Ok if you have savings, but not good for anything else.

In NYC
the Bank of England Governor
warned rates may have to rise higher, soon

SkyText :
[The Bank of England is expected to hike
its base rate by the most since Black Wednesday,
The Daily Telegraph says.]

https://liveblog.digitalimages.sky/l...f38682e15.jpeg

One financial bod said this will be short lived and early 2023 the interest rates will plummet as we will be in deep recession


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we have been in deep recession before and still had high interest rates. Interest rates are increased to encourage large investors to buy sterling rather than the dollar, euro etc. So our interest rates will only come down when other countries interest rates are also reduced. It's a world event, not internal country specific

This guy said we were in an identical situation the same thing happened in 2008 and it was proven to be a mistake to put the interest rates up … it was a worldwide problem then as well ..


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Now at 3%


Was at 2:25%

I think the rises will slow down now.
Possibility of it going up to 4 and a half percent rather than the 6% earlier predicted.

Yes could be.


For some it will hit hard
as Banks Jump fast.

It looks like a joke when you remember what the numbers were like 5 years ago. Sorry if my comment triggers someone here, I know a little about this topic, and now I see that economics is getting falling apart. I can't understand why the government could allow this situation and such a low quality of life for the citizens. My parents worked all their life, and they still don't have the possibility to buy any property in the USA. One of the good things is that they can't apply for a mortgage for a lower interest because of their age. Now I help them with Mortgage Advice Newcastle company to receive a mortgage and buy a new house.

I can remember paying 15% interest on our mortgage !!


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Now at 3.5%


https://news.sky.com/story/bank-of-e...ation-12768395

[The Bank of England has revealed a 0.5 percentage
point interest rate increase - its ninth consecutive
rise as it maintains its battle against inflation.

The decision, by its monetary
policy committee (MPC), took the
bank rate to 3.5%.- a fresh high not seen
since the 2008 financial crisis.]

Still nothing to what we had to tolerate a while back .. 15% or 16% !!


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The highest ever UK interest rates were 17% back in the late 70's - when house prices were on average about 3x average salary.

House prices are now more than 10x average salary.

It's not even vaguely comparable.

it was 17% base rate which meant most mortgages were over 20% and things like credit card interest were obscene

The housing market was completely different, the vast majority of homes were either owned or social housing, and it was feasible to own a decent-sized family home on an average income. A single average income. Trying to compare housing situations from the past to the current situation is just disingenuous. That's not even to say there haven't been obvious housing issues in the past - but certainly not a like-for-like situation where you can compare the care interest rate numbers and draw any sort of conclusion.

it was during the period of high inflation back then when housing became more of a challenge to anyone

I mean that's clearly not true either, as I said there have been ups and downs but the housing market in most of the country was more accessible to normal working people well into the early 2000's (comparatively to now).

Heck, when I inherited a measly £35,000 less than a decade ago I was looking at grotty flats that I could have bought outright (not to live in, to rent out) but I decided against it. The same flats today are selling for 6 figures - it's absolutely insane.

Now at 4%


[Bank of England hikes interest rates
by 0.5 percentage points in tenth consecutive rise]


https://news.sky.com/story/bank-of-e...-rise-12801269

Fear not .. we lived through rates of 15% and higher .. and survived


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Live Debate SkyNewsHD
said back then, benefits to the poor
worked better.

So you can not compare the times.

Another Rise today of 0.25%

4:25% Now



The Bank of England has increased the Bank Rate to 4.25%

https://news.sky.com/story/bank-of-e...ation-12840547

A Lady on ITV1HD Lunch News
said she has got rid of one car.
She said her Bank is slow at making any good changes.

She does not rule out getting rid of their main car.

Her House Matters to them.