Mini-Budget ‘moneybomb’ fallout revealed
(Picture: PA Wire)It’s been two months since the disastrous mini-Budget touted by Liz Truss and Kwasi Kwarteng meant to boost growth actually sent the markets spiralling.
Now, its impact has been revealed in new Bank of England mortgage borrowing data, but what does 2023 hold for homebuyers?
Net borrowing of mortgage debt fell from £5.9 billion to £4 billion in October, with 59,000 home loans approved that month, down from 66,000 in September.
The effect of a sluggish housing market, interest rates rise and a recession looming were clear in the Bank’s mortgage figures.
It follows effective interest paid on new mortgages crossing above three per cent, up 0.25% to 3.09%.
With Evening Standard business editor Jonathan Prynn, we look at whether Britain’s still saddled with a “Truss premium” thanks to financial mistakes made on her watch,
We examine whether economic “turbulence” whipped up under her very brief tenure at 10 Downing Street is beginning to subside, and also the impact of starting 2023 after six years of “unceasing chaos” for global politics and the financial markets.
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