a month in repayments. somehow, we re supposed to spend less and find £750 extra a month to pay for that. so, you know, for many families, it is a terrifying situation. you know, if you have young families like ourselves who have been swayed into the housing market by government, who s advertised help to buy as an affordable scheme, right? when things become unaffordable, you can t simply turn around and say, that s your problem. a rise of 0.25 percentage points would take the bank of england s base rate to 5.25% the highest since april 2008. for someone with an average tracker mortgage of £200,000, that would mean a rise of more than £23 a month. and for around 800,000 homeowners due to renegotiate their fixed deal in the second half of this year, it could mean an even bigger increase in their monthly repayments. whites, good afternoon. but at this estate agent in salisbury, they say there are still more people wanting houses than there are properties available. a sup
you expecting? i think there will be a rate rise and everyone you expecting? i think there will be a rate rise and everyone is - a rate rise and everyone is expecting 0.25% from the bank today. the challenge it has is that it s looking at what inflation has already done and we know interest rate rises take quite a while to filter through. rate rises take quite a while to filterthrough. is rate rises take quite a while to filter through. is any danger here that rates go too high and therefore strangle the economic recovery? there is always a risk when putting interest rates up, it s a really hard job to do. to know that when you re putting your foot on the accelerator that is going to do the right thing because there are lots of lags in how long it takes. in general, you get the sense of the bank of england and the message, they are more concerned about doing nothing, they feel that they can dial back on that a little bit more than letting inflation continue to persist. obvi
rain. sunny skies on saturday. saturday will be the best day of the weekend, so mother nature has it right. come sunday, the rain will reach liverpool. so we just about get away with it. but it will be a nice day. back to the here and now. right now, we have high pressure building across scotland and ireland. to the east of the country, though, we have a breeze off the north sea. there is thick cloud. we have had some rain in the south and south east from a weak weather front crossing us. this is where the cooler conditions are, ten, 12, 1a degrees further east. at the moment, temperatures are in the high teens and will probably hit 20 degrees for western scotland, northern ireland, wales and in the south west as well. tonight, we will have thick cloud across eastern and southern and central parts of england. in the north and west, as well as northern ireland, clearer skies, and where we have clear skies overnight, sunshine will greet us first thing on saturday morning. so a
i ll try to give you a fascinating snapshot of all the world of business and money. let s start here in the uk, where the economy in the first three months of this year recorded growth ofjust 0.1%. output in consumer facing services fell by 0.8% in march underscoring the impact of ongoing strikes and the cost of living crisis. hardly booming but a far cry from the record breaking recession that the bank of england was predicting six months ago. on thursday, the bank announced a major rethink of its forecasts saying the uk will now avoid going into recession. of course, talking about interest rates. the bank also raised its main interest rate again by a quarter of a percent to 4.5%. that s the 12th rate rise in a row and it puts the cost of borrowing here in the uk at a 15 year high. here s dr steve nolan, senior lecturer in economics at liverpool john moores university. good to see you. hardly the doom and gloom of the recession that was predicted, but let s be fr