"Truss tax plan sends UK mortgage rates soaring to record highs"

UK mortgage rates have reached their highest level since the announcement of unfunded tax cuts by the government last fall, causing investors to lose faith in Britain's public finances. With the Bank of England raising interest rates to combat high inflation, lenders are increasing borrowing costs for consumers and businesses. The average rate for a five-year fixed rate mortgage in the UK has risen to 6.01%, and there are concerns that rates could surpass 7% if the central bank continues to hike. This adds to the cost-of-living crisis and may impact homeowners and renters, particularly those whose fixed-rate terms are expiring soon.