The rise comes as a former Bank of England governor urged Boris Johnson and Mr Bailey to make it clear to the public how rising inflation and an economic slowdown will lower Britain’s living standards.
Lord Mervyn King said leaders “need to give us a clear narrative” after warning Britain was facing “a difficult couple of years reminiscent of the 1970s”.
Rate hikes in the West have spooked global stock markets.
Here are five stocks you need to sell because interest rates are rising.
Homeowners have to spend £350 more a year on their mortgage after the recent rate hike.
Standard adjustable-rate mortgages are already at their highest in more than 13 years and could rise another 0.25 percentage point after interest rates rose from 1 to 1.25 percent.
But fixed-price transactions are also affected, as this graphic shows. HSBC today raised many of its mortgage rates by 0.5 percentage points – double the Bank of England’s rate of increase.
Brokers said they were braced for a “steady stream of rate hikes” in the coming days.
This is also a turbulent and worrying time for investors, as illustrated by Wall Street’s entry into the bear market this week, the search for safe havens coming to the fore.
In our Questor column Richard Evans shows how a fund investing in smaller UK companies earns six times more than its peers.
Tom Stevenson outlines how you can get rich in a falling stock market – if you have the guts.
comment and analysis
Around the world: Macron declares “Ukraine must win”
Emmanuel Macron declared that Ukraine must “win” the war against Russia amid fears that the leaders of France, Germany and Italy would use their historic visit to Kyiv to pressure Volodymyr Zelenskyy, an unjust peace deal by Vladimir Putin to accept. Olaf Scholz, Mario Draghi and Mr. Macron traveled together to the Ukrainian capital on the night train. James Crisp analyzes how EU leaders pledged the world to Ukraine – while the cameras were rolling. Read why Olaf Scholz cannot keep his promises and how he is causing Germany a credibility problem. Meanwhile, a senior Ukrainian general has threatened to use Western weapons to blow up a bridge linking mainland Russia with Crimea.
interview on Thursday
“Yes, I have sometimes referred to myself as an alcoholic”
https://www.telegraph.co.uk/news/2022/06/16/thursday-evening-uk-news-briefing-todays-top-headlines-telegraph/ Bank of England ‘bottling’ interest rate rises