Yesterday was an day like no other with the vast majority of mortgage lenders withdrawing products because of the increasing cost of money on the money markets (swap rates) following the Chancellors mini-budget last week in which he cut taxes and stamp duty. The negative effects of the mini budge are being met with a predicted increase in interest rates by the Bank of England (BoE) in an attempt to control inflation, experts warn rates are likely to peak at 5.9% in June 2023 but the International Monetary Fund (IMF) have warned the UK Government against implementation of the tax cuts on the basis they are likely to increase inequality.
