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☆ Britain is facing a mortgage crisis. There are no easy answers
▼ + stars: | 2023-06-23 | by ( Anna Cooban | ) edition.cnn.com time to read: +6 min

Mortgage painThe announcement comes a day after the Bank of England raised interest rates by half a percentage point to help bring down stubborn inflation. More than 2 million UK mortgage holders paying a fixed interest rate are facing an increase of hundreds of pounds in monthly repayments when they are forced to refinance this year and next. Many borrowers bought their homes when mortgage rates were closer to 1% or 2%. That sets the country apart from other major economies, including the United States, where on both measures inflation has started to ease. After the latest rise in interest rates Thursday, Hunt said the government would “stick to [its] guns” on keeping rates high to tame high prices.

Persons: Rishi Sunak, Jeremy Hunt, Sarah Coles, Hargreaves Lansdown, ”, Matt Hammerstein, David Duffy, Debbie Crosby, James Manning, ” Max Mosley, Jake Berry, Sunak, Liz Truss, Brexit, Mark Carney, Charlie Bean, Hunt, ” — Hanna Ziady Organizations: London CNN, UK Treasury, HSBC, Lloyds Banking Group, Barclays, BCS, CNN, Bank of England, National Institute of Economic, Social Research, Virgin Money, Conservative Party, Institute for Fiscal Studies, European Union, Bank of, Daily Telegraph, BBC Radio Locations: United Kingdom, United States, Britain

☆ Bank of England hikes interest rates to 5%, stoking fears of a ‘mortgage bomb’
▼ + stars: | 2023-06-22 | by ( Hanna Ziady | ) edition.cnn.com time to read: +6 min

London CNN —The Bank of England raised interest rates by half a percentage point Thursday, after data this week revealed surprisingly stubborn inflation. Many mortgage holders due to refinance their loans this year and next bought their homes when interest rates were much lower and mortgage rates were closer to 1% or 2%. Capital Economics is forecasting a 12% decline in house prices between their August 2022 peak and 2024. If interest rates must stay higher for longer to tame inflation, house prices could fall more sharply. “If mortgage rates were to stay at 6% for several years, a house price fall of 25% would be likely,” Wishart said.

Persons: we’ve, Andrew Bailey, ”, Jake Berry, Rishi Sunak, ” Simon Pittaway, Tom Bill, Knight Frank, Bill, Banks, ” Bill, “, There’s, Andrew Wishart, ” Wishart Organizations: London CNN —, Bank of England, ” Bank of England, ” Financial, “, Institute for Fiscal Studies, UK Finance, CNN, Savings, Capital Economics Locations: United Kingdom, United States, Europe, —

☆ Former UK PM Liz Truss is blaming the left-wing 'economic establishment' for ousting her
▼ + stars: | 2023-02-06 | by ( Elliot Smith | ) www.cnbc.com time to read: +7 min

British Prime Minister Liz Truss announces her resignation, outside Number 10 Downing Street, London, Britain October 20, 2022. Henry Nicholls | ReutersLONDON — Former U.K. Prime Minister Liz Truss is blaming a "powerful economic establishment" for bringing her chaotic 44-day tenure to an end last year. Truss was elected leader of the Conservative Party in September, defeating her eventual successor Rishi Sunak, after garnering 81,326 votes from party members following the ousting of Boris Johnson. She was acting as if winning a majority of the Conservative Party membership gave her economic credibility, and it most clearly doesn't." Current Prime Minister Rishi Sunak's government vowed to restore this credibility upon taking over in October, and quickly reversed Truss' entire economic agenda.

☆ A timeline of what happens next following UK PM Liz Truss' resignation
▼ + stars: | 2022-10-21 | by ( Sam Meredith | ) www.cnbc.com time to read: +4 min

It means Truss becomes Britain's shortest-serving prime minister in history and the third Conservative leader to quit in as many years. Her resignation kickstarts the search for a new leader at a time when the country faces a worsening cost-of-living crisis and a looming economic recession. As Conservative candidates race to gather the support of their colleagues, here's a look at how the process of finding the U.K.'s next prime minister is expected to work. Candidates vying to succeed Truss as prime minister have until 2 p.m. London time on Monday to gather the support of at least 100 Conservative Members of Parliament to run. In this scenario, Conservative members would take part in an online vote to choose the next leader of the party.

☆ Embattled UK PM Liz Truss holds crunch talks as political crisis escalates
▼ + stars: | 2022-10-20 | by ( Jenni Reid | ) www.cnbc.com time to read: +1 min

LONDON — U.K. Prime Minister Liz Truss is reportedly locked in discussions with a key member of the Conservative Party who oversees leadership challenges, as speculation mounts that her tenure is nearing an end. Truss is meeting with Graham Brady, the Conservative politician that is in charge of leadership votes and reshuffles. Brady chairs the 1922 Committee — the group of Conservative MPs without ministerial positions who can submit letters of no confidence in the prime minister. As the meeting went on, Deputy Prime Minister Therese Coffey and Conservative Party Chair Jake Berry both entered Downing Street. "That is also what the Prime Minister wants."

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