Skipton Building Society has become the latest lender to temporarily halt lending following a tumultuous for the UK economy.
This morning the Pound slipped to near parity with the US Dollar as the markets reacted Chancellor Kwasi Kwarteng’s ‘fiscal event’ on Friday.
Virgin Money has also closed its doors to new business as lenders assess the impact of today’s events on the economy.
Meanwhile, Halifax has withdrawn all its products with fees and The Nottingham has made changes.
Earlier this evening Bank of England (BoE) Governor Andrew Bailey attempted to cool concerns with a statement saying that the Bank would increase interest rates if required.
It now looks increasingly likely that the BoE will introduce an emergency interest rate rise with economists speculating that a 0.75% increase could be round the corner.
It is then anticipated that a rise of the same size rise will come through before the next planned announcement from the Bank in November.
