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Responsibility for the fact that inflation in the uk is much higher than it is in comparable countries. in the us, it is 3%. in the eurozone it is 5.3%. and yet, here in britain, inflation remains stubbornly at 7.9% because of a decade or more of mismanagement by the conservative party. let s talk to our work and money reporter peter ruddick. what does this mean for people with mortgages? it what does this mean for people with mortua . es? . , what does this mean for people with mortua . es? ., , , what does this mean for people with mortauaes? , , . mortgages? it was widely expected but unfortunately mortgages? it was widely expected but unfortunately that mortgages? it was widely expected but unfortunately that will - mortgages? it was widely expected but unfortunately that will not - but unfortunately that will not prevent the pain from hurting. let s break this down, for people on a variable or a tracker rate mortgage, which tracks the bank of england base rate, they will see i ....
Fall than we wanted. but what we can see today is there is a steady, solid pathway to bringing down inflation. what i want to make sure, but the government must do is stick to that plan so we didn t delay any longer at the relief of family and businesses that are finding things tough. so that s the government sticking to its plan . but this was the reaction from labour s shadow chancellor, rachel reeves. the government need to take responsibility for the fact that inflation in the uk is much higher than it is in comparable countries. in the us, it is 3%. in the eurozone it is 5.3%. and yet, here in britain, inflation remains stubbornly at 7.9% because of a decade or more of mismanagement by the conservative party. so that s the political reaction to the interest rate rise. but what will it mean for homeowners with a mortgages and those with loans? here s our economics ....
Their mortgages increase. rachel reeves said that the government needs to force the banks and lenders to do more to mortgage holders help including making the package of measures the government negotiated with banks mandatory not voluntary. well, the rate rise that we ve seen today is just another hammer blow to families across the country who are seeing their mortgages increase when it comes to remortgaging. at the moment, a family that s looking to remortgage their property is going to be paying on average, more than £200 extra every single month. and for some people, it s much more than that. now, of course, the bank of england have independence and that s as it should be. but the government need to take responsibility for the fact that inflation in the uk is much higher than it is in comparable countries. in the us it s 3%, in the eurozone is 5.3%. and yet here in britain, inflation is stubbornly high at 7.9% because of a decade or more of mismanagement by the conservative party. ....
Than it is in comparable countries. in the us, it is 3%. in the eurozone it is 5.3%. and yet, here in britain, inflation remains stubbornly at 7.9% because of a decade or more of mismanagement by the conservative party. so, that s the political reaction to the interest rate rise. but what will it mean for homeowners with a mortgages and those with loans? here s our economics correspondent, andy verity. for father of two peter, keeping up the payments on his young family s mortgage is looking like anything but child s play. they bought their home under the government s help to buy scheme, but since then interest rates have risen 14 times. when his fixed rate deal expires early next year, his payments will jump. somehow we re supposed to spend less and find £750 extra a month to pay for that. for many families it is a terrifying situation. if you have a young family like ourselves, who have been swayed into the housing market ....