New Chancellor Jeremy Hunt delivered an economic statement today to try and stabilise the markets.
27.09.2022 - 15:19 / manchestereveningnews.co.uk
Hundreds of mortgage deals have vanished from the market in recent days amid wider economic turmoil.
3,961 residential mortgage products were available on Friday last week, the day of the mini-budget, according to analysis of the market by Moneyfacts.co.uk. By Monday this week, the total had fallen to 3,880, and by Tuesday it had shrunk further to 3,596 deals – a reduction of 365 compared to Friday, the analysis for the PA news agency found.
However, the overall choice of mortgage deals remains significantly higher than it was during the depths of the coronavirus pandemic, which also caused significant economic uncertainty. In October 2020, when 2,259 mortgage deals were available.
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During the pandemic, low-deposit mortgage deals, often used by first-time buyers, were particularly at risk of being pulled as lenders were concerned about “riskier” lending. But this time around, the mortgage withdrawals appear to be more evenly spread across the market.
Rachel Springall, a finance expert at Moneyfacts.co.uk, said: “The upheaval in the mortgage market may cause frustration amongst both borrowers and brokers as they see deals disappear overnight. The market remains considerably volatile so it’s vital consumers seek independent advice to assess what their best options are right now.”
David Hollingworth, associate director communications at broker L&C Mortgages, said those who already have a deal agreed with their lender do not need to worry. He also said that he did not think it would be too long before lenders come back with new deals.
Mr Hollingworth said that while it is not unusual for lenders to withdraw deals, what has happened in recent days has
New Chancellor Jeremy Hunt delivered an economic statement today to try and stabilise the markets.
Jeremy Hunt has announced the government will make a number of U-turns as he rips up the Government's mini-budget. He made the announcement during a televised address on Monday (October 17).
Joe Biden has taken aim at Liz Truss's mini-budget that led to chaos on the markets and to her sacking Kwasi Kwarteng as Chancellor.
British Prime Minister Liz Truss will move to reshape her government’s economic policy after firing Chancellor of the Exchequer Kwasi Kwarteng and dropping key parts of her economic plan in response to market panic caused by the proposed "mini-budget." "After the fallout from the mini-budget, the Prime Minister needed to take drastic action to calm the markets and save her job," Alan Mendoza, executive director of the Henry Jackson Society, told Fox News Digital. "Sacking the architect of the policy, while brutal, was the most logical way to restore confidence and give her some breathing space to regroup politically." "Once [Truss] reached that conclusion it was only a matter of time before she acted on it, as had she not, it would now be her head on the platter rather than his," Mendoza added. The British pound dropped sharply after the government announced Kwarteng’s "mini-budget," a series of cuts to taxes intended to spur growth and fight record inflation.The program proved contentious, and Kwarteng did not explain how the government planned to fund the cuts and offset the costs. "We need a new approach for a new era, focused on growth," Kwarteng told lawmakers in the House of Commons when he introduced the plan, which he argued would provide short-term help for homes and businesses in the face of spiking energy costs while trying to increase tax revenues in the coming years. FILE - Britain's Chancellor of the Exchequer Kwasi Kwarteng arrives in Downing Street in London, on Sept.
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Liz Truss has admitted she could have done a "better job" over her tax-slashing mini budget that plunged the UK economy into turmoil.
Prime Minister Liz Truss admitted that it will be a “difficult winter” for the UK hours before the new energy price cap came into force from today (Saturday, October 1). But she defended the mini-budget revealed earlier this week despite the “disruption” the plans caused.
The independent fiscal watchdog will deliver a forecast to the Chancellor next week as the fall-out from the mini-budget continues.
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the Energy Bill Relief Scheme “will reduce wholesale gas and electricity prices”. “This will provide a price guarantee equivalent to the one provided for households,” Kwarteng said.As announced earlier this week, the scheme will offer discounts for all firms for a six-month period from October 1.
Labour leaders in Greater Manchester have been reacting with anger to the mini-budget announced by the government this morning. Kwasi Kwarteng lifted the cap on bankers bonuses and scrapped the highest tax rate for those earning £150k a year, as well as a raft of other tax cuts, in a controversial budget today.
The government has outlined its mini-budget and, despite what its name suggests, the announcement was far from small and featured lots of changes that will affect people up and down the country. In particular, one big shake-up is coming to those on Universal Credit, with Chancellor Kwasi Kwarteng revealing that more than 100,000 people on benefits are likely to be affected by the change.
The UK Government has a new prime minister in Liz Truss and a new Chancellor in Kwasi Kwarteng.