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which strips out volatile items like food and fuel is actually going up! rising interest rates are piling the pressure on millions of mortgage borrowers here in the uk who are facing steep rises in monthly bills. lets hear from some of them. at this moment in time, at the end ofjune, i will make my final payment of £434 when my current deal ends. and thereafter i have been told to expect my payments will be over £1,800. i m currently paying £560 a month. at the end ofjuly, it will go onto variable, and it will go up to £1,200 a month. 0ur mortgage has gone up by over £2,200 a year. - it s a huge impact . on our expenditure, and it has a huge impacti on the family as a whole. the government s finance chief chancellor of the exchequerjeremy hunt says bailing out struggling borrowers only risks stoking inflation further no matter what the pressure from left, right or centre, we won t be pushed off course. because if we re going to help families, if we re going ....
factors in play, demographic factors, the pandemic through a hammer in everything. i think if they say, look, here s what we know, here s what we don t know and we re doing the best we can, i think that s trust building. any one of the cross currents in the global economy now would be newsworthy and unsetting. and there are many. and coming out of this pandemic, we tried to measure the economy, is it recession, maybe not recession. we re just trying to get back to normal at this point. we re still reacting to a pandemic, and trying to figure out where we go from here. fair question about what would be normal in 2022 and going forward because i think another thing he has to address, and you talk about this, is possible we re just in a different era, that the u.s. economy and the world economy is moving to a new place where, you know, we can t expect 30 years of low, really low interest rates. i totally agree with that. i ve been writing that for some time. i have a ....
Is that the bank of england only has one lever to pull and that is the higher interest rate lever and if it pulls that enough and pulls it hard enough then eventually inflation will come back down. yes, there will be economic pain and that economic pain will be distributed evenly. unfortunately, it will be borne by those whose mortgages are coming up to the end of their fixed rate deals but in the long term, if we can get inflation back down to 2% rather than the current rates of close to 9% then actually everyone will be innovative, will be in a better situation. i mean, it s unfortunate but the medicine doesn t taste nice but the medicine doesn t taste nice but it will heal the patient. weill. but it will heal the patient. well, i m not so but it will heal the patient. well, i m not so sure but it will heal the patient. well, i m not so sure about but it will heal the patient. well, i m not so sure about that - but it will heal the patient. well, i i m not so sure about that be ....
We had 30 years where we have gotten used to easy money and many have been the beneficiaries of that. if you have stocks, a home, you ve done pretty well. if you re a younger person, if you re a minority, you haven t done as well. and people are starting to realize there is only so much that central bankers can do, right? they can jack up asset prices, they can make money flow through the economy, but they can t build a new factory, they can t retrain workers for jobs. they can t reform education. we need politicians to do that and we need businesses to step up. i think in the simplest terms, what is happening in the economy right now means is inflation hurts, every budget feels it, it is really something everyone knows. fixing that is something else that hurts. it is raising borrowing costs so that all of your debt and borrowing money to grow and expand costs more. the medicine doesn t taste so good and we need to know how does the fed feel about how much more medicine is coming. ....