Will the housing market crash? Is my pension safe? Could mini-budget still work? These are just some of the questions, submitted by you, that were answered by City editor Mark Kleinman, data and economics editor Ed Conway and business presenter Ian King.
Will the housing market crash? Is my pension safe? Could mini-budget still work? Your questions answered
Economics and data editor Ed Conway, City editor Mark Kleinman and business presenter Ian King answered your questions live on Sky News.
The final question to our panel is from Keith, who is wondering if the Bank of England's intervention is proof of the government's failure.
Sky's economic and data editor Ed Conway laughs, and says: "Well, Keith might very say that, I couldn't possibly comment."
However, he adds that "something happened last Friday that spooked markets and has led to an incredible disturbance that has caused the Bank of England to intervene".
Friday was when Chancellor Kwasi Kwarteng announced his mini-budget.
"The government would like us to believe it is nothing they did, but nowhere else around the world is facing anything quite like this," he added.
"So, we either believe that this was an enormous coincidence... or it was down to something that happened at 9.30am on Friday when Kwasi Kwarteng stood up in the House of Commons."
Given that over 40% of mortgage products have now been removed from the market, will the property market crash? Excellent question from Sean here.
Sky News business presenter Ian King takes this one, saying it depends on the definition of "crash".
He adds: "I find it inconceivable that there isn't going to be some sort of reaction in the property market."
He says although the rises in interest rates have affected variable rate mortgages thus far, most people are on fixed rate mortgages.
"The problem emerges when they start to roll off those fixed rate deals.
"Something like 650,000 homeowners will do so in the second half of this year, something like 1.2 million next year.
"They're going to find themselves paying a hell of a lot more for their mortgages."
He says this means we are looking at hundreds - potentially thousands - of pounds of extra mortgage payments in parts of the country where houses are expensive, like London and the home counties.
"I find it inconceivable that house prices are not going to crack under those circumstances."
Another viewer, Kane, asks what it would have meant if pension funds had collapsed yesterday.
The Bank of England's billion pound intervention yesterday prevented this from happening.
Our economics and data editor Ed Conway explained that the Bank was concerned that there could have been a "ripple effect" that would have affected banks, companies sponsoring those pensions and then throughout government bonds.
"When that happens, all bets are off," he said. "That's why the Bank stepped in to nip it in the bud."
"It's not just those pension funds, it's the fact that there is a wider threat of there being a crisis throughout the markets that the bank was concerned about."
Henry wants to know whether savings accounts could be at risk during the current financial turmoil.
The good news is no - if you have less than £85,000 in savings, or if you divide it up carefully.
Business presenter Ian King explains the government deposit guarantee scheme protects your first £85,000 in savings in each bank - so this money is "effectively safe".
If you are lucky enough to have more than £85,000 in savings, you will need to split it between banks to protect it.
A question now from David Roy that is likely to be on many people's minds - is the UK headed for an inevitable market crash?
City editor Mark Kleinman doesn't think it's inevitable.
"There's pressure clearly on equities at the moment, partly because of the pressures that we've seen this week emerging in pension funds," he says.
He said while there have been "echoes" of 2008's crash, it is not the same thing.
"But the key thing to say is that we are not, so far as I know, on the brink of a major banking crisis.
"This is a liquidity crisis that we've seen in pension funds, for example, this week, and there is obviously a crisis of market confidence in what the UK government has announced.
"But it's really difficult to talk about any market crash being inevitable."
Another question has come from Rebecca, who is wondering if her pension scheme is at risk.
It should be noted that the Bank of England announced unprecedented intervention to prevent a pension pots crisis yesterday.
Sky News' business presenter Ian King says it depends on various circumstances, such as your type of pension, your age, and the strength of your employer.
But city editor Mark Kleinman adds that he has heard "anecdotal evidence" in the last few hours of pension schemes being "so worried" about their funding positions, that pension trustees have asked for the company to lend money to the scheme.
"The reality is that if that sort of request is being made by pension trustees, you can be sure that there is some real anxiety."
When you talk about nation-level economic issues there are always big numbers being bandied about. Les asks, where does the Bank of England get £68bn to buy debt - and what does it mean?
Sky News business presenter Ian King: "Essentially, the Bank of England creates money electronically and then will buy these gilts in the market and people are paid accordingly.
"So it's exactly the same as the way that quantitative easing works. It's a big expansion of the money supply. It's a big expansion of the Bank of England's balance sheet."
Will it not weaken the currency?
Economics and data editor Ed Conway says not necessarily, and indeed that it could strengthen it because it reassures people where there may have been a degree of panic.
In a similar vein, Matthew asks what the lasting impact will be of the Bank of England buying bonds and it will affect generations to come.
Sky News business presenter Ian King answers, saying that there is likely to be a change in approach from the Bank of England compared to just a week ago.
"A week ago today, the Monetary Policy Committee had raised rates, but the other big significant thing which I remember talking to you about at the time is that they were also going to start unwinding their asset purchases.
"Quantative easing... which began during the financial crisis, went on pause, was revived during the pandemic, and the bank has accumulated something like £868bn worth of assets on its balance sheet. It was going to start selling those off and selling that down."
The Office for Budget Responsibility (OBR) usually produces forecasts alongside budget announcements.
Our viewer Terry asks why this didn't happen for the chancellor's mini-budget - and the short answer from data and economics editor Ed Conway is that Kwasi Kwarteng "didn't want it".
He explains that the OBR has to produce two forecasts every year, alongside budgets and spending reviews.
It had offered to produce a slightly less expansive forecast at short notice, but Mr Kwarteng refused.
Another question fired at our panel is from Fergal, who asks if the UK would have been able to impose a mini-budget if it was still in the EU.
Our city editor Mark Kleinman says that "to a large degree", the answer is yes.
"The government would have still been responsible for domestic tax policy, and one exception to that would have been the decision last Friday to remove the cap on bankers' bonuses, which was a piece of EU legislation introduced after the financial crisis," he added.
"The government couldn't have done that if the UK had remained inside the EU."
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