It has been an incredibly turbulent week for the UK economy as the Bank of England stepped in to protect pension funds, the pound hit a record low against the dollar before rebounding and lenders pulled mortgage deals to re-price them at far higher rates.
This week, Georgie Frost, Simon Lambert and Lee Boyce tackle what has been a truly remarkable one in the world of personal finance with a message of: don’t panic.
So, is the UK economy in crisis… again? How much is the Chancellor’s ‘mini’ Budget to blame? And what can the Government do now?
Simon gives an economics 101 on why the pound fell and why the Bank of England stepped in, seemingly with a u-turn on plans for quantitative tightening.
What is happening to mortgages? With lenders pulling deals and replacing them with higher rates, how will that impact first-time buyers, those looking to remortgage and the property market in general?
Will base rate continue to head higher and what does that mean? And a chink of light for savers: this week, NS&I boosted Premium Bonds, while savings rates continue to race higher.
