How much the mini-Budget fallout has cost consumers, from pension pots to mortgage bills 🔎 Explained by jessiehewitson
. Our mortgages, pensions, and the cost of borrowing to the UK as a country have all been significantly impacted.The higher price in gilt yields has meant it’s more expensive for the Government to borrow money. In the short-to-medium term, it is suggested that we’ll see a 0.5 per cent increase in costs.
The markets trust that the Bank is going to make the right decision and lending money to the Government is seen as lower-risk. Some will see far steeper falls: the pension protector fund with Scottish Widows dropped 16 per cent in three days after the mini-Budget was announced. Year on year it is down 40 per cent.
The only option for people retiring soon is to move their money into the stock market – which is higher-risk – to try and make up the loss, delay retirement or change their retirement plans. “They now have to take more risk just to make up what they have lost,” said Mr Gibb. “It’s just chaos”.
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