This is Money Podcast Did the UK stage its own mini-financial crisis... and who was responsible?
Sep 30, 2022
01:02:58
As markets went haywire and the Bank of England staged a bond market intervention earlier this week, it felt like a mini-financial crisis had been triggered.
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.
So, is the UK economy in crisis… again? How much is the Chancellor's 'mini' Budget to blame? Or was this the culmination of problems that stem from the Bank of England? And what can the Government and Bank do now?
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.
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.
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.
So, is the UK economy in crisis… again? How much is the Chancellor's 'mini' Budget to blame? Or was this the culmination of problems that stem from the Bank of England? And what can the Government and Bank do now?
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.
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.