Rishi Sunak has warned homeowners that their mortgage payments are soon set to ‘rise by £1,000 a year’.
The Chancellor is said to have told cabinet ministers that interest rates will rise by 2.5% in the coming months, meaning people without fixed rate mortgages will be faced with higher repayments.
According to The Times, he rejected calls to provide more help for families struggling with soaring bills by arguing that borrowing risked stoking inflation and interests rates.
In an interview with Mumsnet this week, Sunak said: “I’m really conscious that, I don’t want mortgage rates to have to go up any more than they’re already going up.
“If governments, at a time like this, borrow lots and lots more money, and we’re already borrowing quite a lot, our own interest bill is ticking up, what that does is risks interest rates having to go up even more.”
He added: “That will just add to pressure for people with mortgage payments to make.”
In the same interview, Sunak said it would be ‘silly’ to provide more support to families when asked whether more support would come by someone who is disabled and relies on life-saving equipment at home.
At this, Sunak responded: “Now I know people are anxious about this and wondering if they are going to go up even more, and I have always been clear from the beginning we will see what happens.
“And depending on what happens to bills then, of course, if we need to act and provide support for people, we will.
“But it would be silly to do that now or last month or the month before when we don’t know exactly what the situation in the autumn will be. So I’d say we’ll see where we are with that if we need to do more.”
During the twenty-five-minute interview, he was also asked whether he would consider introducing a windfall tax on energy companies that have profited from the rise in global prices, something he said he would ‘look at’.
The government has faced criticism for its response to the cost of living crisis, which includes a £150 council tax rebate and a £200 energy bill discount, which will then have to be paid back over five annual £40 payments.
Ikea ‘collect near you’ hubs to launch in several Greater Manchester Tescos
It’s the retailer collab we didn’t know we needed…
A number of Tesco supermarkets in Greater Manchester are set to host Ikea ‘collect near you’ points as part of an ‘exciting’ new pilot.
Tesco Extra Stockport and Tesco Extra Bolton Horwich will both see IKEA ‘collect near you’ bays installed in their car parks in an attempt to reduce delivery costs from the furniture retailer.
Customers will be able to meet with a delivery driver at the designated collection bays to pick up their orders in a move that IKEA says will ‘make it easier than ever’ to shop with them.
Seven Tesco stores in total have been selected for the collaboration’s initial rollout, including sites in Liverpool, Blackburn, and Doncaster.
Tesco Blackburn will be the first supermarket to launch the trial next month on October 10th, with other sites set to follow later this year.
Tesco is set to run the trial for an initial period of six months.
An Ikea spokesperson said: “We are delighted to be collaborating with Tesco to test and trial more convenient, accessible and affordable collection services in the UK.
“The pilot will launch in Bolton and Stockport later this year. While we are unable to share exact dates at the moment, we will be sure to share further details in the coming months.”
Retail analyst Natalie Berg named the collaboration as ‘interesting’, writing on Twitter: “Really interesting IKEA/Tesco collab. Ikea gets the need to become more accessible (despite the ££) and imagine more pressing now w/ consumers shying away from big-ticket buys and consolidating trips.”
However, she added that customers will still need to spend £200 for the ‘free’ collection.
The full list of trial sites is:
- Tesco Blackburn Superstore.
- Tesco Doncaster Extra.
- Tesco Cambridge Newmarket Road Superstore.
- Tesco Dereham Extra.
- Tesco Bolton Horwich Extra.
- Tesco Stockport Extra.
- Tesco Liverpool Old Swan Superstore.
Toys ‘R’ Us relaunches in the UK just in time for Christmas
Shoppers can browse a selection of over 14,000 toys from 100 suppliers
Toys ‘R’ Us has officially relaunched its UK website with thousands of toys and gadgets up for grabs.
The online shop has over 14,000 toys from over 100 suppliers for sale, including toys by Lego, Marvel, Star Wars, Crayola and Play-Doh.
Free delivery is available for all orders over £20, while next-day delivery is up for grabs on orders placed before 6pm.
A message on the website reads: “We’re back! We can’t wait to develop and grow with you and your loved ones, over the coming weeks, months and years!”
The store has also re-opened its sister site Babies ‘R’ Us, which sells everything from pushchairs, prams, children’s clothing and baby carriers.
This news comes nearly a year after the retailer initially announced it would be returning to the high street – in October 2021, its parent firm signed a long-term exclusive licence agreement to relaunch the stores across the UK from 2022 onwards.
After struggling to keep up with the new age of online shopping, Toys ‘R’ Us was forced to close all of its UK and US stores back in 2018, much to the dismay of those who grew up with the retailer throughout the 2000s.
Toys ‘R’ Us Australia chief executive Louis Mittoni, who has spearheading the UK launch, said in a statement at the time: “I’m very excited to welcome over 100 years of retailing experience in our new team, who will lead the relaunch our iconic brand back into the UK market in the next few months.
“We have an amazing toy and baby buying team, which I believe is the best in the country.
“With this team now in place, we’re hitting the ground running and have been reaching out to the supply base to see with whom we can align on this amazing journey.”
Toys ‘R’ Us launched in the UK in 1985, when it emerged as the ‘world’s first toy supermarket’.
Ian Brown’s brutal response to fan who asked why he played gig without a band
A number of fans have criticised the singer for performing alone without a band
Ian Brown gave a savage response to a fan last night following the controversy surrounding his solo Leeds gig over the weekend.
The Stone Roses frontman kick started his first UK tour in a decade at the Leeds O2 Academy on Sunday, with him due to perform at Manchester’s Victoria Warehouse this Friday (September 30th).
However, many fans were left disappointed by Brown’s performance thanks to the absence of the rest of the band, with one concert-goer describing it as him ‘[doing] karaoke and butchering his own tunes.’
Alongside of a video showing Brown singing alone on an empty stage, fan Steven Latham wrote: “Gutted to see @ianbrown turn up to his £40 a ticket, sold out gig at Leeds tonight WITH NO BAND.
“I’m a life long fan but it was bad. #ianbrown does karaoke and butchers his own tunes. Most were too p****d to care but I had to get out after this one.”
Another fan slammed the singer for not giving musicians the opportunity to make some money ‘after a difficult few years’, writing: “Musicians and crew need work after a difficult few years.
“Ian Brown can afford to employ people but don’t quite get why he chooses not to?”
However, this comment seemingly touched a nerve with Brown, who scathingly replied in a now-deleted tweet: “I have a crew of 12 out on the road with me [sic] What’s it got to do with you you jealous p***k?”
The singer also took the time to respond to other fans who enjoyed last night’s concert in Glasgow, with him writing: “GLASGOW. HATERS HATE AND LOVERS LOVE!”
Other concert-goers praises Brown’s performance last night, with another fan noting: “Far more honest to play to a backing track on your own, than be in a band pretending to be 100% live yet playing along to a backing track.”
A second added: “This was an amazing show. Cool and surprising concept for Ian Brown to just present himself, the man and king on stage. He sounded great. Fans had a great time.”
Ian Brown’s headline tour continues tonight in Edinburgh, with following shows scheduled for Newcastle, Manchester, Liverpool, Birmingham and London.