News
Mortgage payments set to rise for three million UK households – Bank of England
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ABOUT three million households are poised to face increased mortgage payments over the next two years, according to the Bank of England’s latest Financial Stability Report.
The report indicates that approximately 400,000 mortgage holders are bracing for significant payment hikes. Concurrently, renters are feeling the squeeze from the rising cost of living and higher interest rates.
Despite these challenges, the Bank of England reassured that overall risks to the UK financial system remain stable, with businesses and households displaying resilience.
The report highlighted that about one-third of UK mortgage holders, exceeding three million, are currently benefiting from interest rates below 3%. This group largely consists of individuals who secured mortgage deals before the Bank of England began increasing interest rates in late 2021. These favourable rates are nearing their expiration, with most fixed-rate deals set to conclude before the end of 2026.
For the average household, monthly mortgage repayments are projected to rise by approximately £180, an increase of about 28%. However, around 400,000 households could see their monthly payments surge by 50% or more.
Despite these anticipated rises, the number of households struggling with mortgage payments is expected to remain below levels observed following the 2008 global financial crisis. “The overall share of households who are behind in paying their mortgages remains low by historical standards,” the Bank of England stated.
This report follows actions by three major lenders—HSBC, NatWest, and Barclays—who have all recently reduced mortgage rates. These cuts come in response to potential summer interest rate reductions hinted at by the Bank of England.
News
Cleddau Bridge closed to all traffic over concerns for man’s welfare
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THE CLEDDAU BRIDGE was closed to traffic on Saturday (Jun 29) after police were called over concerns for an individual.
An RNLI lifeboat from Angle Lifeboat Station as well as a local coastguard rescue team were also called out to standby.
The bridge remained closed between around 6.30pm and 8.30pm whilst crews dealt with the incident.
The emergency services have been asked for a comment.
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News
Labour rallies support in Mid and South Pembrokeshire
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LABOUR PARTY activists gathered at Pennar Hall, Pembroke Dock, to rally behind their candidate, Henry Tufnell, for the upcoming general election. The event, marked by cheering and the waving of red placards, highlighted what the party says is Labour’s commitment to change.
A notable attendee was the controversial First Minister, Vaughan Gething, who has recently faced backlash for accepting donations totalling £200,000 from a convicted criminal.
Tufnell has called the persistence of noxious odours from a landfill site owned by the convicted polluter who donated £200,000 to Vaughan Gething’s Welsh Labour leadership campaign “completely unacceptable” and deeply worrying for residents.
Further controversy erupted when he was accused of lying to the UK Covid Inquiry and deleting messages to avoid disclosure under the Freedom of Information Act. Additionally, the donor, David Neal, is under scrutiny for potential environmental law violations and tax evasion related to waste disposal at the Withyhedge landfill near Haverfordwest, stirring local discontent due to noxious odours affecting the community.
Vaughan Gething’s presence, especially given the landfill’s proximity, raises questions about whether his involvement will help or hinder Tufnell’s campaign.
Later today (Sunday, Jun 30) Welsh Labour’s Deputy Leader, Carolyn Harris, will bring the Labour Battle Bus to Mid and South Pembrokeshire.
This visit aims to further energise the local base and attract undecided voters, underscoring Labour’s dedication to securing a win in this key constituency.
As the campaign heads into its final days, Tufnell and his team are hopeful, emphasising the need for fresh leadership in the region. However, the controversies surrounding Gething may influence local perceptions, and the overall impact on the election remains to be seen.
Although Labour are leading in the polls in Wales, they are not taking any chances here in Pembrokeshire. The arrival of the battle bus later today shows that the fight is still on between Tufnell and Crabb.
Community
Council issues Tenby summer pedestrianisation scheme reminder
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PEMBROKESHIRE COUNTY COUNCIL have issued a reminder today that the Tenby summer pedestrianisation scheme starts on Monday, July 1st to Friday, September 13th.
The Walled Town is pedestrianised and traffic movements restricted between 11am and 5.30pm each day.
The council said: “Drivers are kindly requested to plan their journeys in advance to keep the Walled Town a traffic free zone during these times.”
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