UK lenders pull mortgages from sale amid ‘failed budget’ turmoil – follow live

UK lenders pull mortgages from sale amid 'failed budget' turmoil - follow live
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<p>A handout picture released by the BBC, taken and received on September 25, 2022, shows Britain’s Chancellor of the Exchequer, Kwasi Kwarteng, appearing on the BBC’s political television program Sunday Morning with journalist Laura Kuenssberg</p>
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A handout picture released by the BBC, taken and received on September 25, 2022, shows Britain’s Chancellor of the Exchequer, Kwasi Kwarteng, appearing on the BBC’s political television program Sunday Morning with journalist Laura Kuenssberg

(AFP via Getty Images)

The British pound fell to a record low against the US dollar on Monday, despite the Bank of England warning that interest rates could be raised “as much as needed” to control inflation.

Amid the turmoil following new Chancellor Kwasi Kwarteng’s mini-budget on Friday, in which he introduced controversial tax cuts worth £45bn to new clients.

“After last week [Bank of England base rate hike to 2.25 per cent] and the government mini-budget that followed, we continue to see the market reaction unfold,” Skipton said in an email to brokers. The statement added: “In response, we will be temporarily withdrawing our new Business range of products, effective immediately.”

“We didn’t make this decision lightly, but we did it to avoid further disruption to you and your customers,” Skipton said.

Wendy Chamberlain, leader of the Liberal Democrats, has called for Parliament to be recalled so MPs can examine Kwasi Kwarteng’s “failed” budget.


Starmer targets Tories as Labor buoyed by promising poll

Sir Keir Starmer will be given a boost by promising Labor polls as he accuses the Tories of losing control of the economy and vows to ‘break the UK out of this endless cycle of crisis’.

He will quote Sir Tony Blair to call Labor the “political wing of the British people” as a new YouGov poll shows the party has a 17-point lead over the Conservatives – the widest since the company’s polls began in the year 2001.

Read Amy Gibbons’ full story here:


ICYMI: Shadow Chancellor ‘very worried’ about pound’s fall after mini-budget

Rachel Reeves says she is “very concerned” by the fall in the pound following the announcement of Kwasi Kwarteng’s mini-budget and warns it will exacerbate the cost of living crisis.


Bank of England must intervene as pound plunges to all-time low after ‘disastrous’ mini-budget

The Bank of England was forced into emergency intervention on Monday, warning it would not hesitate to raise interest rates “as much as needed” after the pound plummeted on the back of Kwasi Kwarteng’s mini-budget.

Sterling fell to its lowest-ever level against the US dollar, falling more than 4 percent to just $1.03 before regaining some ground.

Read Rob Merrick and Adam Forrest’s full story here:


Pound rises in Asian trade

The British pound rose in Asian trading today after hitting record lows against the dollar financial times reported.

The report says sterling is up 0.9 percent to $1.0776 in morning trade, just a day after an early-morning tumble that took the currency nearly 5 percent to a record low of $1.035.


How will the pound’s plunge affect the cost of living crisis?

Sterling has depreciated to hit an all-time low against the US dollar following the unveiling of Kwasi Kwarteng’s tax-cutting economic plan.

Given that, those already struggling through a cost-of-living crisis will all be asking themselves the same question: What does this mean for my wallet?

Watch the video explaining how this could affect households here:


Kwasi Kwarteng is set to announce new fiscal rules in November amid market panic

Chancellor Kwasi Kwarteng will announce the government’s “fiscal plan” on Nov. 23, the finance ministry said amid market panic over the wave of tax cuts through borrowing.

The government said the statement will detail the new approach to borrowing, spending and tax hike rules, including a pledge to ensure debt as a percentage of GDP falls “over the medium term”.

Read Adam Forrest’s full story here:


Lenders are pulling mortgages from sale amid market volatility following sterling’s collapse

Three lenders have temporarily withdrawn mortgages that come with new customer fees in response to market volatility caused by the pound’s fall.

Halifax, Britain’s largest mortgage lender, is to withdraw the products until the rates to be charged are known, the statement said Reuters news agency.

Virgin Money and Skipton have reportedly followed Halifax’s move.

Read the whole story here:

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