While interest rates have been on the rise for a while as the BoE tried to get rising inflation under control, the recent hike in mortgage rates has been blamed on the mini-budget, which Kwasi Kwarteng, then Chancellor, has announced in September.
The markets reacted badly to the tax cuts, worth billions of pounds, announced in the statement because the Government did not accompany their announcement with a fiscal forecast and neither did they say how these tax cuts were funded.
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