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The homeowner foreclosure crisis is on track to trigger the sale of 735,000 rental homes

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The city’s merchants have made their biggest recession bets since February, when there were widespread forecasts of a deep recession by the Bank of England and the International Monetary Fund.

The Chancellor tried to reassure the markets that inflation was being controlled on Friday.

Asked by Sky News if he was comfortable with the Bank acting to reduce inflation even if it could precipitate a recession, Hunt said: β€œYes, because inflation is ultimately a source of instability.

“If we want to have prosperity, grow the economy, reduce the risk of recession, we have to support the Bank of England in the tough decisions it makes.”

He added: “I have to do something else, which is to make sure that the decisions I make as chancellor, very difficult decisions to balance the books so that the markets, the world, can see that Britain is a country that pays its way – all these things mean that the monetary policy of the Bank of England (and) the fiscal policy of the Chancellor are aligned.”

Capital Economics said that owners are being forced to sell their properties due to a decision by the government of reduction of the tax deduction in the payment of mortgage interestraising your costs.

Warned that rising mortgage rates will lead to the loss of hundreds of thousands of rental properties from the market by 2027, compared to the figures for 2021.

The analysis is based on predictions that the bank rate will peak at 5% and remain above 2.5% until the end of 2027. Markets now expect interest rates to peak at 5.5%, which means the damage to homeowners is likely to be even worse.

Capital Economics said that reversing the tax change would ease the financial burden on homeowners and prevent the sale of 110,000 properties.

For much of this year, Downing Street has tried to downplay expectations that major tax cuts are imminent, repeatedly pointing instead to the government’s promise to halve inflation this year.


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