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The Latest Breaking News from Interest Rates

UK’s ‘pro-growth’ government has only made a recession more likely

Thanks to Truss and Kwarteng, the country is now far riskier for the investors who finance our trade and budget deficits

The Guardian - UK

'It's a disgrace': The Manc holidaymakers, businesses and mortgage holders in 'fear and panic' over the pound's slump

A weak pound threatens to exacerbate the cost of living crisis and drive up the cost of mortgages and foreign holidays

Manchester Evening News

A bad year for Wall Street gets even worse, as stock markets finish September down

Amid heightened uncertainty about the global economy, all three U.S. indexes are in a bear market as the third quarter comes to a close.

WEKU

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Homeowner's Ancoats mortgage rocketing by 25 PER CENT a month as banks pull deals

Stretched residents in our region are feeling the pressure as interest rates rise

Manchester Evening News

Truss admits mini-budget caused disruption, but says there is ‘clear plan’

‘Not everyone will like what we are doing’, PM says of tax cut pledges but says she is determined to see them through

The Guardian - UK

S&P 500 closes quarter at lowest in two years: Markets wrap

U.S. stocks suffered their worst monthly rout since March 2020 after markets were repeatedly pummeled by the Federal Reserve’s resolve to keep raising interest rates until inflation is under control.

Tribune News Service

Inside the breakdown of the UK’s mortgage machine

Market turmoil sparked by mini-budget saw banks scrambling and 1,688 home loans pulled from shelves

Financial Times

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ARK Invest Short Sellers Have $2.3B In Profits So Far In 2022

After a horrible 2021 for Cathie Wood, the ARK Innovation ETF (NYSE: ARKK) is down another 59.1% in 2022. High-growth tech stocks have taken a beating as interest rates have spiked, sending ARK Invest ETFs plummeting.

Benzinga

How Liz Truss plunged the UK to the brink of recession in just one month

The new prime minister began September promising a ‘new era’ for Britain. One economic crisis later, she has delivered

The Guardian - US

India’s central bank hikes interest rates to tame inflation

The fourth straight increase is part of the central bank’s effort to tame stubbornly high inflation.

Al Jazeera

Bank of England bonds rescue has two ugly implications: more inflation and an even weaker pound

With UK government bonds and sterling both falling hard in recent days, the Bank of England has been forced to step in. Only a few months after it started tightening monetary policy to fight inflation by raising benchmark interest rates and ending its programme to “create” money through quantitative easing…

The Conversation

Three reasons a weak pound is bad news for the environment

The day before new UK chancellor Kwasi Kwarteng’s mini-budget plan for economic growth, a pound would buy you about $1.13. After financial markets rejected the plan, the pound suddenly sunk to around $1.07. Though it has since rallied thanks to major intervention from the Bank of England, the currency remains…

The Conversation

Thousands of Londoners face £10k mortgage blow as interest rates soar

Bank of England independence was no one’s first choice. Margaret Thatcher never did it, John Major preferred to devolve power to the German Bundesbank than grant it to Threadneedle Street. Because the power to set interest rates is an awesome one.

Evening Standard

Liz Truss: are the Conservatives facing an electoral meltdown?

The Conservative party is heading into its annual conference amid the catastrophic fallout from Chancellor Kwasi Kwarteng’s mini-budget. The decision to cut tax without a plan to pay for it caused a sharp fall in the value of the pound on currency markets, which reached an all-time low against the…

The Conversation

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StockNews.com

1 Stock to Avoid as the Fed Attempts to Cool Down the Economy

Shares of online real estate services company Opendoor Technologies (OPEN) have plummeted more than 75% in price year-to-date with the cooling down of the housing market amid rising interest rates. Furthermore, the company is expected to incur huge losses in the upcoming years. Hence, with the Fed signaling aggressive rate…

Evening Standard

The Standard View: The Prime Minister must calm nerves over mortgage fears

We are rapidly starting to see what a “mortgage bombshell” might look like. Thousands of Londoners have been warned they could pay more than £10,000 a year extra if interest rates rise to six per cent.

The Conversation

House prices: why a fall isn’t certain and wouldn’t help first-time buyers much anyway

The UK remains a nation of homeowners, with two-thirds of all dwellings belonging to the people who live in them. But as interest rates swiftly rise, there are fears that many of those households will soon find their mortgage payments unaffordable.

Wales Online

First-time buyer can't afford house after mortgage offer soars to 10.5% in matter of days

There has been a sharp rise in mortgage costs as interest rates soar

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Evening Standard

Thousands face £10k mortgage blow in London

Warning as Prime Minister and Kwasi Kwarteng held OBR talks

The Independent UK

House price growth stalls amid rising interest rates

Estate agents said that there could be some renegotiations amid a backdrop of rising interest rates, which could lead to house prices softening

The Independent UK

How do interest rates affect inflation?

Borrowing costs at their highest level in 14 years

Daily Mirror

Question Time audience gasps as first-time buyer's mortgage offer DOUBLES after Budget

Lenders have been withdrawing mortgage products amid fears of rising interest rates in the wake of the Government's disastrous mini-Budget

The Independent UK

How Kwasi Kwarteng’s budget damaged the economy and what will happen now

Policy Correspondent Jon Stone unpacks how unfunded tax cuts pulled the rug out from under the UK economy

Evening Standard

UK house price growth stalls month-on-month in September

Estate agents said that there could be some re-negotiations amid a backdrop of rising interest rates, which could lead to house prices softening.

The Independent UK

House price growth stalls month-on-month in September

Estate agents said that there could be some re-negotiations amid a backdrop of rising interest rates, which could lead to house prices softening.

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