Interest rates UK

Miss Argentina and Miss Puerto Rico announce their marriage Miss Argentina and Miss Puerto Rico announce their marriage.Source: Fabiola Valentin, Instagram The Independent Swedish tourism director urges people to check spelling of Haaland to avoid confusion with province The Swedish coastal region of Halland is being confused with Norwegian footballer Erling Haaland and the local tourism director has had enough. Visit Halland director Jimmy Sandberg has written an open letter asking football fans to hit spell check before writing posts about the footballer. The spelling error is ‘completely suffocating our online presence’ and their efforts of promoting Halland is ‘rapidly being wiped away’. Since Haaland started at Manchester City his presence in the region’s hashtags and on search engines has been overwhelming. “If nothing is done, we fear our dear region is at risk of becoming a forgotten Atlantis, a place only known in stories and ancient scriptures, Jimmy Sandberg”, Director of Visit Halland. To settle the issue, Sandberg has invited the Premier League star to visit the coastal region of Halland. “A lot of Norwegians do come here every year, so he would feel right at home. See you next summer in Halland, Haaland?”, Jimmy Sandberg, Director of Visit Halland. The Independent Rishi Sunak attending Cop27 to ‘avoid embarrassment’, says Ed Miliband The Independent LIVE – Updated at 15:27 Mortgage holders will see their yearly costs increase by more than £400 after the Bank of England hiked interest rates to 3 per cent, Martin Lewis has said.The Money Saving Expert said tracker deals will rise by roughly £40 per month (£480/year) for every £100,000 worth of mortgage.Meanwhile, the pound dropped after the Bank’s 0.75 percentage-point rate rise amid warnings of the longest recession since records began.The Monetary Policy Committee (MPC) raised the base rate by 0.75 percentage points this afternoon to 3 per cent after warning last month that growing inflationary pressures will require a ‘stronger response’ than previously thought.The decision has pushed the interest to its highest amount since 2008.This is the eighth time in a row that the Bank has hiked interest rates. Less than a year ago the rate was 0.1 per cent. Families facing hundreds extra in mortgage costsBank hikes rates by 0.75% to 3% – biggest rise since 1989Labour set to warn of threat to growthRenters and investors will be hit hard, MPs warnedUK headed for longest recession in century, says Bank of England 15:26 , Maryam Zakir-Hussain The chancellor will set out a ‘concrete plan’ later this month to reduce the UK’s debt in order to ensure economic stability, a Treasury minister has said in the wake of recent financial turmoil.But while acknowledging this would mean ‘difficult decisions’, Tory frontbencher Baroness Penn told Parliament the needs of the most vulnerable would be safeguarded.The Conservative peer made her comments as the Bank of England raised interest rates to 3% in the biggest single hike since 1989.The move will pile around £3,000 per year on to mortgage bills for those households that are set to renew their borrowing deals, the Bank said.It also warned the UK could be on course for the longest recession since reliable records began in the 1920s.Jeremy Hunt is due to reveal the government’s latest fiscal plans on November 17, with up to £50 billion of spending cuts and tax rises under consideration as he confronts a gaping financial black hole.He previously ditched major debt-funded tax cuts announced in September’s ill-fated mini-budget, that triggered market chaos and led to the end of Liz Truss’s short-lived term as prime minister. 15:09 , Maryam Zakir-Hussain ‘The Bank of England’s latest missive reads like a horror story written in the traditionally bland language of economics. The headline is obviously the decision to increase interest rates by 0.75 per cent to 3 per cent by the rate-setting Monetary Policy Committee (MPC),’ James Moore writes.’The last time they were this high was in November 2008. It’s more than 30 years since we have an increase of this magnitude. The vote, however, was split. In the end, it went 7-2. The dissidents were newbie Swati Dhingra, who undercut the rest of the committee in her first meeting by plumping for a 0.5 rate rise this time, and Silvana Tenreyro. She clearly decided no one was stealing her crown as the MPC’s dove in chief, favouring an increase of just 0.25 per cent. The borrowers’ best pals, then?’ © Provided by The Independent We’re staring down the barrel of a very long recession | James Moore 14:54 , Matt Mathers Governor Andrew Bailey has explained the Bank of England’s decision to raise interest rates to 3 per cent.Mr Bailey said these are ‘big changes’ that will have a ‘real impact’ on people’s lives.He said the Bank had no other option to implement an eighth consecutive hike in the base rate because inflation is too high.Watch below: 14:30 , Matt Mathers Chancellor Jeremy Hunt has said the government must ‘balance’ its accounts in the same way that a family does, Adam Forrest, our politics correspondent, reports.Mr Hunt said: ‘Today’s news is going to be very tough for families with mortgages up and down the country, for businesses with loans.’But he said there were global problems affecting economies around the world.Asked whether Tory incompetence was to blame, Mr Hunt said: ‘What my party has done is put in place a new prime minister,’ saying Rishi Sunak had committed to ‘fix’ the economic problems caused by his predecessor Liz Truss.He added: ‘The best thing the government can do if we want to bring down these rises in interest rates is to show that we are bringing down our debt. Families up and down the country have to balance their accounts at home and we must do the same as a government.”Today’s news is going to be very tough for people up and down the country’.Chancellor Jeremy Hunt says there is a “global economic crisis” and adds that “a third of the world’s economy is now in recession”. https://t.co/5zyL7atgMl