What a week!

Adrian Anderson - Anderson Harris

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Published: 23rd September 2022

This Article was Written by: Adrian Anderson


This week has seen a number of dramatic economic announcements which will impact homeowners’ finances.

On Thursday, The Bank of England increased UK interest rates to 2.25%. This is a 50 basis points hike and takes borrowing costs to their highest levels since November 2008.

On Friday, The Chancellor announced a number of measures designed to put more money into the economy in the short term. This included a cut in stamp duty.

Collectively, the announcements present a confusing scenario where the government are trying to turbo-charge the economy with huge tax cuts, while the Bank of England are trying to put the brakes on with high interest rate rises. As a result of the Chancellor’s announcement, some are forecasting interest rates will now rise further and more quickly.

The Chancellor’s statement also does not solve the main issue for many of us, which is soaring interest rates and a cost-of-living crisis. If interest rates do continue to rise quickly, many borrowers will have far less disposable income and there will be many who may be unable to pay their mortgages.

Journalists have been reaching out to the Anderson Harris team for expert comment. Here is a collection from the past two days. We’ll also be posting more advice and considerations on our website in the coming week.

Adrian’s interview with BBC Radio London


Can we help?

If you would like to discuss your property finance arrangements given this week’s dramatic announcements, please contact our team of specialists on tel 020 7495 6633 or email enquiries@andersonharris.co.uk.

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