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Updated 5:16 AM EDT, Tue October 18, 2022
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BIRMINGHAM, ENGLAND - OCTOBER 05: Prime Minister Liz Truss speaks during the final day of the Conservative Party Conference, on October 05, 2022 in Birmingham, England. This year the Conservative Party Conference will be looking at "Getting Britain Moving" with more jobs and higher salaries. (Photo by Jeff J Mitchell/Getty Images)
UK PM's budget balancing could push more Britons into poverty
03:00 - Source: CNN
Economy 15 videos
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Updated 5:16 AM EDT, Tue October 18, 2022
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BIRMINGHAM, ENGLAND - OCTOBER 05: Prime Minister Liz Truss speaks during the final day of the Conservative Party Conference, on October 05, 2022 in Birmingham, England. This year the Conservative Party Conference will be looking at "Getting Britain Moving" with more jobs and higher salaries. (Photo by Jeff J Mitchell/Getty Images)
UK PM's budget balancing could push more Britons into poverty
03:00
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A traveler looks at a flight information board at Ronald Reagan Washington National Airport on January 11, 2023 in Arlington, Virginia.
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Updated 5:16 AM EDT, Tue October 18, 2022
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Janet Yellen
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Updated 5:16 AM EDT, Tue October 18, 2022
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oliver bate allianz
Bankers dig in as recession looms in Europe
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Updated 5:16 AM EDT, Tue October 18, 2022
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nightcap 011923 Clip 1 16x9
Disney just threw down the gauntlet in the WFH battle
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Updated 5:16 AM EDT, Tue October 18, 2022
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Updated 5:16 AM EDT, Tue October 18, 2022
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job report
Layoffs are making headlines. What's really going on in the job market
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Updated 5:16 AM EDT, Tue October 18, 2022
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empty restaurant
'You're just a hamster spinning on a wheel': Restaurant owner struggles to stay open
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Updated 5:16 AM EDT, Tue October 18, 2022
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MIRAMAR, FLORIDA - OCTOBER 27: In this aerial view, single family homes are shown in a residential neighborhood on October 27, 2022 in Miramar, Florida. The rate on the average 30-year fixed mortgage hit 7.08%, up from 6.94% the week prior, according to Freddie Mac. Mortgage rates surpassed 7% for the first time since April 2002. (Photo by Joe Raedle/Getty Images)
Is housing a buyer's market or a seller's market? CEO explains why it's neither
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Updated 5:16 AM EDT, Tue October 18, 2022
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Updated 5:16 AM EDT, Tue October 18, 2022
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A person prepares to pump gas at a BP gas station on Coney Island Avenue on October 19, 2022 in the Flatbush neighborhood of Brooklyn borough in New York City. President Joe Biden announced the sale of an additional 15 million barrels from the Strategic Petroleum Reserve. The announcement was made three weeks before the Midterm Elections and the move is expected to meet the administrations goal of releasing 180 million barrels from the Strategic Petroleum Reserve to counter the rising gas prices due to Russia's invasion of Ukraine.
Is the economy as bad as it seems? Maybe not
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01 Brian Moynihan Poppy Harlow interview 1129 SCREENSHOT
Bank of America CEO predicts 'mild recession' next year
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Some Americans being forced to pick between paying for groceries and heating their homes
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Customers browse racks of clothing as they shop inside a discount department retail store in Las Vegas, Nevada, on May 7, 2022. - The US economy added a better-than-expected 428,000 jobs in April, with the unemployment rate remaining at a low 3.6 percent, the Labor Department reported. The data pointed to continued strong employment growth and contained hints that some inflationary pressures may be easing, with workers' wages rising less than in March. But investors remain anxious that rising prices and higher interest rates will hit consumers, slowing the economy's expansion in the second half of 2022. (Photo by Patrick T. FALLON / AFP) (Photo by PATRICK T. FALLON/AFP via Getty Images)
CNN reporter shows what consumer price growth means for inflation
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Updated 5:16 AM EDT, Tue October 18, 2022
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Grocery chain CEO on food prices: 'My crystal ball is broken'
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- Source: CNN Business
London CNN Business  — 

Millions of mortgage holders in the United Kingdom are facing large increases to their monthly payments after the government’s controversial plan to slash taxes and massively increase spending spiked borrowing costs across the economy.

The government has since walked back those plans, reversing almost all the tax cuts it had announced last month on Monday. But investors remain on edge, keeping borrowing costs high.

With bond yields elevated and inflation near 10% in Britain, the Bank of England is widely expected to hike interest rates more aggressively when it meets on November 3. That will in turn increase the mortgage rates charged by banks and other lenders.

Manymortgage holders are now facing higher costs, while some aspiring homeowners are worried that they won’t be able to afford a mortgage at elevated rates.

If you’re one of those people, we’d like to speak to you – tell us your story below.