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Post by sevenofnine on Nov 3, 2022 9:06:22 GMT -5
Well it official Bank of England just raised their interest rate by 3% Homeowners faced increase domestic costs misery today as the Bank of England confirmed the largest increase in interest rates in more than 30 years - and the longest recession since records began a century ago. The Bank of England hiked the rate by 0.75 percentage points to 3 per cent at lunchtime, potentially adding hundreds of pounds to unfixed monthly mortgage payments. Interest rates are now the highest they have been since the Global Financial Crisis in 2008 after the 7-2 decision by the Monetary Policy Committee (MPC), the eighth rise in a row. The increase, which followed a similar announcement by the US Federal Reserve last night, is the largest daily move since Black Wednesday in 1992 and the largest single increase since 1989. Central bankers want to get a grip on runaway inflation which is battering British households. More than 1.5million households, who are on tracker or standard variable mortgages, will feel the pain instantly as the base rate rise filters through. Borrowers with a £200,000 standard variable mortgage could see their repayments jump by more than £1,000 a year if the Bank raises rates to 3 per cent. www.dailymail.co.uk/news/article-11385623/Misery-struggling-homeowners-Bank-England-makes-biggest-rate-rise-30-YEARS.html
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