UK Politics: General Despondency

Does anyone have an explanation of what interest rates mean and how it affects everything? We have a fixed mortgage which I believe ends in 2024 so will our payments go up then?
 
Does anyone have an explanation of what interest rates mean and how it affects everything? We have a fixed mortgage which I believe ends in 2024 so will our payments go up then?
Your payments in 2024 will depend on what the interest rate is then. Most commentators expect the base rate to rise into 2023 and then fall again in 2024.
 
They've completely crashed the pound today with this announcement, the markets hate it all and it's not even popular with either Tory stans or the general public. Flop era, flop country

T7RW.gif
 
Are they stupid, evil, or a mixture of both? I really do not understand this - even if the ideological end game is to make the rich as rich as possible, that won't work when the entire country is on fire. Sign me up for revolution, strike, whatever it takes. The saddest part of all of this, is that the balance sheet will once again be balanced with loss of life, crippling poverty, reduced quality of life, and mass mental health issues. Everyone, literally everyone I know, is gripping on to the edge.
 
I can't even kii at it, because that would be assuming that they're actually trying to make the economy better. Kwasi Kwarteng worked for Odey Asset Management as an analyst, and continues to work for them as a consultant: https://publications.parliament.uk/pa/cm/cmregmem/110328/kwarteng_kwasi.htm

Odey's hedgefund is up 145% this year by shorting British government bonds.

The UK 10-year gilt yield hit 3.392% on Thursday, its highest since July 2011, after the Bank of England lifted rates and said it would soon start selling government bonds. The 10-year yield has shot up roughly 250 basis points in 2022, and set for its biggest annual surge since 1994. Yields move inversely to bond prices.

Odey, whose eponymous firm Odey Asset Management manages 4 billion pounds ($4.52 billion) in assets, believes higher inflation is here to stay and central banks will need to raise rates faster, according to one of the sources, who asked not to be named because of the sensitivity of the matter.

https://www.reuters.com/business/fi...145-bets-against-uk-bonds-sources-2022-09-22/

The Tories have been orchestrating disaster capitalism for the past decade, and it's only going to get even worse.
 
Top