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The Latest Breaking News from Interest Rates

Thousands of businesses can’t afford crippling rates on taxpayer-backed Covid loans

Exclusive: Figures show £26bn was loaned out to around 100,000 firms under the government-backed scheme, but only one in four have paid off the debt

The Independent UK

‘Profound’ impact: Higher interest rates send central London office sales down

The impact from soaring interest rates on central London’s huge office market has been laid bare, as figures showed investor spend on buildings has slumped by more than 50%.

Evening Standard

Six months after Rishi ‘Mr Fix-It’ Sunak issued his five pledges, here is his scorecard: complete fail

If you market yourself as a problem solver, you need to be successful at tackling the challenges that you prioritised

The Guardian - UK

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Almost 13 million adults now struggling to pay bills, debt charity warns

Cost of living crisis and rising interest rates forcing more people to become ‘trapped in poverty’

The Guardian - UK

What recession? Why stocks are surging despite warnings of doom and gloom

Halfway through the year, hopes about AI and a sturdier-than-expected economy are leading to a big rally in stock markets — but a lot of uncertainty still lies ahead.

WEKU

Shares rise on hopes for stimulus in China

RECAP: Asian stocks inched higher yesterday as weak manufacturing data from China stoked expectations of fresh stimulus, even as strong US data bolstered the view that the Federal Reserve will keep interest rates higher for longer.

Bangkok Post

The event that will decide the next election has already happened – even if Rishi Sunak doesn’t know it yet

With inflation and mortgage rates painfully high, the government can no longer rely on votes from its blue wall, says Guardian columnist Jonathan Freedland

The Guardian - UK

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Medical credit cards may lead patients to overpay for their health care, Democrats warn

A group of Democratic senators is asking the Consumer Financial Protection Bureau to take action against medical credit cards such as CareCredit, saying the cards’ deferred interest features are confusing and often lead to consumers paying high interest rates after a promotional period has ended

The Independent UK

CBO data shows why deficits should matter again

There was a widening bipartisan sense that fiscal deficits don't really matter. Now, they do again.

Axios

Interest rate hikes are not the only tool to fight UK inflation – here's what the government should do

Over the past year, interest rates have been rising rapidly around the world. The post-COVID economic recovery and Russia’s invasion of Ukraine caused inflation to reach 10% or more in many countries. Central banks in the US, UK and Europe have fought back by raising interest rates in an attempt…

The Conversation

Banks unveil plans to boost savings rates

First Direct said it had reviewed its interest rates ‘to ensure our customers receive a competitive return’.

The Independent UK

Inflation crisis: is a recession the only answer?

Tory ministers have a long record of making rather callous statements about the economy, said Paul Waugh in The i Paper.

The Week

Stock market today: Asian shares are mixed after central bankers say interest rates must stay high

Asian stock markets are mixed after leaders of major central banks said they need to keep interest rates high to fight persistent inflation despite fears that might tip the global economy into recession

The Independent UK

High interest rates may persist, says Bank of England governor

Andrew Bailey says financial markets expect more rate rises amid continuing high inflation

The Guardian - UK

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Glasgow Live

The volatile mortgage market and what the interest rate increases mean for you

This week, our columnist Graeme Nichols from West End Mortgages, discusses the latest mortgage increases and what it means for you.

Tribune News Service

Powell signals Fed open to two straight hikes at coming meetings

Federal Reserve Chair Jerome Powell signaled policymakers could potentially raise interest rates in July and September to curb persistent price pressures and cool a surprisingly resilient U.S. labor market.

The Conversation

Five parts of the economy that are hit when house prices fall

UK house price growth is slowing. While prices rose 1.2% in June compared to last year, this is down on May’s 1.9% growth, according to property website Zoopla. Its house price index – which forecasts a 5% fall in house prices this year – also shows that 42% of sellers…

Evening Standard

Halifax, Nationwide, HSBC and TSB all raise mortgage prices yet again

Interest rates have skyrocketed in recent weeks, with the average two-year fixed deal hitting 6.3% today

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The Guardian - UK

Mounting debts and public anger could finally sink water companies in England and Wales

Firms have loaded up debt to pay dividends and been fined millions for dumping raw sewage into rivers

Daily Mirror

Rishi Sunak told he's 'given up' as PM as he struggles to explain Tory housing plans

In a fraught PMQs, Keir Starmer claimed the PM's body language and answers showed he had 'given up' and asked how many will lose their homes as interest rates soar before the Government helps them

The Week

The mortgage crunch: what happens if you fall behind on your home loan?

Lenders have agreed to be more flexible towards struggling mortgage borrowers amid concerns about rising interest rates.

The Independent UK

Banks have ‘questions to answer over interest rate rises for savers’

The Bank last week raised interest rates from 4.5% to 5%, triggering fresh misery for struggling mortgage holders.

Daily Mirror

UK facing a YEAR-LONG recession if interest rates are increased again, experts warn

Economists at Bloomberg are expecting a 'shallow' recession as the Bank of England puts up interest rates - but the experts believe this will likely by over by next year's election

The Guardian - UK

Corporate profits drove up prices last year, says ECB president

Christine Lagarde says without a shift in corporate behaviour, interest rates will need to stay higher for longer

The Independent UK

Europe's interest rates to stay high as long as needed to defeat inflation, central bank chief says

European Central Bank President Christine Lagarde is warning that inflation is holding its grip on the economy

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