The Latest Breaking News on Rates probably on hold but all eyes on RBA governor

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

Caution needed rather than panic measures over short-term risks after credibility of government and Bank of England hit

Average property price in the province climbed by 0.7% year on year in June against UK average of -3.5%

Inflation in the UK was 8.7% in May, the last month for which data has been published

More people are being priced out of mortgage deals as lenders respond to fears about further interest rate rises by launching even more expensive products on to the market.

The average cost of a London house is £517,000, down over 4% in June

However, the longer term forecast is for fragility over the next couple of years

“Consumers may run out of their excess pandemic savings by the end of this year, but they have lots of other sources of purchasing power,” a veteran market watcher says.

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…