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BBCNEWS World Business Report June 4, 2024 05:32:00

Borrowing and spending less attractive, and hopefully take the wind out of soaring prices, which have been rising at their fastest rate in four decades. but they are also piling the pressure on some mortgage holders already struggling with the cost—of—living crisis. as our economics editor faisal islam reports. it is absolutely mega stressful because im trying to work but inflation is going up. what can i do? ido? in west i do? in west yorkshire, clive turner is one of the 4 million owner oc...
Faisal Islam Mortgage Holders Bank Of England Rate Rises Mortgage Costs Owner Occupiers

BBCNEWS BBC News June 4, 2024 17:24:00

The chancellor said it was vital to take action to lower inflation. heres our economics correspondent andrew verity. in pudsey in west yorkshire, clive turner works in customer service for a large supermarket chain, earning around £20,000 a year. together with his girlfriend, on a similarly modest income, he is already struggling, like millions of families, to cover energy bills which have doubled, and now, his five—year fixed—rate mortgage is due to expire. every time he hears about an int...
Clive Turner Andrew Verity Customer Service Supermarket Chain West Yorkshire Energy Bills

BBCNEWS BBC News at One June 4, 2024 13:12:00

Level for ia years, and said they could rise further still if prices continue to soar. the benchmark rate has been lifted to 3.5% from 3%, in a widely expected move. the chancellor said it was vital to take action to lower inflation. andrew verity reports. in pudsey in west yorkshire, clive turner works in customer service for a large supermarket chain, earning around £20,000 a year. together with his girlfriend, on a similarly modest income, he is already struggling, like millions of families,...
Benchmark Rate Andrew Verity 3 5 Clive Turner Customer Service Supermarket Chain

BBCNEWS BBC News at One June 4, 2024 13:13:00

Which is basically about 750, so its about £120 difference, at 5.76. so, its a lot more. todays interest rate hike is the ninth rise in a row. rates are now seven times as high as they have been for the last 13 years, when interest rates were kept at emergency lows because economic growth was so weak. what the bank of england is aiming to do is to make it more expensive to borrow and spend, which should mean that households and businesses spend a little bit less overall, so there is a little bi...
15 76 Bank Of England Interest Rates Interest Rate Hike Buying Pressure

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BBCNEWS BBC News June 4, 2024 15:53:00

Its absolutely mega stressful. because im trying to work, but then youre looking at the news, its, like, interest rates, you know, going up, inflation coming up, its, like, what can i do? withjust over 100,000 left on his mortgage, his interest rate is going tojump from 3.48% to 5.76%. were now going onto mortgage which is basically about 750, so its about £120 difference, at 5.76. so, its a lot more. todays interest rate hike is the ninth rise in a row. rates are now seven times as high as the...
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BBCNEWS BBC News June 4, 2024 17:25:00

So its about £120 difference, at 5.76. so, its a lot more. todays interest rate hike is the ninth rise in a row. rates are now seven times as high as they have been for the last 13 years, when interest rates were kept at emergency lows because economic growth was so weak. what the bank of england is aiming to do is to make it more expensive to borrow and spend, which should mean that households and businesses spend a little bit less overall, so there is a little bit less buying pressure, upward...
Interest Rate Hike 15 76 Interest Rates Bank Of England Buying Pressure Percentage Point

BBCNEWS Outside Source June 4, 2024 20:46:00

The bank of england has raised interest rates to their highest level for 1a years. theyve gone up from 3% to 3.5%. it means many people borrowing money will have to pay more to do so, but should also mean higher rates for savers. the bank is hoping the rise will help bring down the rate of inflation. our economics editor, faisal islam, has the details. its absolutely mega—stressful. because im trying to work, but then youre looking at the news, its, like, interest rates, you know, going up, in...
3 5 A Million 15 76

BBCNEWS BBC News at Ten June 4, 2024 22:16:00

And that�*s on top of the hike in energy bills. it�*s about £120 difference, because 5.76, so it�*s a lot more money out of our disposable income. plus, our energy costs are going up as well, like everybody�*s are. it�*s going to be a struggle. this is the challenge. the bank of england aims to keep price rises inflation at 2%, but look at this. it�*s still close to a four—decade high, but on the bank�*s projections, it has now peaked and should fall. in fact, it will fall a bit...
Energy Bills Energy Costs Disposable Income 15 76 Bank Of England Bank S Projections

BBCNEWS Outside Source June 4, 2024 20:47:00

So its a lot more money out of our disposable income. plus, our energy costs are going up as well as everybody�*s are. its going to be a struggle. this is the challenge. the bank of england aims to keep price rises inflation at 2%, but look at this. its still close to a four—decade high, but on the banks projections, it has now peaked and should fall. in fact, it will fall a bit quicker because of the extra support offered by the government on energy bills. its not only beginning to come dow...
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