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The Bank of England’s bumper 0.5% rate hike this week was the 13th rise in a row. After sitting on their hands for more than a decade, ratesetters have been shaken out of their slumbers by an inflation storm. By historic standards 5% is not high for interest rates, but unfortunately for borrowers we also started from a historic low and have gone from 0.1% to here in just 18 months. The belated headlong rush into raising rates is also the exact opposite of what the Bank of England spent years assuring homeowners would happen: the party line used to be ‘gradual and limited’. The Bank is hiking rates to try to crush inflation but at the same time this affects a much smaller slice of homeowners than it once did and rapid rise in mortgage costs is crushing a generation of homeowners. So, was another rate rise a wise move? How bad is the pain for borrowers? Is this not a patch on the '80s, or just as bad? Has the Bank of England even given its rate rises long enough to take effect? On this rate rise special podcast, Georgie Frost, Lee Boyce and Simon Lambert tackle all that and more.

The mortgage market is mayhem, with lenders pulling deals and rapidly hiking rates. Average fixed mortgage rates have soared over the past month and we are now at the stage where it looks a lot like the panic after the mini-Budget. At the same time savings rates are going gangbusters and there is barely a day that passes without a new best buy. Meanwhile, UK gilt yields have also leapt, sending the UK’s borrowing costs even higher. What on earth is going on? Georgie Frost, Helen Crane and Simon Lambert dive in and try to explain why the sudden inflation-driven chaos has kicked off and what borrowers and savers can do. What should you do if you need a mortgage? Is this a prime time to grab a savings deal or should you wait for better rates? How does it compare to the double-digit rates days of the 1980s? What does this mean for the economy? Are we all doomed? Or will this pass? Listen to find out their views and get tips on how to sort your mortgage and savings.

Forget 5% savings rates. Forget 7%. A new regular savings deal has landed paying a headline-grabbing 9%. But, is it actually a good deal? Saffron Building Society aren't the only savings provider pumping up rates, with fixed-rates now hitting 5.25%. And Cash ISAs are back with a bang with a record amount poured into tax-free accounts in March and April. That comes as more savers look to shield their money from the taxman, with more potentially busting their Personal Savings Allowance this year. Georgie Frost, Lee Boyce and Helen Crane discuss all things savings and why people should be tracking down better rates. The debate moves on to housing, with one property price index suggesting an annual value fall of 3.4%. So what's going on? Mortgage deals are being pulled left, right and centre and the amount borrowed in new mortgages dips a record low. Where is it all heading? Plus, Lee argues that tech giant Meta needs to listen to big banks and take the huge volume of social media scams more seriously. Helen gives a big update on her Crane on the Case column and the great dishes debate finally resolved: Is it cheaper to wash up by hand or use a dishwasher?

“The [Child Trust Fund] scheme has been closed to new entrants for over 12 years. In this time HMRC has been focusing resources on evaluating and improving existing schemes. We will continue to keep the need to evaluate old schemes under review.” So said Andrew Griffith MP, Economic Secretary to HM Treasury in reply to a parliamentary question from John Ashworth MP, Shadow Secretary of State for Work and Pensions. But this is not an 'old scheme' — there is currently over £1.7 billion sitting in mature accounts belonging to over 900,000 mainly low-income young adults throughout the UK who don't know anything about their good fortune! Their Child Trust Fund harvest is seeing too little action at present: but it's not too late to get it sorted, and the current focus from the National Audit Office and Public Accounts Committee will certainly help. Background music: 'Hopeful Freedom' by Asher Fulero

Young adults with Child Trust Funds are personal investors, but over 40% of them don't know it. On Thursday 18th May the Public Accounts Committee met to find out more: this is the first half of their hearing following the March 2023 publication of a National Audit Office landmark report and its investigation into the Child Trust Fund scheme. Witnesses who took part were, for HM Revenue and Customs, Jim Harra and Emily Antcliffe, and for The Share Foundation, Gavin Oldham and Anthony Walker. Members of the Public Accounts Committee (all MPs) who attended were Dame Meg Hillier (chair), Sir Geoffrey Clifton-Brown (Deputy Chair), Olivia Blake, Flick Drummond, Peter Grant, Jill Mortimer and Nick Smith. The hearing ran for over an hour and a half: this is the first 48 minutes.

Young adults with Child Trust Funds are personal investors, but over 40% of them don't know it. On Thursday 18th May the Public Accounts Committee met to find out more: this is the second half of their hearing following the March 2023 publication of a National Audit Office landmark report and its investigation into the Child Trust Fund scheme. Witnesses who took part were, for HM Revenue and Customs, Jim Harra and Emily Antcliffe, and for The Share Foundation, Gavin Oldham and Anthony Walker. Members of the Public Accounts Committee (all MPs) who attended were Dame Meg Hillier (chair), Sir Geoffrey Clifton-Brown (Deputy Chair), Olivia Blake, Flick Drummond, Peter Grant, Jill Mortimer and Nick Smith. The hearing ran for over an hour and a half: this is the second 48 minutes.

And there it was, another interest rate hike. Another quarter point move up seems almost commonplace now, but cast your mind back to the era after the financial crisis and we had to wait nearly ten years for the base rate to climb above its 0.5% 'emergency level'. It cut first and then base rate got all the way to the heady heights of 0.75%, before it was cut again when Covid hit. Yet, less than 18 months since the Bank of England started raising rates in December 2021, base rate has rocketed from 0.1% to 4.5%. The rate itself is still relatively low in historic terms, but the magnitude of the rise is not. So, are the Bank's ratesetters right to keep voting for hikes, has the full pain been felt yet, and why would you do this when all the forecasts suggest inflation is soon to nosedive? Georgie Frost, Tanya Jefferies and Simon Lambert discuss the latest rate rise and how high interest rates will go. Plus, is the return of the 100% mortgage absolute madness, a helping hand for trapped renters, or something in the middle of all that? Why people should claim pension credit or help their friends or relatives? And finally, not only will it lack the crisp one-liners of Succession, but an inheritance drama is not something you want to get into, so how can people avoid one?

A row over housebuilding has erupted again. Labour leader Keir Starmer has said he would bring back a 300,000 annual housebuilding target, after Rishi Sunak scrapped it. Meanwhile, some backbench Tory MPs are reportedly unhappy about their party ditching that target in the first place – with the number having featured in the 2019 Conservative Party manifesto. At the same time Michael Gove has been cheered in many quarters for blocking a development in Kent, as it was deemed to be poor quality and ugly, but is now being taken to court by developer Berkeley Homes over the decision. So, what can we do about housebuilding and how do we get ourselves out of this mess – especially as the younger generation are squeezed out by high house prices and rents? Georgie Frost, Lee Boyce and Simon Lambert dig into the myriad problems with UK housebuilding and what can be done to build better homes that people want to buy and have near them. Is the answer just bringing back targets or is it more complicated than that? Is not wanting housing developments Nimbyism if there’s a failure to build well and deliver infrastructure? How can we convince local communities to back new housing? All this and more come up for debate. Also, if you are in the fortunate position of being able to buy a home but are worried about falling house prices and locking into high mortgage rates, what should you do? Sam North, of eToro, joins us for the latest market update, including the reaction to the Fed's latest rate rise. Will a new crackdown on scams finally stop the fraudsters? And finally, we said it was coming. The 5% savings rate is back, but should you get one?

What's the best home improvement plans, if you're thinking about selling? Has the dust now settled following the banking sell-offs — is it a good time to invest now? Will Schroder's UK private/public trusts ever be able to shake off the Neil Woodford legacy? Georgie Frost and Simon Lambert discuss these issues, and the This Is Money 'Best Buy' savings table.

The state pension is getting a boost this week, meaning many pensioners will see their payments go above £200 per week or £10,000 per year for the first time. The Government has also recently announced that it is delaying a decision on hiking up the state pension age to 68 until after the next election – perhaps influenced by protests across the channel. Pension commentators said move would be 'incredibly unpopular', and likely 'political suicide'. Governments don’t like to upset retirees because they vote in high numbers — but maintaining the status quo is incredibly expensive. Has something ultimately got to give when it comes to the state pension age and maintaining the triple lock? Georgie Frost is joined by Tanya Jefferies and Helen Crane to discuss. We also look at one lucky This is Money reader who is getting an even bigger rise, seeing his pension go up by more than 16%. It sounds like great news — but he is wondering whether it means he has been short-changed in the past. Elsewhere, research this week has shown Britons are still dragging their feet when it comes to making a will. The team looks at why it’s important, how to do it — and why it isn’t just about money. Also, E-Toro’s Sam North provides the latest update on the markets as we head into the long weekend. We also discuss why broadband companies have been able to get away with ignoring instructions from regulator Ofcom to make switching easier for customers. It told them two years ago that they needed to make it possible to swap providers in just one day — so why are most of us still left languishing without an internet connection for up to two weeks? Finally, do you fancy a sabbatical from work to travel? Some big firms are offering the extended time off as a perk to long-serving staff — but would your boss let you go, and how would you afford it?