and distress? yes, stress. it is- dare not spend the money. and distress? yes, stress. it is a . distress? yes, stress. it is a stressful— distress? yes, stress. it is a stressful time. _ distress? yes, stress. it is a stressful time. what - distress? yes, stress. it is a stressful time. what is - distress? yes, stress. it is a stressful time. what is the l distress? yes, stress. it is a i stressful time. what is the toll of that in your _ stressful time. what is the toll of that in your everyday _ stressful time. what is the toll of that in your everyday away - stressful time. what is the toll of that in your everyday away from i stressful time. what is the toll of i that in your everyday away from the cafe? ., ., , ., that in your everyday away from the cafe? ., . ,, ., , cafe? you find that you never really switch off- — cafe? you find that you never really switch off- if— cafe? you find that you never really switch off. if you _ cafe? you find that you never really switch off. if you are _ cafe? you find that you never really switch off. if you are a _ cafe? you find that you never really switch off. if you are a small - switch off. if you are a small business, you never walk away, you cannot, that is not how it works. but at the moment, you wake up in the middle of the night thinking about it. it is the main topic of conversation around the dinner table, what will we do next? how can we increase footfall? how can we make business more attractive to people? there is a certain number of customers out there, there always is depending on the interest rate, but there is a certain number of customers, you are all fighting for those customers all the time. what you are trying to do all the time now is make your offer the most attractive to everybody and still try and make a profit. the customers come in and they say that has gone up! we are really sorry, it has two or we will not be here. the other thing i want to say, please, everybody out there, shop local. support small independent business, please! support small independent business, lease! ., , ., support small independent business, lease! . please! that is a good message. the whole point — please! that is a good message. the whole point of— please! that is a good message. the whole point of the _ please! that is a good message. the whole point of the phone _ please! that is a good message. the whole point of the phone calls - whole point of the phone calls today, from across the uk, trying to get a real picture, as i mentioned at the beginning, interest rates one way or another affect every part of all of our lives. trying to get a feel for that from your phone calls this morning. call 08085 909 693. we are hearing about business and what about property and the housing market? we know the impact mortgage rates are having on that and they know according to people who rent as well. sophie and ipswich and craig in edinburgh, you have got different stories to tell, sophie, tell us about your situation in ipswich. basically i am a single working mother, — basically i am a single working mother, my rent at the moment is 'ust mother, my rent at the moment is just about — mother, my rent at the moment is just about affordable. i pretty much rely on _ just about affordable. i pretty much rely on universal credit outside of what _ rely on universal credit outside of what i _ rely on universal credit outside of what i earn — rely on universal credit outside of what i earn to survive each month. 0ne what i earn to survive each month. one of— what i earn to survive each month. one of the — what i earn to survive each month. one of the things i have read repeatedly in the news this morning as the _ repeatedly in the news this morning as the information that the interest rates _ as the information that the interest rates are _ as the information that the interest rates are going to hit mortgage, i do not _ rates are going to hit mortgage, i do not know whether my landlord has a right— do not know whether my landlord has a right about this property or if he has a _ a right about this property or if he has a mortgage, i assume a right about this property or if he has a mortgage, iassume he has a mortgage — has a mortgage, iassume he has a mortgage. the knowledge that it's going _ mortgage. the knowledge that it's going to _ mortgage. the knowledge that it's going to go for them as well as the existing _ going to go for them as well as the existing because we have in place and struggles that everyone has at the moment, i know it is going to have _ the moment, i know it is going to have a _ the moment, i know it is going to have a knock—on effect on me so i am looking _ have a knock—on effect on me so i am looking ahead, going, actually, you know, _ looking ahead, going, actually, you know. can — looking ahead, going, actually, you know. can i — looking ahead, going, actually, you know, can i afford this property? is my landlord — know, can i afford this property? is my landlord going to put the price up my landlord going to put the price up to— my landlord going to put the price up to max— my landlord going to put the price up to max i— my landlord going to put the price up to max i do not know how many other— up to max i do not know how many other properties he has. i don't other properties he has. idon't know— other properties he has. i don't know anything about him. he might be one of— know anything about him. he might be one of those _ know anything about him. he might be one of those landlords who can afford — one of those landlords who can afford it — one of those landlords who can afford it and it's not a problem and he wiii— afford it and it's not a problem and he will not — afford it and it's not a problem and he will not put the price up. on the other— he will not put the price up. on the other hand. — he will not put the price up. on the other hand, he might not be. it is a very uncertain time for myself and i work— very uncertain time for myself and i work in _ very uncertain time for myself and i work in a _ very uncertain time for myself and i work in a care home, i am just over the minimum— work in a care home, i am just over the minimum wage, in care homes, as an employee — the minimum wage, in care homes, as an employee, i have worked in care for ten _ an employee, i have worked in care for ten years, when i first, talking about— for ten years, when i first, talking about flexibility, it is a challenge. we do not get paid sick pay, we _ challenge. we do not get paid sick pay, we get ssp, it does not cover your income — pay, we get ssp, it does not cover your income at all. so if you are ill, you — your income at all. so if you are ill, you are _ your income at all. so if you are ill, you are scuppered. i have to take _ ill, you are scuppered. i have to take time — ill, you are scuppered. i have to take time off for childcare. you do not get _ take time off for childcare. you do not get that income back. due to personal— not get that income back. due to personal circumstances, that has been _ personal circumstances, that has been an— personal circumstances, that has been an issue in recent months. what would an alternative _ been an issue in recent months. twat would an alternative be? because some people are in a position where if they are renting is likely bigger property and the landlord because of interest, mortgage rates decides to put out their rent, they may have to choose somewhere smaller. you have already said you are in a tidy property. what is the alternative in your situation? the property. what is the alternative in your situation?— property. what is the alternative in your situation? the only alternative would be saying _ your situation? the only alternative would be saying to _ your situation? the only alternative would be saying to the _ your situation? the only alternative would be saying to the landlord - your situation? the only alternative would be saying to the landlord i i would be saying to the landlord i cannot _ would be saying to the landlord i cannot afford this, and basically, waiting _ cannot afford this, and basically, waiting for— cannot afford this, and basically, waiting for him to give a section 21. waiting for him to give a section 2! that— waiting for him to give a section 21. that would be the only option, waiting _ 21. that would be the only option, waiting for— 21. that would be the only option, waiting for the section 21. waiting for an— waiting for the section 21. waiting for an eviction notice. and going via the _ for an eviction notice. and going via the council. the biggest problem with that, _ via the council. the biggest problem with that, though, as we all know, the council— with that, though, as we all know, the council waiting list time. thank ou ve the council waiting list time. thank you very much _ the council waiting list time. thank you very much indeed, _ the council waiting list time. thank you very much indeed, lets - the council waiting list time. thank you very much indeed, lets talk - the council waiting list time. thank you very much indeed, lets talk to | you very much indeed, lets talk to our money and business team, sophie talking about waiting to see what her landlord is going to do, that is going to be a position that so many people are in, it's not a cliff edge around the implications of people coming orfixed rate mortgages, it is a gradual thing, this lack that people are own. 0ver is a gradual thing, this lack that people are own. over time, over the next year, they will start to have more of an impact.— next year, they will start to have more of an impact. when it comes to housin: , more of an impact. when it comes to housing. it — more of an impact. when it comes to housing. it is — more of an impact. when it comes to housing, it is all— more of an impact. when it comes to housing, it is all about _ more of an impact. when it comes to housing, it is all about certainty, - housing, it is all about certainty, and if there is no certainty, things like this crop up, people put off buying decisions but it is also when people end up having to put up rent because they are concerned about their mortgage cost. some landlords are selling up. plenty of lenders have decided it is not worth renting any more and that impacts things because fewer houses for rent means people's rates go up. it is a very worrying time for renters. it is not only mortgage holders we talk about when rates go up. lets only mortgage holders we talk about when rates go up-— when rates go up. lets talk to patricia. good _ when rates go up. lets talk to patricia. good morning. - when rates go up. lets talk to| patricia. good morning. thank when rates go up. lets talk to - patricia. good morning. thank you for getting in contact. your mortgage has gone up, it's a familiar story, mortgage has gone up, it's a familiarstory, can mortgage has gone up, it's a familiar story, can you talk us through it?— familiar story, can you talk us through it? familiar story, can you talk us throu:h it? ., ., ., ., through it? the mortgage i had to net when i through it? the mortgage i had to get when i took _ through it? the mortgage i had to get when i took over _ through it? the mortgage i had to get when i took over the - through it? the mortgage i had to get when i took over the shop, . through it? the mortgage i had to get when i took over the shop, i l get when i took over the shop, i could _ get when i took over the shop, i could not— get when i took over the shop, i could not get a normal mortgage simply— could not get a normal mortgage simply because i have got no equity. when _ simply because i have got no equity. when the _ simply because i have got no equity. when the rate goes up, the mortgage .oes when the rate goes up, the mortgage goes up~ _ when the rate goes up, the mortgage goes ”p 0n— when the rate goes up, the mortgage goes up. on top of that, i have an interest— goes up. on top of that, i have an interest rate — goes up. on top of that, i have an interest rate as well. everybody is complaining about 6%, i am at 9%. i'm complaining about 6%, i am at 9%. im trying— complaining about 6%, i am at 9%. im trying to — complaining about 6%, i am at 9%. i'm trying to get out of it. the there — i'm trying to get out of it. the there is— i'm trying to get out of it. the there is no— i'm trying to get out of it. the there is no day mortgage company that will— there is no day mortgage company that will take it on.— that will take it on. what has your mortiiae that will take it on. what has your mortgage gone — that will take it on. what has your mortgage gone from _ that will take it on. what has your mortgage gone from where - that will take it on. what has your mortgage gone from where to? it| that will take it on. what has your - mortgage gone from where to? it has one u- mortgage gone from where to? it has gone up £240- _ mortgage gone from where to? it has gone up £240. where _ mortgage gone from where to? it has gone up £240. where can _ mortgage gone from where to? it has gone up £240. where can i _ mortgage gone from where to? it has gone up £240. where can i come - mortgage gone from where to? it has i gone up £240. where can i come from? i own a gone up £240. where can i come from? i own a shop _ gone up £240. where can i come from? i own a shop and — gone up £240. where can i come from? i own a shop and people _ gone up £240. where can i come from? i own a shop and people have _ gone up £240. where can i come from? i own a shop and people have to - gone up £240. where can i come from? i own a shop and people have to come l i own a shop and people have to come in. i own a shop and people have to come in to _ i own a shop and people have to come in to pay— i own a shop and people have to come in. to pay wages, pay rates, pay gas, — in. to pay wages, pay rates, pay gas, pay— in. to pay wages, pay rates, pay gas, pay electricity. everything has gone _ gas, pay electricity. everything has gone up _ gas, pay electricity. everything has gone up i— gas, pay electricity. everything has gone up. i put my prices up as little _ gone up. i put my prices up as little as— gone up. i put my prices up as little as i— gone up. i put my prices up as little as i can to keep people coming _ little as i can to keep people coming in. but it's very difficult. there _ coming in. but it's very difficult. there are — coming in. but it's very difficult. there are a _ coming in. but it's very difficult. there are a lot of hairdressers and barbers _ there are a lot of hairdressers and barbers who have shutdown. you can io barbers who have shutdown. you can go online, _ barbers who have shutdown. you can go online, there are pages online, on the _ go online, there are pages online, on the internet, on facebook, saying does anybody want to buy the furniture? | does anybody want to buy the furniture?— does anybody want to buy the furniture? , , ., a ., ., ,, furniture? i wish you luck and thank ou for furniture? i wish you luck and thank you for getting _ furniture? i wish you luck and thank you for getting in — furniture? i wish you luck and thank you for getting in touch _ furniture? i wish you luck and thank you for getting in touch this - you for getting in touch this morning. it is a rate rise good for you? that is the question this morning. call 08085 909 693. we are hearing about the difficulties, you are a saver, and a rate rise is exactly what you have asking for for the last few years. big?. peter, i can bring in on that. the financial conduct saying hang on, mortgage rates going up but not proving the same for savers and you need to do something about it. the?r same for savers and you need to do something about it.— something about it. they have put toiether something about it. they have put to . ether a something about it. they have put together a 14 _ something about it. they have put together a 14 point _ something about it. they have put together a 14 point plan, - something about it. they have put together a 14 point plan, the - something about it. they have put together a 14 point plan, the gap i together a 14 point plan, the gap between the average two—year fixed mortgage rate and the easy access savings account rate which is what most people have, has gone up, it is about 4%, the gap, when pre—this crisis it was a lot less. the banks say they are passing on interest rate rises to savers but the problem is, it tends to be on accounts where you are lock away your money for a year or so. that is not an option for lots of people because it is too big a risk. the financial conduct authority have put a plan together, we could get more news by the end of the month. the bank and building society offering the lowest rates have been given until the end of august to justify themselves and the fca has said they will take further action if they are not satisfied with those explanations. thank you for our with those explanations. thank you for yourtext. _ with those explanations. thank you for your text, text _ with those explanations. thank you for your text, text 85058, - with those explanations. thank you for your text, text 85058, joan - with those explanations. thank you for your text, text 85058, joan is i with those explanations. thank you for your text, text 85058, joan is a | for your text, text 85058, joan is a plumber, i have a small business, this will happen impact on me, when things are hard enough as it is, someone is making a lot of money out of this. another listener saying i work in the automotive manufacturing industry, the bank of england is having a devastating impact on the altima sector, from manufacturing through to retail. a lot of businesses are about to lose jobs in scotland, they should be the last rate increase and in the future act sooner to slow the economy, not leave until the need to cut deep and hard. that point has been made many times before, did the bank of england act quickly and hard enough? let's bring in craig in edinburgh. good morning, create, sorry to have you holding on so much. this is about the rental market or are you looking to buy a property two rare looking to buy a property two we recently moved back to the uk intent on buying _ recently moved back to the uk intent on buying a _ recently moved back to the uk intent on buying a house, and mortgages are out of— on buying a house, and mortgages are out of reach _ on buying a house, and mortgages are out of reach for what we had looked at and _ out of reach for what we had looked at and considered, having done are planning _ at and considered, having done are planning on — at and considered, having done are planning on the old set of data, everything hasjust run away planning on the old set of data, everything has just run away from planning on the old set of data, everything hasjust run away from us to the _ everything hasjust run away from us to the point— everything hasjust run away from us to the point where we now cannot afford _ to the point where we now cannot afford to — to the point where we now cannot afford to buy the houses we were looking _ afford to buy the houses we were looking at. — afford to buy the houses we were looking at, the mortgage situation is turbulence, we have elected to move _ is turbulence, we have elected to move temporarily into rental property— move temporarily into rental property which is a further drain on savings. _ property which is a further drain on savings. it— property which is a further drain on savings. it is— property which is a further drain on savings, it is also in an area that we had _ savings, it is also in an area that we had not — savings, it is also in an area that we had not considered living in, it is not _ we had not considered living in, it is not a _ we had not considered living in, it is not a bad — we had not considered living in, it is not a bad area but we did not want _ is not a bad area but we did not want to— is not a bad area but we did not want to plan to live here. it feels like anything that should have been done a _ like anything that should have been done a long time ago has not been done _ done a long time ago has not been done we — done a long time ago has not been done. we are in a situation where those _ done. we are in a situation where those who— done. we are in a situation where those who can make money out of this are making _ those who can make money out of this are making huge sums of money by forcing _ are making huge sums of money by forcing people to leave their money in the _ forcing people to leave their money in the bank— forcing people to leave their money in the bank cannot spend it, it feels — in the bank cannot spend it, it feels like _ in the bank cannot spend it, it feels like it is payback for when they— feels like it is payback for when they were — feels like it is payback for when they were not making huge bonuses. it they were not making huge bonuses. it feels _ they were not making huge bonuses. it feels as— they were not making huge bonuses. it feels as though we are being pushed — it feels as though we are being pushed into a situation where people who are _ pushed into a situation where people who are professional workers being forced _ who are professional workers being forced back into living with their parents — forced back into living with their parents are paying extortionate prices _ parents are paying extortionate prices in — parents are paying extortionate prices in rent. as patricia said, her rent — prices in rent. as patricia said, her rent has _ prices in rent. as patricia said, her rent hasjumped up from £700 to nearly— her rent hasjumped up from £700 to nearly £1000, that is not only a few percent. _ nearly £1000, that is not only a few percent, that is a 32% rise. that is what _ percent, that is a 32% rise. that is what we _ percent, that is a 32% rise. that is what we are — percent, that is a 32% rise. that is what we are not seeing, tied in with the savings — what we are not seeing, tied in with the savings angle, 0k, what we are not seeing, tied in with the savings angle, ok, the savings rates _ the savings angle, ok, the savings rates have — the savings angle, ok, the savings rates have gone up to 4%, even if you have — rates have gone up to 4%, even if you have a — rates have gone up to 4%, even if you have a very generous saving of £50,000, — you have a very generous saving of £50,000, you meet 100 and 50p a month— £50,000, you meet 100 and 50p a month approximately. in the case of some _ month approximately. in the case of some people, £900 a month, on a £400,000 — some people, £900 a month, on a £400,000 mortgage, the numbers do not match, _ £400,000 mortgage, the numbers do not match, and we are being pushed into a _ not match, and we are being pushed into a situation where people are heading — into a situation where people are heading towards financial ruin. i do not think— heading towards financial ruin. i do not think that is being evaluated enough — not think that is being evaluated enough. it is pushing people to the point _ enough. it is pushing people to the point of— enough. it is pushing people to the point of no — enough. it is pushing people to the point of no return. gn enough. it is pushing people to the point of no return.— point of no return. on the renting issue, if point of no return. on the renting issue. if you _ point of no return. on the renting issue, if you are _ point of no return. on the renting issue, if you are a _ point of no return. on the renting issue, if you are a landlord - issue, if you are a landlord listening to this, we have had one listener getting in touch, who is saying very sad listening to renters concerns regarding their rent payments, but as a land, i am desperately trying to hold everything together without raising the rain. undersuch everything together without raising the rain. under such pressure, i will have to pass on the increase to them. he lies awake at night worrying about the effects on tenants and himself. it is the jigsaw pieces that come together in the economy here. it is jigsaw pieces that come together in the economy here.— the economy here. it is across the board, everything _ the economy here. it is across the board, everything is _ the economy here. it is across the board, everything is hurting - the economy here. it is across the | board, everything is hurting more, car insurance jumped board, everything is hurting more, car insurancejumped up board, everything is hurting more, car insurance jumped up 23% this year~ _ car insurance jumped up 23% this year. savings are worth nothing effectively. unless you have got lots of— effectively. unless you have got lots of savings like six figures, which — lots of savings like six figures, which most people don't have. everybody is being put under pressure, i understand it has to be passed _ pressure, i understand it has to be passed on— pressure, i understand it has to be passed on but it seems that every time _ passed on but it seems that every time there — passed on but it seems that every time there is a glimmer of hope, it -ets time there is a glimmer of hope, it gets pulled — time there is a glimmer of hope, it gets pulled a little bit further away — gets pulled a little bit further away. 0.25% has been mentioned, that 025%_ away. 0.25% has been mentioned, that 025% is— away. 0.25% has been mentioned, that 025% is only— away. 0.25% has been mentioned, that 0.25% is only in number when you apply— 0.25% is only in number when you apply it— 0.25% is only in number when you apply it to— 0.25% is only in number when you apply it to a — 0.25% is only in number when you apply it to a number that someone has when — apply it to a number that someone has when the old money, it could be hundreds— has when the old money, it could be hundreds of— has when the old money, it could be hundreds of pounds a month. people do not _ hundreds of pounds a month. people do not have — hundreds of pounds a month. people do not have the scope to find out. | do not have the scope to find out. i know do not have the scope to find out. know you are do not have the scope to find out. i know you are back from the united states, welcome back, sorry it's been a rocky return, all the best for the future and thank you for contacting us. let's speak to ruth in wrexham and then i recall in chesterfield before the news headlines. what is your situation? my headlines. what is your situation? my mortgage i had for some time, i do not _ my mortgage i had for some time, i do not have — my mortgage i had for some time, i do not have many years left on it, but what — do not have many years left on it, but what happened because the rates had dropped so low, i was on a variable — had dropped so low, i was on a variable rate for quite some time and then— variable rate for quite some time and then i— variable rate for quite some time and then i decided to fix my mortgage for ten years, i chose ten years— mortgage for ten years, i chose ten years because i really don't think rates _ years because i really don't think rates are — years because i really don't think rates are going down anytime soon, and there _ rates are going down anytime soon, and there so— rates are going down anytime soon, and there so many different factors, that i_ and there so many different factors, that i think— and there so many different factors, that i think will affect it. and there so many different factors, that l think will affect it.— that i think will affect it. when did ou that i think will affect it. when did you take — that i think will affect it. when did you take the _ that i think will affect it. when did you take the ten _ that i think will affect it. when did you take the ten years? i that i think will affect it. when i did you take the ten years? two months ago. — did you take the ten years? two months ago. i — did you take the ten years? two months ago, i got _ did you take the ten years? two months ago, i got it _ did you take the ten years? two months ago, i got it at 4.7 i think. it is months ago, i got it at 4.7 i think. it is basically— months ago, i got it at 4.7 i think. it is basically what i am paying, i have _ it is basically what i am paying, i have not— it is basically what i am paying, i have not lost out because i was paying — have not lost out because i was paying a — have not lost out because i was paying a lower figure, but in the back— paying a lower figure, but in the back of— paying a lower figure, but in the back of my— paying a lower figure, but in the back of my mind, i think what people are forgetting is the rates that we had for— are forgetting is the rates that we had for the past 15 years or so, they— had for the past 15 years or so, they were _ had for the past 15 years or so, they were not the normal rate. people — they were not the normal rate. people got into a false sense of security— people got into a false sense of security about what they were taking on. security about what they were taking oh and _ security about what they were taking on. and they were not looking far enough _ on. and they were not looking far enough ahead or behind to realise those _ enough ahead or behind to realise those rates were not something that could be _ those rates were not something that could be sustained. if you look at the situation with what is going on with russia, a lot of things are going — with russia, a lot of things are going to — with russia, a lot of things are going to start impacting inflation again— going to start impacting inflation again unfortunately. and it isjust going _ again unfortunately. and it isjust going to — again unfortunately. and it isjust going to get a much tougher. for everyone — going to get a much tougher. for everyone i— going to get a much tougher. for everyone. i find that some prices are so— everyone. i find that some prices are so much— everyone. i find that some prices are so much more expensive in terms of food, _ are so much more expensive in terms of food, children's consumables, clothing. — of food, children's consumables, clothing, everything is more expensive, and a lot of it is because _ expensive, and a lot of it is because we do not manufacture things in this— because we do not manufacture things in this country and that is a big problem — in this country and that is a big problem. we are importing a lot of things _ problem. we are importing a lot of things and — problem. we are importing a lot of things. and because of that, when the prices — things. and because of that, when the prices go up, it is making it even _ the prices go up, it is making it even more _ the prices go up, it is making it even more painful. we are getting hit from _ even more painful. we are getting hit from all— even more painful. we are getting hit from all sides. like you say, i will be _ hit from all sides. like you say, i will be quick, if you look at america. _ will be quick, if you look at america, they have a lot of manufacturing going on there. they have got— manufacturing going on there. they have got things they can sustain themselves, we do not have enough a lot here _ themselves, we do not have enough a lot here to _ themselves, we do not have enough a lot here. to sustain ourselves as a country _ lot here. to sustain ourselves as a country and — lot here. to sustain ourselves as a country. and that is part of the biggest — country. and that is part of the biggest problem. if you look at the inflation rate in the united states, compared to the eurozone, they are in much better shape than we are. i think you make an important point about what could be around the corner, and seeing some of those inflationary factors made, maybe being back into our lives in the autumn and winter, coming back around. in terms of our fuel prices, our energy prices and all those kinds of things. very interesting call, malesha, thank you very much for getting in touch. she is in chesterfield. more of your course to come after we have had the news headlines. we carry on with this because we are getting such a big response from you. is a rate rise good for you? that is the question we are calling the net opposing this morning. you can call us in, it would be great to speak to you. some other news just to bring you. some other news just to bring you this morning, to bring you up to speed with the protest at the prime minister's house in north yorkshire. just getting some details of this. the prime minister is away on his holidays, he is in california, you're very aware of that, he was talking about that in an interview yesterday, saying that he was going to be going off to disney. greenpeace say that they climbed on the roof, if you are watching this morning, you can probably see some of the pictures there. rishi sunak, oil profits or our future. that is the big banner that they are holding outside his home. they have covered the house in a black material and, as you can see, if you are watching the television this morning, rather than listening on five live, you can see a number of greenpeace protesters on top of the is the's house. they say they have climbed on the roof, covered the building in black fabric, to protest the expansion of the north sea oil and gas drilling. number ten has given us a response. they say the police are on their way. they say, we make no apology for taking the right approach to secure our energy security, using the resources we have here at home, so we are never relying on aggressors like putin for our energy. we also investing in renewables and i was approach supports thousands of british jobs. we will keep an eye on that situation, but a climate protest happening at the prime minister's house, as he is away on holiday in california. it is 9:34am. more on that story and also more of your questions and your answers, your calls, texts. of course, on the big issue that we are talking about this morning on interest rates. if you want to follow more of that on the greenpeace protest, the bbc news website and that throughout the day, website and that throughout the day, we will bring you more details on five live as well. it is 9:34am. now for the headlines. as we have been hearing on the show, the bank of england is expecting to hear its dutchman raised its main interest rate later for the 14th time in a row. it's hoping to tackle high inflation — which is currently four times higher than the official target. most analysts predict the rate will go up by a 0.25%. higher interest rates have been cited as one reason — for the drop in high street footfall. the analysis firm, springboard, says this is the first time it's recorded fewer high street shoppers betweenjune and july, since it started monitoring shopping habits in 2009. official figures show that 20% of people arrested for terror—related offences last year were under 18. that's up from 4% in 2020. the uk's head of counter—terror policing has called it a "worrying trend". new figures from rajar, the audience research body, suggest bbc radio 2 lost one million listeners in its first quarter after ken bruce left. but it's still the uk's most popular radio station, with 13.5—million weekly listeners. as we just heard from chris, there is a protest at the prep minister's house in north yorkshire. the prime minister is away on his holidays in california. greenpeace say they have climbed onto the roof. number ten it says that the police are on their way. thank you and now for the sport's —— sports news. the southern hemisphere will host the rugby league world cup in 2026 after france withdrew for financial reasons. new zealand have already made their interest in staging the tournament public. australia is believed to be the other bidder, while the pacific nations are likely to be involved in either bid. at the netball world cup, england have beaten australia 56—55. both sides are already through to the semi—finals, wales are leading trinidad and tobago. the american football legend, tom brady, has become a minority owner in the championship side, birmingham city. the seven—time superbowl winner will become chairman of a new advisory board at st andrew's. birmingham say brady will bring significant expertise, and work alongside the sports science department to advise on health, nutrition, wellness, and recovery. and tottenham manager mauricio pochettino has played down concerns over an injury to striker christopher nkunku. the £52m player went off with an apparent knee injury in a pre—season match against borussia dortmund in chicago. great to have your company this morning, thank you for being with me and it is your chance to have your say on the big interest rate decision, facing the bank of england today. one that affects each and every one of us, as we have been hearing from the past half hour, whether it is businesses, mortgage holders, renters, so is a great rise good for you because mckay does question this morning. a simple question, but different answers. we are on bbc news until ten o'clock this morning, i should say, continuing the conversation on 5 live until 11am. we will keep this going for another hour and an half. we are getting so many of your calls. most of your text as well. some text, gaz in birmingham says, i think i will economy has been based far too long on the lazy and quick ways to make money, so too dependent on money markets rather than making things that people want and can afford to buy. we need to dramatically change our focus, stop trying to make a quick, easy but, leaving us beholden to the greedy banks and stockholders. that is what gaz says. we have a pub landlord who has got in touch, mark says, is a pub landlord of 15 years, the economic climate is nothing i have experienced before, customers do not have any extra money to spend, so they don't come and visit the pub any more. we are open daily, ready for anyone to walk through the door. we have already let three staff go, so the burden are now operating a pub. the shoulders of the few we have, which does little for morale. you see pubs around the country who are choosing not to open, choosing not to open on certain hours, seven days, restaurants as well because of the situation. it is the energy bills, mark goes on to say, that we have had to pay since last year, that will ultimately destroy us. the declining customers has been evident since the winter when everyone was worried about fuel costs. the whole situation is worse than covid—19, which is something to say. that is mark. all the best to you. is a rate rise good to you? let us know, get involved. you can call me on... and you can text 85058. i was just about to say, let's get more of your calls. let's do that, wherever you are in the country. and wherever you are in the country. and where you are watching, whether you are listening, be great to speak to you. ruth in wrexham has been holding on, diligently, patiently! roof, good morning. good morning! sorry to have you holding on for so long. —— ruth. we are hearing about small businesses from different parts of the country, but tell us about your situation, from there in wrexham. , ., about your situation, from there in wrexham. , . ., wrexham. yes, i ran martin read stuart collier _ wrexham. yes, i ran martin read stuart collier second _ wrexham. yes, i ran martin read stuart collier second hand - wrexham. yes, i ran martin read i stuart collier second hand jewellery specialist. we have seen a massive increase in the amount of gold and jewellery we are buying off the public. some of the customers are definitely mentioning the increases in mortgage payments and rent payments, as well as the cost of living rising. that is definitely feeding into it.— feeding into it. that is interesting, _ feeding into it. that is interesting, so - feeding into it. that is interesting, so give i feeding into it. that is l interesting, so give me feeding into it. that is i interesting, so give me an feeding into it. that is - interesting, so give me an idea feeding into it. that is _ interesting, so give me an idea of how much more you are seeing, this is people scratching around, thinking, do we really need this? can we hold onto that? can we let it go? what kind of an increase are you seeing, it is an interesting barometer in a way? irlat seeing, it is an interesting barometer in a way? not really got an actual percentage _ barometer in a way? not really got an actual percentage for _ barometer in a way? not really got an actual percentage for you, - barometer in a way? not really got an actual percentage for you, but i | an actual percentage for you, but i would say it is probably not like i would say it is probably not like i would probably say it half as much again, as a year ago, maybe, would probably say it half as much again, as a yearago, maybe, in terms of volume and value. it is a lot. we are definitely noticing the struggle. a, lot. we are definitely noticing the stru: ile. �* ., lot. we are definitely noticing the stru~le. �* . , lot. we are definitely noticing the stru: ile. �* ., , . ., lot. we are definitely noticing the strut tle, �* ., , ., ., ., struggle. a rate rise, another one, is in the offing _ struggle. a rate rise, another one, is in the offing today, _ struggle. a rate rise, another one, is in the offing today, it _ struggle. a rate rise, another one, is in the offing today, it would i struggle. a rate rise, another one, is in the offing today, it would be i is in the offing today, it would be the 40th consecutive rate rise. what do you think for you? how has that been affecting you? some people might look at it and think it is big economy stuff, but we all know, eventually, it all comes to us in one way or another?— eventually, it all comes to us in one way or another? yes, obviously, it is iioin one way or another? yes, obviously, it is going to- — one way or another? yes, obviously, it is going to- it _ one way or another? yes, obviously, it is going to. it makes _ one way or another? yes, obviously, it is going to. it makes a _ it is going to. it makes a difference in the money that people have to spend. in a way, we are less affected because people turn to second hand stuff more, in hard times, pre—owned jewellery has value, so we are managing to still see some growth but not as much as before. we have protected our staff, their salaries with a real living wage increases, so higher than that, but they have... they are a great team. they're helping and they maximise the sales, to keep with the business rates. the possible future decrease in sales, but definitely the shop and the website at the moment are holding up surprisingly well. ., , moment are holding up surprisingly well. . , ., ., , well. that is good to hear, but tricky times- _ well. that is good to hear, but tricky times. thank _ well. that is good to hear, but tricky times. thank you - well. that is good to hear, but tricky times. thank you very i well. that is good to hear, but i tricky times. thank you very much, ruth. ruth is there from wrexham. let's have a look at the telegraph's editorial today which i thought was worth sharing. it is a point of view, but we were talking about the balancing act that the bank of england is facing currently, has been facing for a number of months. we were talking about that from our business reporter, peter earlier, but in the editorial today, they say, the question to be considered by the mpc, the monetary policy committee, the members deciding on the interest rate rise, they say the question to be considered by mpc members is whether they have tightened enough and going further, risk tipping the economy into a recession, or whether another turn of the ratchet is needed and by how much. the mpc, according to the telegraph, might well be advised to are on the side of caution, since morning lines have been imminent recession, have been flashing red. the bank's reputation has been so shredded by its failure to control inflation, then it will overcompensate, to underpin its own readability, that is the worry. actually, around the slowing of manufacturing and all of that think, we had this report a little earlier on this week, that was saying that rates of contraction in factory output, new orders and employment, all accelerated in july. output, new orders and employment, all accelerated injuly. but british manufacturing output contracted at the fastest rate in seven months. the report said cash—strapped contribute different companies were cutting down on purchases and running down their stocks to save on money. the consumers are no longer in the buying mood, it would seem. let us know... if you are a manufacturer, if you work in that kind of wild, small, medium businesses, we would love to speak to you this morning, between now and 11am. this is so multifaceted. we bring in a jeremy from south east sussex. that is very precise, isn't it! and john, probably not that far away, on the south coast. jeremy, john, good morning. ithought we would bring you both in because you are both talking about the property market. jeremy, tell us about your situation. �* ., market. jeremy, tell us about your situation. . ., ., market. jeremy, tell us about your situation. �* . ., ., situation. i'm a landlord, as well as working _ situation. i'm a landlord, as well as working in — situation. i'm a landlord, as well as working in a _ situation. i'm a landlord, as well as working in a manufacturing. l as working in a manufacturing. separate matters, but i am a landlord, not a large—scale one, i have a few rental properties, and i've only ended up with those because in the last, 12, 15 years, with the rate, when i went to move house myself, finding a new property and getting a new mortgage, the advice from the lenders was that it would be far cheaper... rather than at the expense of paying early redemption fees. agency fees, so why spend that money when it can give another mortgage —— mortgage? it just came up over the last decade. i'm in the situation now that a lot of landlords are facing, we are at the breaking point and we've got no choice but to unfortunately pass down the line to tenants because if we don't all chip in together, collectively, we will have to go up the sale. and in the area where i am, it is the property investors who are snapping them up as well. second ro erties, are snapping them up as well. second properties. all— are snapping them up as well. second properties. all of— are snapping them up as well. second properties, all of that. _ are snapping them up as well. second properties, all of that. give _ are snapping them up as well. second properties, all of that. give us- are snapping them up as well. second properties, all of that. give us an i properties, all of that. give us an idea, one property, give us an idea of how much things have gone up on that property? tithe of how much things have gone up on that property?— that property? one in particular, usually low _ that property? one in particular, usually low rates, _ that property? one in particular, usually low rates, the _ that property? one in particular, usually low rates, the mortgage | that property? one in particular, i usually low rates, the mortgage at the time, couple of years ago, the mortgage payment was just under £800 per month. that is a student property, so it had a fairly good income, but students, lots of people say should save money for this, it will go up, but with a student rental, there is lots of maintenance. although there is an earning each month, some of that is sent with agency fees, maintenance and repairs, so there is not lots of money left at the end of the day. that mortgage is going from just under £800, up to £1300 per month. that is something that you just can't... as much as you say, as much as i try... can't. .. as much as you say, as much as i try- - -_ can't. .. as much as you say, as much as i try---_ to— can't. .. as much as you say, as much as i try---_ to try- as i try... that is huge. to try and earn more. _ as i try. .. that is huge. to try and earn more. as— as i try... that is huge. to try and earn more, as much _ as i try... that is huge. to try and earn more, as much as _ as i try... that is huge. to try and earn more, as much as i - as i try... that is huge. to try and earn more, as much as i work, i as i try... that is huge. to try and| earn more, as much as i work, and knock—on effects for anyone else, thatis knock—on effects for anyone else, that is 14, 15 rate rises... it would be the 14th today. that is 14, 15 rate rises... it i would be the 14th today. they that is 14, 15 rate rises... it - would be the 14th today. they are all comini would be the 14th today. they are all coming together, _ would be the 14th today. they are all coming together, on _ would be the 14th today. they are all coming together, on one - would be the 14th today. they are all coming together, on one day, | all coming together, on one day, jumping up by that amount. sorry, i 'ust want jumping up by that amount. sorry, i just want to — jumping up by that amount. sorry, i just want to bring _ jumping up by that amount. sorry, i just want to bring in... _ jumping up by that amount. sorry, i just want to bring in... lenders, i jumping up by that amount. sorry, i just want to bring in... lenders, on | just want to bring in... lenders, on this particular _ just want to bring in... lenders, on this particular mortgage, _ just want to bring in... lenders, on this particular mortgage, due i just want to bring in... lenders, on this particular mortgage, due to i just want to bring in... lenders, on | this particular mortgage, due to the government pressure, the banks at the point at which we could reapply for a new one, whilst the rate was a bit lower, the night before that came in, the rates were over 10.5%. that lifeline they were offering was taken away just that lifeline they were offering was taken awayjust before we were able to opt in and take that. —— 0.5%. jamie, wait there, it is worth pointing out to our listeners and viewers that you have had your rate for 14 years injuly, so prices on houses going down, according to nationwide, mortgages are the highest for 15 years in july. nationwide, mortgages are the highest for 15 years injuly. it is strange for people who are so used to price is only going one way for such a long time. john, you have more properties than itjeremy. presumably, you have don't like you have 12 properties, icy, but it is a similar story, have 12 properties, icy, but it is a similarstory, presumably? have 12 properties, icy, but it is a similar story, presumably? slightly different, i have _ similar story, presumably? slightly different, i have slimmed - similar story, presumably? slightly different, i have slimmed down i similar story, presumably? slightlyl different, i have slimmed down over the years. _ different, i have slimmed down over the years, i've got 12, but the mortgage _ the years, i've got 12, but the mortgage rates have gone up and up and up _ mortgage rates have gone up and up and up i_ mortgage rates have gone up and up and up. i know i've been in the game for25_ and up. i know i've been in the game for 25 years. — and up. i know i've been in the game for 25 years, but with this interest rate, _ for 25 years, but with this interest rate. we — for 25 years, but with this interest rate, i've had to calculate, i got to evict — rate, i've had to calculate, i got to evict to— rate, i've had to calculate, i got to evict to tenants. i have to sell to evict to tenants. i have to sell to properties. i've never evicted before _ to properties. i've never evicted before because i tend to only senate if a tenant _ before because i tend to only senate if a tenant moves out. —— sell it. one _ if a tenant moves out. —— sell it. one of— if a tenant moves out. —— sell it. one of the — if a tenant moves out. —— sell it. one of the properties i'm selling, my mortgage wasjust one of the properties i'm selling, my mortgage was just under one of the properties i'm selling, my mortgage wasjust under 300, it is now— my mortgage wasjust under 300, it is now close — my mortgage wasjust under 300, it is now close to £1000. i can't... both— is now close to £1000. i can't... both the — is now close to £1000. i can't... both the tenants and their families can't afford it any more, so... a lot of— can't afford it any more, so... a lot of them _ can't afford it any more, so... a lot of them come from the council, without— lot of them come from the council, without credit, but there is no way they can _ without credit, but there is no way they can increase that. for the first— they can increase that. for the first time — they can increase that. for the first time in my career, and having to evict _ first time in my career, and having to evict two — first time in my career, and having to evict two people. how first time in my career, and having to evict two people.— first time in my career, and having to evict two people. how was that on an emotional — to evict two people. how was that on an emotional level— to evict two people. how was that on an emotional level for _ to evict two people. how was that on an emotional level for you? - to evict two people. how was that on an emotional level for you? it i to evict two people. how was that on an emotional level for you? it is i an emotional level for you? it is iiallin. i an emotional level for you? it is galling- i did — an emotional level for you? it is galling. i did not _ an emotional level for you? it is galling. i did not go _ an emotional level for you? it is galling. i did not go into this business _ galling. i did not go into this business to evict people. i enjoy what _ business to evict people. i enjoy what i _ business to evict people. i enjoy what i do — business to evict people. i enjoy what i do i_ business to evict people. i enjoy what i do. i really enjoy it, but this— what i do. i really enjoy it, but this is— what i do. i really enjoy it, but this isjust _ what i do. i really enjoy it, but this isjust so fast. there are lots of things— this isjust so fast. there are lots of things with it. i can't change my mortgages— of things with it. i can't change my mortgages at all. mine are with mortgage express. which went out of business _ mortgage express. which went out of business with bingley. i can't move them. _ business with bingley. i can't move them. but — business with bingley. i can't move them, but i'm now at an age that people _ them, but i'm now at an age that people won't give me another mortgage with it. both of these tenants — mortgage with it. both of these tenants have been with me for ten years _ tenants have been with me for ten years |_ tenants have been with me for ten ears, , , , ., , tenants have been with me for ten ears. , , years. i suppose some people might sa , john, years. i suppose some people might say. john. all— years. i suppose some people might say, john, all well— years. i suppose some people might say, john, all well and _ years. i suppose some people might say, john, all well and good - years. i suppose some people might say, john, all well and good being i say, john, all well and good being in your kind of line of work as you say, this is your line of work, different fortjeremy, it is great with the times are good, but when things go the other way, you've got to face the consequences, i suppose? yes, of course, it is the other consequences out there, it is people finding _ consequences out there, it is people finding a _ consequences out there, it is people finding a home. i was hoping that dot like _ finding a home. i was hoping that dot like one of my properties is empty. — dot like one of my properties is empty, and are renovating it myself. i empty, and are renovating it myself. i was _ empty, and are renovating it myself. i was hoping — empty, and are renovating it myself. i was hoping to get it done in time to cover— i was hoping to get it done in time to cover it. — i was hoping to get it done in time to cover it, but initially, it was going — to cover it, but initially, it was going to — to cover it, but initially, it was going to go on the rental market, but i _ going to go on the rental market, but i think— going to go on the rental market, but i think it will have to be sold. the speed — but i think it will have to be sold. the speed of its this year, is not affecting — the speed of its this year, is not affecting enough of the population. if affecting enough of the population. if you've _ affecting enough of the population. if you've got savings, great, it is going _ if you've got savings, great, it is going to — if you've got savings, great, it is going to hit _ if you've got savings, great, it is going to hit the population. the bank— going to hit the population. the bank of— going to hit the population. the bank of england seem to only have one weapon. we bank of england seem to only have one weapon-— bank of england seem to only have one weapon. we bring in lynn from basingstoke. _ one weapon. we bring in lynn from basingstoke, thank _ one weapon. we bring in lynn from basingstoke, thank you _ one weapon. we bring in lynn from basingstoke, thank you for - one weapon. we bring in lynn from basingstoke, thank you for that i basingstoke, thank you for that genre. and we bring in it dino from northamptonshire. ——jean. genre. and we bring in it dino from northamptonshire. -- jean.- northamptonshire. -- jean. hello! that was a— northamptonshire. -- jean. hello! that was a nice _ northamptonshire. -- jean. hello! that was a nice unison _ northamptonshire. -- jean. hello! that was a nice unison from i northamptonshire. -- jean. hello! that was a nice unison from you i that was a nice unison from you both. is great price good for you but the answer we had broadly from the listeners and he was this morning is no. there are flip side to this, of course? if you are a safer, it should be good news for you, and i guess if you are someone who thinks, actually, strategically, we need to deal with inflation and if this is the medicine we need to drink in order to deal with it, then thatis drink in order to deal with it, then that is the way forward. then there is going to be other specific cases. do you fit into that last category, do you helen? it do you fit into that last category, do you helen?— do you fit into that last category, do you helen? it has 'ust become more difficult i do you helen? it has 'ust become more difficult to i do you helen? it has 'ust become more difficult to be i do you helen? it has 'ust become more difficult to be ai do you helen? it hasjust become more difficult to be a landlord. i do you helen? it hasjust become i more difficult to be a landlord. you don't have the respect they used to have. i've had property for 30 years. i've always managed it myself, but it has just become too difficult. i've always been very fair, and now! difficult. i've always been very fair, and now i have mortgages that are all paid off, so i've never been are all paid off, so i've never been a grand greedy landlords and overcharged the market rates because as long as i was getting an income, that was fine. with tenants, and this lady, ijust had enough. i decided to sell through section 21, saying they didn't need to pay, through covid—19, so no one could come in, took them to court, got them out, all the money i put into high interest account and the interest is paying more than the profit. if you take of your insurance and everything and any repairs, and actually getting more money with that money sitting in the account on high interest.— account on high interest. right. understood! — account on high interest. right. understood! so _ account on high interest. right. understood! so actually, i account on high interest. right. understood! so actually, in i account on high interest. right. understood! so actually, in a i account on high interest. right. i understood! so actually, in a way, you'll do ok of this.— you'll do ok of this. yes, yes, i didn't want _ you'll do ok of this. yes, yes, i didn't want to, _ you'll do ok of this. yes, yes, i didn't want to, but _ you'll do ok of this. yes, yes, i didn't want to, but it _ you'll do ok of this. yes, yes, i didn't want to, but it was i you'll do ok of this. yes, yes, i didn't want to, but it was just i you'll do ok of this. yes, yes, i i didn't want to, but it was just too difficult to manage. each of the other of these, one by one we put them to an agent. there is just no respect any more, like they used to be. ~ . ~ respect any more, like they used to be. ~ ., ,, ., be. whenever we talk about the landlord, especially _ be. whenever we talk about the landlord, especially those i be. whenever we talk about the landlord, especially those that i be. whenever we talk about the i landlord, especially those that have multiple properties, it provokes strong feelings. john, are you still there? . . i strong feelings. john, are you still there ?_ i brought i strong feelings. john, are you still there?_ i brought it i strong feelings. john, are you still there?_ i brought it up. strong feelings. john, are you stilll there?_ i brought it up in there? yes, i am. i brought it up in there? yes, i am. i brought it up in the conversation, _ there? yes, i am. i brought it up in the conversation, when _ there? yes, i am. i brought it up in the conversation, when times i there? yes, i am. i brought it up in the conversation, when times are l the conversation, when times are good, it is all roses, but when it goes this way, it is tricky. i'm going to reach you, just a few of the texts we have had in the short time since we spoke, john. jeff says, this guy was 12 —— 12 properties who thinks it is a career, get him off! anyone she was just looking to make a quick buck has no sympathy for me. another caller from has no sympathy for me. another callerfrom london has no sympathy for you, john. what are you going to say, john? for you, john. what are you going to sa , john? ., ., ., for you, john. what are you going to sa ,john? ., ., ., , for you, john. what are you going to sa ,john? ., . ., for you, john. what are you going to sa ,john? ., ., ., , ., say, john? you all a pick your own “obs. i say, john? you all a pick your own jobs- l was — say, john? you all a pick your own jobs- l was a _ say, john? you all a pick your own jobs. i was a builder, _ say, john? you all a pick your own jobs. i was a builder, so _ say, john? you all a pick your own jobs. i was a builder, so me i say, john? you all a pick your own jobs. i was a builder, so me and i say, john? you all a pick your own i jobs. i was a builder, so me and my wife renovate — jobs. i was a builder, so me and my wife renovate full— jobs. i was a builder, so me and my wife renovate full properties - wife renovate full properties and renovated — wife renovate full properties and renovated it _ wife renovate full properties and renovated it completely. - wife renovate full properties and renovated it completely. we i wife renovate full properties and i renovated it completely. we would buy derelict — renovated it completely. we would buy derelict properties _ renovated it completely. we would buy derelict properties and - renovated it completely. we would. buy derelict properties and renovate them~ _ buy derelict properties and renovate them it's_ buy derelict properties and renovate them it's what— buy derelict properties and renovate them. it's what we _ buy derelict properties and renovate them. it's what we decided - buy derelict properties and renovate them. it's what we decided to i buy derelict properties and renovate them. it's what we decided to do i buy derelict properties and renovatej them. it's what we decided to do for a living _ them. it's what we decided to do for a living it _ them. it's what we decided to do for a living it has — them. it's what we decided to do for a living. it has worked _ them. it's what we decided to do for a living. it has worked for— them. it's what we decided to do for a living. it has worked for us. - them. it's what we decided to do for a living. it has worked for us. but. a living. it has worked for us. but all my— a living. it has worked for us. but all my rents — a living. it has worked for us. but all my rents below _ a living. it has worked for us. but all my rents below markets, i a living. it has worked for us. but all my rents below markets, all i a living. it has worked for us. but. all my rents below markets, all my tenants~ — all my rents below markets, all my tenants~ most— all my rents below markets, all my tenants... most of— all my rents below markets, all my tenants... most of my— all my rents below markets, all my tenants... most of my tenants i all my rents below markets, all myl tenants... most of my tenants have been _ tenants... most of my tenants have been with— tenants... most of my tenants have been with me — tenants... most of my tenants have been with me for— tenants... most of my tenants have been with me for ten _ tenants... most of my tenants have been with me for ten years, - tenants... most of my tenants have been with me for ten years, so, i tenants... most of my tenants have i been with me for ten years, so, yes, i been with me for ten years, so, yes, i own— been with me for ten years, so, yes, i own these — been with me for ten years, so, yes, i own these properties _ been with me for ten years, so, yes, i own these properties and _ been with me for ten years, so, yes, i own these properties and i- been with me for ten years, so, yes, i own these properties and i have i i own these properties and i have put a _ i own these properties and i have put a lot— i own these properties and i have put a lot of— i own these properties and i have put a lot of work— i own these properties and i have put a lot of work into _ i own these properties and i have put a lot of work into this - i own these properties and i have put a lot of work into this and i haven't— put a lot of work into this and i haven't mistreated _ put a lot of work into this and i haven't mistreated a _ put a lot of work into this and i haven't mistreated a single i put a lot of work into this and i- haven't mistreated a single tenant. i've haven't mistreated a single tenant. i've never— haven't mistreated a single tenant. i've never evicted _ haven't mistreated a single tenant. i've never evicted anyone _ haven't mistreated a single tenant. i've never evicted anyone and i've i i've never evicted anyone and i've been _ i've never evicted anyone and i've been doing — i've never evicted anyone and i've been doing it _ i've never evicted anyone and i've been doing it for— i've never evicted anyone and i've been doing it for 28 _ i've never evicted anyone and i've been doing it for 28 years. - i've never evicted anyone and i've been doing it for 28 years. 1993 i i've never evicted anyone and i've i been doing it for 28 years. 1993 was the first— been doing it for 28 years. 1993 was the first one — been doing it for 28 years. 1993 was the first one. i've _ been doing it for 28 years. 1993 was the first one. i've never— been doing it for 28 years. 1993 was the first one. i've never evicted i the first one. i've never evicted anyone — the first one. i've never evicted anyone there _ the first one. i've never evicted anyone. there are _ the first one. i've never evicted anyone. there are good - the first one. i've never evicted i anyone. there are good landlords the first one. i've never evicted - anyone. there are good landlords and bad landlords — anyone. there are good landlords and bad landlords. you _ anyone. there are good landlords and bad landlords. you need _ anyone. there are good landlords and bad landlords. you need landlords. i bad landlords. you need landlords. and you _ bad landlords. you need landlords. and you accept _ bad landlords. you need landlords. and you accept the _ bad landlords. you need landlords. and you accept the situation - bad landlords. you need landlords. and you accept the situation you i bad landlords. you need landlords. i and you accept the situation you are in? you're not sitting there saying, oh, i didn't anticipate this coming my way! it is just the way things go when an economy turns. yes. my way! it is just the way things go when an economy turns. yes, there were always — when an economy turns. yes, there were always going _ when an economy turns. yes, there were always going to _ when an economy turns. yes, there were always going to be _ when an economy turns. yes, there were always going to be bad i when an economy turns. yes, there| were always going to be bad things. because _ were always going to be bad things. because it _ were always going to be bad things. because it has — were always going to be bad things. because it has turned _ were always going to be bad things. because it has turned so _ were always going to be bad things. because it has turned so fast - were always going to be bad things. because it has turned so fast and i because it has turned so fast and the bank— because it has turned so fast and the bank of— because it has turned so fast and the bank of england _ because it has turned so fast and the bank of england has- because it has turned so fast and the bank of england has only- because it has turned so fast and the bank of england has only got| because it has turned so fast and - the bank of england has only got one rate, the bank of england has only got one rate. i'm _ the bank of england has only got one rate. i'm going— the bank of england has only got one rate. i'm going to— the bank of england has only got one rate, i'm going to be _ the bank of england has only got one rate, i'm going to be ok, _ the bank of england has only got one rate, i'm going to be ok, i'm - the bank of england has only got one rate, i'm going to be ok, i'm going l rate, i'm going to be ok, i'm going to sell— rate, i'm going to be ok, i'm going to sellthe— rate, i'm going to be ok, i'm going to sell the two _ rate, i'm going to be ok, i'm going to sell the two properties, - rate, i'm going to be ok, i'm going to sell the two properties, that- to sell the two properties, that will cover— to sell the two properties, that will cover me _ to sell the two properties, that will cover me for— to sell the two properties, that will cover me for another - to sell the two properties, that will cover me for another yearl to sell the two properties, that. will cover me for another year or so, the — will cover me for another year or so, the tenants _ will cover me for another year or so, the tenants will _ will cover me for another year or so, the tenants will be _ will cover me for another year or so, the tenants will be safe, - will cover me for another year or so, the tenants will be safe, the| so, the tenants will be safe, the rest of— so, the tenants will be safe, the rest of them, _ so, the tenants will be safe, the rest of them, they— so, the tenants will be safe, the rest of them, they can - so, the tenants will be safe, the rest of them, they can carry- rest of them, they can carry on working. it _ rest of them, they can carry on working, it will— rest of them, they can carry on working, it will carry— rest of them, they can carry on working, it will carry on, - rest of them, they can carry on working, it will carry on, but i rest of them, they can carry on. working, it will carry on, but the two families, _ working, it will carry on, but the two families, it _ working, it will carry on, but the two families, it is _ working, it will carry on, but the two families, it is not _ working, it will carry on, but the two families, it is not going - working, it will carry on, but the two families, it is not going to l working, it will carry on, but the l two families, it is not going to be. it is only— two families, it is not going to be. it is only mortgage _ two families, it is not going to be. it is only mortgage holders, - two families, it is not going to be. i it is only mortgage holders, people saying. _ it is only mortgage holders, people saying. and — it is only mortgage holders, people saying. and it — it is only mortgage holders, people saying, and it isn't. _ it is only mortgage holders, people saying, and it isn't. i— it is only mortgage holders, people saying, and it isn't. i can _ it is only mortgage holders, people saying, and it isn't. i can assure - saying, and it isn't. i can assure you that — saying, and it isn't. i can assure you that the _ saying, and it isn't. i can assure you that the business _ saying, and it isn't. i can assure you that the business isn't - saying, and it isn't. i can assure you that the business isn't to i saying, and it isn't. i can assure. you that the business isn't to sell pmperties. — you that the business isn't to sell pmperties. the _ you that the business isn't to sell properties, the idea _ you that the business isn't to sell properties, the idea is _ you that the business isn't to sell properties, the idea is to- you that the business isn't to sell properties, the idea is to keep i properties, the idea is to keep them — properties, the idea is to keep them that _ properties, the idea is to keep them that is _ properties, the idea is to keep them. that is the _ properties, the idea is to keep them. that is the capital. - properties, the idea is to keep them. that is the capital. thank ou, them. that is the capital. thank you. john. _ them. that is the capital. thank you. john. and _ them. that is the capital. thank you. john. and i _ them. that is the capital. thank you, john, and i appreciate - them. that is the capital. thank you, john, and i appreciate you | you, john, and i appreciate you taking that head on. we have to reflect what our listeners and viewers are saying this morning. at a great price good for you, that is the question. we are going to carry this one because were getting so many of your calls. we haven't had a chance to get to susie lawes, a personal finance expert, chance to get to susie lawes, a personalfinance expert, she knows all about finance, savings, pensions, the whole lot! hopefully, susie will be with us for a while. she can field some of what talking about. susie, hello.— she can field some of what talking about. susie, hello. good morning. landlords! — about. susie, hello. good morning. landlords! as _ about. susie, hello. good morning. landlords! as soon _ about. susie, hello. good morning. landlords! as soon as _ about. susie, hello. good morning. landlords! as soon as we _ about. susie, hello. good morning. landlords! as soon as we started i landlords! as soon as we started talking about landlords and multiple properties, it is certainly provokes strong feelings. lats properties, it is certainly provokes strong feelings.— strong feelings. lots of hate for landlords _ strong feelings. lots of hate for landlords. but _ strong feelings. lots of hate for landlords. but we _ strong feelings. lots of hate for landlords. but we are _ strong feelings. lots of hate for landlords. but we are getting i strong feelings. lots of hate for landlords. but we are getting a | landlords. but we are getting a sense of the — landlords. but we are getting a sense of the countries - landlords. but we are getting a sense of the countries that - sense of the countries that landlords, homeowners, renters are finding themselves in because of all of these related and interlinked factors and having to look at what alternatives there might be full. for lots of people, of people have got in touch, the possibilities are few and far between. we spoke to sophie in ipswich, she rents a tiny property, she fears her landlord putting her rent up. what is she going to do? that is a question lots of people are going to be asking themselves.— of people are going to be asking themselves. , . ., , themselves. yes, particularly with our themselves. yes, particularly with your previous _ themselves. yes, particularly with your previous caller, _ themselves. yes, particularly with your previous caller, people - themselves. yes, particularly with | your previous caller, people having to forced eviction of their tenants. it is going to push up the rent. i know people love to hate landlords, but some people have to rent. it is the right thing for them, but this is a challenge. it is the right thing for them, but this is a challenge.— is a challenge. it is a challenge across the _ is a challenge. it is a challenge across the board. _ is a challenge. it is a challenge across the board. one - is a challenge. it is a challenge across the board. one of - is a challenge. it is a challenge across the board. one of our . across the board. one of our listeners getting in touch was talking about saving. we haven't talked a lot about it. savers should be doing all right. one listener says, please don't point the listener at the savers. i wasn't. we've never moaned about low rates, and inflationjust we've never moaned about low rates, and inflation just when we've never moaned about low rates, and inflationjust when inflation is due to many other things. he is talking aboutjohn, the landlords again! the broader point being that when savers, this is when they should be doing well. this is not necessarily the case. banks are not necessarily the case. banks are not necessarily passing on those high rates in the way that they are with mortgage rates. rates in the way that they are with mortgage rates-— rates in the way that they are with mortgage rates. they are not, and don't forget _ mortgage rates. they are not, and don't forget as _ mortgage rates. they are not, and don't forget as well, _ mortgage rates. they are not, and don't forget as well, those - mortgage rates. they are not, and don't forget as well, those savings rates are currently high, but inflation is still higher, is in real terms, even if savers are still losing out on an annual basis on their capital, but because interest rates are still not matching the level of inflation. savings also don'tjust mean money in the bank, it could be pensions, investments, and it is a challenging time for markets across the board. partly because of what is going on with interest rates. it is a much broader picture and it is not as simple as, it is good for one person and bad for another. it is good for one person and bad for another-— it is good for one person and bad for another. stay with us, susie. i know we will _ for another. stay with us, susie. i know we will come _ for another. stay with us, susie. i know we will come to _ for another. stay with us, susie. i know we will come to you - for another. stay with us, susie. i know we will come to you again, | know we will come to you again, personal finance expert. know we will come to you again, personalfinance expert. she knows it all. if you have a point you want to make, we will have a look to see if susie can answer that as well. sad to say, viewers on bbc news are leaving us now. thank you for your company, but we are continuing the conversation about interest rates. and you, taking your calls and messages on 5 live and bbc sounds. find us on your smart speaker as well. we continue our conversation on 5 live. we carry on getting your text as well. one listener here saying i would like to defend john on the south coast, people are so judgmental, i don't think he was really complaining about his only financial position. he seemed more concerned about his tenants. i'm may landlords too and this is part of a cycle we will all have to ride out. i think, yes, cycle we will all have to ride out. ithink, yes, making cycle we will all have to ride out. i think, yes, making a cycle we will all have to ride out. ithink, yes, making a point. john was more concerned about his tenants and anything else and trying to do the right thing by them. we will be with you for the next hour on 5 live. we will continue talking about this as well, so keep your calls and texts coming in. 85058 is the text number. the question we're asking this morning is a rate rise good for you? let us know your thoughts this morning. thank you for your company this morning. this is your thank you for your company this mornin-. this is your chance thank you for your company this morning. this is your thank you for your company this mornin-. this is your chance as thank you for your company this morning. this is your thank you for your company this mornin-. this is your chance as ever morning. this is your chance as ever to have your say on the biggest stories of the moment. it is one that affects _ stories of the moment. it is one that affects us _ stories of the moment. it is one that affects us all, _ stories of the moment. it is one that affects us all, and - stories of the moment. it is one that affects us all, and we - stories of the moment. it is one that affects us all, and we have | stories of the moment. it is one - that affects us all, and we have had calls from across the board, across the country as well, that is what we are always asking for in this country, is a rate rise good for you? interest rates looking likely, the smart money is put on them going up the smart money is put on them going up today, the bank of england will make their decision at midday, we are seeing the fastest rise in rates in modern history at the moment. this will be the 14th consecutive rise, it is all aimed at tackling inflation, trying to control inflation, trying to control inflation, managing inflation, and we know it is a bitter medicine from the bank, this is the intention, getting us to borrow less, to spend less, dampen demand, so it does seem to be working, the rate of inflation is finally slowing. under 8% for the first time in the year, but at what cost? walking an economic tightrope because fears of recession are swirling again. i want to hearfrom you. are you worried about the impact the rate rise could have on your business, we have been hearing from hairdressers and businesses, from hairdressers and businesses, from a cafe, if you look around your