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The Latest Breaking News from The Bank of England

Bank of England must ‘create recession’ to fight high inflation, Hunt advisor says, as mortgage rates rise again – as it happened

Member of Jeremy Hunt’s economic advisory council says BoE must create “uncertainty and frailty”, after UK headline inflation was unchanged at 8.7% in May

The Guardian - UK

Tory MPs split on whether to intervene to help mortgage holders

Figures released on Wednesday expected to confirm UK stuck with highest inflation rate in G7

The Guardian - UK

Jeremy Hunt calls mortgage crisis summit as experts urge banks to help those struggling

Jeremy Hunt has summoned bosses from Britain’s leading banks to Downing Street to urge them to do more to support customers

The Independent UK

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Martin Lewis says mortgage timebomb has 'exploded' and says Tories were warned

Moneysavingexpert.com founder Martin Lewis said he warned Jeremy Hunt about the threat from rising mortgage rates at a summit in December

Daily Mirror

Ian Murray vows Labour 'won't give Scotland another independence referendum'

SCOTTISH LABOUR MP Ian Murray has ruled out his party allowing the half of Scotland’s population that supports independence to “have their…

The National (Scotland)

Does raising interest rates help inflation and how does this affect mortgages?

THE average mortgage rate for a two-year fixed deal has risen to a figure that has not been seen since the market reeled from Liz Truss’s…

The National (Scotland)

Chancellor to meet lenders later this week over mortgage rates crunch

Jeremy Hunt told the House of Commons he would be asking what flexibilities might be possible.

The Independent UK

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When will mortgage rates come down? Interest rate remains high after Bank of England update

The Bank has kept the base interest rate the same once again

Evening Standard

Michael Gove says 25-year fixed rates could ease mortgage crisis

Housing secretary suggests Canadian-type deals – as Sunak government under pressure to end ‘mortgage horror show’

The Independent UK

UK ‘hurtling into mortgage disaster’ as rates near highs seen during Truss turmoil

‘No one’s at the helm of the ship, we don’t know where we’re going to end up,’ warns one mortgage broker

The Independent UK

Average two-year fixed-rate mortgage tops six percent for first time in 2023

The average two-year fixed-rate homeowner mortgage on the market has topped 6 per cent for the first time this year.

The National (Scotland)

Westminster is 'hammering home owners and first time buyers', SNP say

The SNP have said Westminster is “hammering home owners and first time buyers” after the Bank of England raised interest rates.

The National (Scotland)

Government urged to end ‘mortgage horror show’ as average two-year rate tops 6%

Calls for intervention were made as the average two-year fixed-rate mortgage deal topped 6% for the first time this year.

The Independent UK

No more bailouts so Andrew Bailey needs to delay interest rate rise

City comment: The best thing would be for the Bank of England to reverse-ferret and delay the pencilled-in rate rise

Evening Standard

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The Independent UK

Average two-year fixed-rate mortgage tops 6% for first time in 2023

The last time that the average two-year fixed-rate mortgage was 6% or higher was in December 2022, according to figures from Moneyfactscompare.co.uk.

Daily Mirror

Mortgage costs could rise by an average of £2,900 a year for 800,000 people

The Resolution Foundation predicts that the Bank of England's base interest rate could peak at nearly 6% by next year - currently, the base interest rate is 4.5%

Manchester Evening News

Government 'considering prioritising British citizens for social housing list'

There are currently more than one million people waiting for social housing

Evening Standard

Mortgage mayhem goes on as two-year rates cross 6% threshold

It comes as Rishi Sunak this morning signalled there will not be any extra help given to people struggling with mortgage payments

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The Independent UK

‘This is going to sting’: What would a mortgage crisis mean for homeowners and renters?

Current rates of nearly 6 per cent causing equivalent ‘stress’ to double-digit rates of 1980s, Andy Gregory writes

The Guardian - UK

Average two-year fixed rate mortgage deal hits 6% for first time this year, as Sunak rules out extra help – business live

Average mortgage rates hit highest level since December, as asking prices for British homes fall in June for the first time in six years

Evening Standard

Average two-year mortgage interest rate hits 6% as Rishi Sunak rules out homeowner help

The average 2-year fixed rate mortgage rate climbed to 6.01% on Monday in a fresh blow to homeowners and first-time buyers

Evening Standard

Mortgage help ‘not ruled out’, says minister Michael Gove

The Levelling Up Secretary adds he does not have a mortgage himself

Daily Mirror

Michael Gove says cash to help families pay mortgages can't be 'magicked out of thin air'

Cabinet minister Michael Gove said Tories have 'exacerbated' the issue of soaring borrowing rates with Liz Truss's mini-Budget - and the squeeze on mortgage holders is set to tighten

The Guardian - UK

Millions are facing soaring mortgage rates. How did we leave them so vulnerable?

Homeowners in Britain are especially at risk because of a shortage of long-term loans. The sooner the Bank of England acts to fix this the better

The Independent UK

Brexit to blame for soaring inflation, former Bank of England boss says: ‘We told you so’

Mark Carney says there is ‘no joy’ in laying this out as ‘people are having to live with that reality’

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