T ory Party Conference latest: Kwasi Kwarteng brushes off "a little turbulence" from mini-Budget Bank of England monitors Credit Suisse amid market turbulence FTSE 100 closes up slightly 1pc; Pound gains to $1.13 Roger Bootle: It will spark strikes and protests, but public sector pay has to fall Sign up here for our daily business briefing newsletter The Government’s U-turn on tax cuts may not protect the UK from a credit rating downgrade, S&P Global has warned. Maxim Rybnikov, an analyst at the rating agency, said the move wouldn’t materially affect fiscal and economic projections made last week. S&P downgraded its outlook on the UK’s AA credit rating from stable to negative in the wake of Kwasi Kwarteng’s tax-cutting fiscal plans. It forecast that the government deficit will widen by an average 2.6pc of GDP annually to 2025, while net general government debt will continue on an upward trajectory. Mr Rybnikov said the bulk of the … [Read more...] about Climbdown on 45pc tax doesn’t change ‘negative’ outlook for UK, warns S&P
Pay 30 year mortgage in 10 years
You've found a home you love—now you just have to make it yours. If you don't have a hefty deposit or a sparkling credit score, a conventional mortgage might not be an option but there are alternative routes to homeownership. Here we look at some of the financing methods available to first-time buyers and get expert advice on their pros and cons—plus the state of the property market—from real estate agents. The State of the Housing Market The real estate market has seen record price rises over the past two years, especially in cities such as Phoenix, Austin, Raleigh, Charlotte and Boise, according to Nicholas Athanail, a real estate broker at the Corcoran Group in New York City. He told Newsweek: "NYC did see a COVID slump in 2020, but has bounced back with a vengeance. The average price of a Manhattan apartment jumped 19 percent over the previous year's and sales hit a record $7.3 billion in the first quarter of 2022. Economists expect this growth to slow, he added, but … [Read more...] about Can’t Afford a House? Here Are 4 Unconventional Ways to Buy a Property
After Liz Truss and Kwasi Kwarteng's mini-budget saw the pound plummet and interest rates rocket, the PM and chancellor are under pressure to announce a cut in public spending. MPs and financial experts want to see the government make savings to restore market confidence after pension funds were put at risk and people's mortgages were pulled. Significant drop in interest rate forecast - Economy news live One thing being touted as a way to save money is reducing the amount the government spends on benefits. What is being suggested? The cost-of-living crisis has led to several sectors demanding pay rises in line with inflation, which peaked at 10.1% in July. But some in the Conservative Party have argued that if employers are unable to keep wages on a level with rising prices, the government should not have to do the same with benefits. Reports claim Downing Street is considering increasing Universal Credit in line with average earnings - instead of inflation. … [Read more...] about Cost of living crisis: How would a squeeze on benefits affect people day-to-day?