Green UK Offer Heat Pump Grants To Phase Out Gas Boilers – Interest Rates Will Rise Next Month
Green UK Offer Heat Pump Grants To Phase Out Gas Boilers While Interest Rates Will Rise In November
The Bank of England will increase base interest rates to 0.25% next month, the market is betting.
The historically low rates of 0.1% will be raised to combat rising inflation, which is expected to reach 4% this winter.
Up to 90,000 UK households will be offered grants of £5,000 over the next three years to install heat pump systems to replace gas boilers.
Ahead of Glasgow’s COP26 climate change conference, the UK government has commited spending almost £4 billion of taxpayer’s money as part of the ‘Net Zero Strategy’ green agenda plan to create more electric charging points and all new heating systems to use low-carbon technology or fuel such as hydrogen by 2035.
The policies are expected to create 400,000 new jobs by 2030, although much of the technology will be imported. Prime Minister Boris Johnson, sitting next to Bill Gates, has pointed to £10 billion inward investment into the UK.
There is a risk that the upheaval of green policies being introduced too quickly could wipe out older industries and millions of jobs. Rishi Sunak has already announced plans to imposed environmental tariffs on large firms at a time when post-brexit Britain needs to encourage more manufacturing to narrow the widening trade gap.
Mortgage lending could become harder on ‘non-green’ properties, although details have yet to be thrashed out.
Stock Markets could fall 10%, the Bank Of England has warned, and property prices could follow.
Financial markets and stocks and shares could see a “sharp downturn” with lower expectation of an early economic recovery from the lockdown the Bank of England predicted last week.
The QE money printing party, which have artificially fuelled property and stock markets to record highs, must eventually end.
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