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flanders and claire barrett. we have got stephanie flanders from bloomberg economics on the podcast. hello. hello, hello. and another friend of the podcast, claer barrett, from the financial times. thank you for having me. i m glad you re here, so, interest rates at 3%, stephanie. gives a sense of how that feeds into real lives. in gives a sense of how that feeds into real lives. into real lives. in terms of money that into real lives. in terms of money that is into real lives. in terms of money that is about - into real lives. in terms of money that is about 2 - into real lives. in terms of. money that is about 2 million people in the country who are on a variable rate the biggest since the 80s or 90s depending on who you believe. and for somebody with the average size mortgage, that is going to add nearly £80 a month or £1000 a year, just from today s rise, but of course, that is the eighth rise we have had in succession from the bank of england. there is more ....
2 million people in this country who are on a variable rate mortgage who will immediately see the impact of that 0.75% rise we have had today. the biggest since the 80s or 90s depending on who you believe. and for somebody with the average size mortgage, just from today s rise, but of course, that s the eighth rise we have had in succession from the bank of england. there s more pain to come for around 2 million people you roll off their mortgage fixed rates next year. they might see an even bigger rise because they re on a really low rate now and it ll probably be higher than it is next year, so again, somebody with the average size mortgage, they can expect to pay around £250 more per month, or £3000 a year, and that s based on a mortgage of 130,000 so obviously if you have a bigger mortgage, you will have bigger repayments. trying to work out from listening to the various contributions we ve heard today, whether it be andrew bailey at the bank of england orjeremy ....
The group of people i am more worried about at the moment are renters. there s lots of focus on people who have got a mortgage. they are the lucky ones, they are going to end up owning an asset even if they pay a bit more for it than they have been used to for the past few years, but renters will get that pain passed onto them from buy to let landlords who have higher rates of interest on properties that they are renting out. lots of them are also thinking about quitting the market. there is rental record demand, and people are having to pay more and more and they are not going to get anything at the end of it. chris, all of this kind of real world impact is happening, or about to happen, to some people. we are politically in a bit of a holding pattern, because we are waiting for this autumn statement in two weeks. there is this weird sense at the moment of relative political serenity. everything s relative. there is still pressure on the home secretary and all of the rows that we have ....
we begin with both presidential campaigns getting down and dirty on the low road as the candidates themselves try to stick to the high road. the latest examples, killer tv ad that the obama campaign is using to welcome so-called welcome mitt romney to pennsylvania. and a top romney s surrogates complaint that the president should learn how to be an american. let s go to our white house correspondent, dan lothian, watching all of this unfold. we ve been saying it s getting ugly. reporter: certainly right. the fireworks today. the president was in texas attending a total of fundraisers trying to camp up in the campaign cash. some of those were with small donors, others with big names like tv star eva longoria. but today was more about money. the president was also going after his opponent, mitt romney, for more details about his personal finances. it won t help create jobs. and it won t ease the pain of homeowners stuck in upside down mortgages, but the obama re-elect ....