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Chancellor Rachel Reeves' recent budget has sparked significant criticism and market reactions, with rising gilt yields and concerns over Labour's fiscal policies. The budget's tax increases and spending reforms have raised fears of economic stagnation, impacting the housing market and investor confidence as job losses loom in various sectors.
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As of November 13, 2024, mortgage rates in the U.S. have surged to 6.79%, the highest since July, driven by inflation concerns following Donald Trump's election victory. In the UK, rising rates are also impacting the housing market, prompting borrowers to act quickly amid economic uncertainty and higher borrowing costs.
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The Bank of England has reduced interest rates from 5% to 4.75%, marking the second cut this year. This decision follows the UK government's recent budget announcement and Donald Trump's election as US president, which may influence future monetary policy amid concerns over inflationary pressures.
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Following Donald Trump's election win, global markets reacted sharply. The FTSE 100 initially rose but closed lower amid concerns over potential tariffs and inflation. The pound fell against the dollar, reflecting investor anxiety about the UK economy's future under Trump's policies.
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The Bank of England has reduced interest rates from 5% to 4.75%, marking the second cut this year. This decision follows a decline in UK inflation below the target level, but future cuts may be cautious due to recent government budget measures and economic uncertainties.
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Following Donald Trump's election, mortgage rates have surged to 6.79%, raising concerns for homebuyers. Analysts predict that Trump's proposed economic policies could lead to higher inflation and interest rates, complicating the housing market for first-time buyers and current homeowners alike.
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Hamptons International has revised its forecast for UK house price growth in 2026 from 5% to 3.5%, citing higher interest rates and a sluggish economy. This adjustment follows recent cuts in the Bank of England's base rate and concerns over inflation stemming from the latest budget.
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As mass protests loom against the government's inheritance tax changes, Prime Minister Sir Keir Starmer is set to defend his Budget in a speech in Wales. Farmers are preparing for a week-long strike, while Chancellor Rachel Reeves aims to reassure the business community with plans for financial reforms.
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In light of Donald Trump's recent election victory, UK leaders are grappling with the implications for trade relations with both the EU and the US. Bank of England Governor Andrew Bailey has emphasized the need to rebuild ties with the EU, citing Brexit's adverse effects on the economy. Concerns grow over potential tariffs and their impact on UK growth.
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UK households are facing a 1% increase in energy bills starting January 2025, with the average annual cost expected to reach £1,736. This rise adds to ongoing financial pressures amid high energy prices driven by geopolitical tensions and supply issues.