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stock market debut. but is it the right time? as you ve been hearing, the uk government says it s sticking to plans for £45 billion of tax cuts despite turmoil on financial markets since the chancellor s mini budget statement on friday. it s seen investors dumping the pound and uk government borrowing costs soaring on growing alarm about the country s finances. on wednesday the bank of england was forced into an emergency intervention to head off a pension fund crisis. it will spend billions buying up uk government bonds to prop up their value and keep borrowing costs down. but as our economics editor faisal islam explains, it s only a short term solution. what started as an attempt to grow the economy with the biggest tax cuts in half a century led to havoc on currency markets more importantly on debt markets and then, within days, led to a tidal wave of interest rate rises, reaching every corner of the economy. in an emergency statement, the bank of england said. ....
Borrowers will be forced to pause and rethink. we might see a lot of people who have started the process early on pull out and think they re going to wait and see. if rates do rise ever more and ever more quickly and there s a rumour that the next bank of england base rate rise might be 1.25% or 1.5% in one fell swoop that is going to make people revisit their finances. the mortgage market is in shock. an unprecedented 935 mortgage products were withdrawn, as lenders don t know how high interest rates will go. major lender nationwide was quoting an interest rate of 5.6% on a £200,000 mortgage a year ago, that same mortgage was around 2%, meaning a new borrower would face an extra £6,000 in annual mortgage costs, completely wiping out the recent cut in stamp duty. people on fixed deals won t be affected till their fixed term expires. for over a decade, interest rates have been at rock bottom levels, which has allowed ....