Business

Mortgage lenders and Chancellor Jeremy Hunt have agreed that people should be given a 12-month break before repossession proceedings start amid soaring interest rates. After the rise of the base rate to 5%, Mr Hunt met with leaders of financial institutions including Lloyds, NatWest, Barclays and Virgin Money. They agreed that the repossession break should
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Former Tesco chairman John Allan – who was forced to step down after misconduct allegations were made against him – has insisted he is “completely innocent”. In his first broadcast interview since the controversy erupted with Sky News’ Sophy Ridge On Sunday programme, the 74-year-old said there was “absolutely no substance” in the claims about
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Annual mortgage repayments are set to rise by £2,900 for the average household remortgaging next year, according to a think tank. As the UK’s “mortgage crunch” deepens, total annual mortgage repayments could rise by £15.8bn by 2026, the Resolution Foundation said. Prolonged inflation has raised expectations that the Bank of England’s base rate-rising cycle, which
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The interest rate in the 20 Eurozone countries has been hiked to a more than 20-year high. The European Central Bank has increased its benchmark rate to 3.5%, up 0.25 percentage points, making borrowing more expensive. In new forecasts released by the regulator it said it will be two more years before inflation is brought
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