What happened on 22nd June 2023 - with your comments in the Web
On Thursday, we've learned another grave news about British economic from National Institute of Economic and Social Research. 1.2 million UK Households Insolvent This Year as a Direct Result of Higher Mortgage Repayments . UK households are about to be hit by yet another shock as a result of the Bank Rate rising to 5 per cent, and by the end of 2023 more than a million households (4 per cent of all UK households) will run out of savings because of higher mortgage repayments, taking the total proportion of insolvent households to nearly 30 per cent (around 7.8 million), according to the latest research by the National Institute of Economic and Social Research (NIESR). With the Bank Rate rising at their fastest pace since the Bank of England gained independence in 1997, millions of households will be affected by higher mortgage repayments. A significant proportion of the population will see their savings wiped out because of the rise in interest rates and thus higher mortga...