Rates have gone up again, for the 14th time in a row. The Bank Of England has put up its main rate from 5 to 5. 25 . That will mean higher mortgages for some people, but its also good news for savers. The Bank Of England is using Interest Rate rises to fight inflation, which has slowed recently, but which is still nearly 8 . Our economics correspondent andy verity reports the father of two, peter, keeping up the payments for his familys mortgages looking like anything but childs play. They bought their home under the governments help to buy scheme, but since then Interest Rates have risen 1a times. When his fixed rate deal expires early next year, the payments willjump. Somehow we are supposed to spend less and find an extra £750 per month to pay for that. For many families it is a terrifying situation, but if you have a young family like ourselves, who have been swayed into the Housing Market by government who has advertised help to buy as an affordable scheme, right, when things bec
rates as you don t really know what effect it is going to have for another 18 months, so you are projecting 18 months forward, when inflation is bound to be a lot lower thanit inflation is bound to be a lot lower than it is now. could you go over the top and cause deflation? but also if you use tax, for example taxes that spain have used, they have managed to get inflation down below where ours is because tax measures take effect straightaway. andy verity, thank you very much indeed. donald trump will appear in court this evening accused of conspiring to change the result of the 2020 from washington, our north america correspondent sean dilley reports. they will be high security. the former president has said the indictment against him shows the corruption, scandal and failure of the united states under his successorjoe biden. sean dilley reports. cheering. for donald trump, the stakes are high liberty versus possible jail time. if he s worried about any of this, he s showing no si
of these chips made in asia, for all the reasons we ve considered, there aren t going to be any quick fixes as the biden administration acknowledges. as you know, we ve been working the semiconductor shortage since day one of the president s administration, and it s time to get more aggressive. the situation is not getting better, in some ways it s getting worse. this is one of so many different ways that the global supply chain is making itself felt. it s a reminder that things that can sometimes feel distant and detached from our lives, like the nature of globalisation, or the practicalities of the shipping industry, do connect directly to us all, right down to the things that we make and the things that we want to buy. this is an issue as christmas approaches. if you think you re going to go into toy stores in december as you normally would do with santa s wish list and you re going to get what you want, you will be very disappointed. the issues with the global supply chain have cre
almost every sector is impacted in some way by these glitches in the supply chain. perhaps none more so than the car industry. in part because there is a global shortage of semiconductor chips. now, these are a vital component in cars and indeed in many electrical products from washing machines to smartphones. and when the pandemic began, car manufacturing stopped and so did the auto maker s orders of semiconductors. now, though, they need them again, but the surge in everyone buying electrical products means the world is just about out of stock. the shortage of semiconductors and other parts, too, has now led toyota to temporarily cut production by a0%. and if that s toyota, then this is the managing director of vauxhall, uk. it s a global problem. obviously it s affecting all of our industry, all of our competitors. and it s obviously suppressed our ability to manufacture. the issue is so serious that president biden held a summit about semiconductor supply chains last week, but with
distribution centre staff and truck drivers are all reasons why the goods can t be unloaded. now, our next factor is politics. when donald trump fired up a trade war between the us and china, he placed an emphasis on local and regional manufacturing over a reliance on china. and trump s successorjoe biden has also turned to the of over reliance. we need to prevent the supply chain crisis from hitting in the first place, and in some cases, building resilience will mean increasing our production of certain types of elements here at home. this is both practical and political. practical because relying on something from the other side of the world brings an increased risk that it won t arrive. political because being so reliant on china can also be framed as a risk that impacts health and national security in america. that was particularly acute the start of the pandemic when countries had shortages of ppe. here s biden on that.