More mortgage pain ahead for homeowners; AI warning from pioneer; Huge personal collection heads to auction; Archbishop caught speeding – Car Dealer Magazine

There is more mortgage pain to come for the UK’s homeowners, many of whom are yet to feel the full impact of rising interest rates, according to a think tank.

The trend towards homeowners taking out longer fixed-rate mortgages has delayed the impact on some households, with two-thirds of the eventual £12 billion increase in annual mortgage costs still to be passed on, the Resolution Foundation said.

The Bank of England increased the base interest rate to 4.5% from 4.25% on Thursday – the 12th rise in a row since rates started going up in December 2021.

The average mortgage holder could see their monthly interest payments jump by around £200 a month if they fixed to a new rate this year, the Bank’s economists estimated.

One of the pioneers of artificial intelligence has warned the Government is not safeguarding against the dangers posed by future super-intelligent machines.

Professor Stuart Russell told The Times ministers were favouring a light touch on the burgeoning AI industry, despite warnings from civil servants it could create an existential threat.

A former adviser to both Downing Street and the White House, Professor Russell is a co-author of the most widely used AI text book and lectures on computer science at the University of California, Berkeley.

He told The Times a system similar to ChatGPT – which has passed exams and can compose prose – could form part of a super-intelligence machine which could not be controlled.

A collection of 86 cars all owned by one person is being sold later this summer, pictured above.

Called the ‘Carrera Collection’, more than half of that number is made up of Porsche 911s, with various BMW, Mercedes and classic American cars also making up the total.

The collection of cars is so vast that it is split across two sales by RM Sotheby’s – the main one in Switzerland for the models registered there, and then a second in Milan for the vehicles in the collection from the European Union.

The Archbishop of Canterbury was convicted of speeding just days after the coronation of the King.

Justin Welby was ordered to pay £510 in total for exceeding a 20mph limit in the Kennington borough of Lambeth on October 2 last year, a court spokeswoman said.

The archbishop also now has three points on his licence after being caught by a speed camera in his Volkswagen Golf on the A3036 Albert Embankment.

Rail passengers will suffer fresh travel chaos on Saturday because of another strike amid an escalation of long running disputes over pay.

Members of the Rail, Maritime and Transport union (RMT) will walkout at 14 train operators across England on the day of the Eurovision Song Contest final in Liverpool.

The strike follows action on Friday by train drivers in the Aslef union, which crippled services, with some parts of England having no trains all day.

A so-called ‘right to switch off’ for workers could be introduced by Labour if the party wins power after the next general election.

The proposal, which would see employers restricted from contacting workers by phone or email outside working hours, could be similar to legislation already in place in France that seeks to give staff the right to disconnect from devices when not working.

Rayner, the party’s shadow secretary of state for the future of work, told the Financial Times that ‘constant emails and calls outside of work should not be the norm and is harming work-life balance for many’.

At the end of a less-than-stellar week, the FTSE 100 was back in the green on Friday as it was driven higher by a range of different companies, including the natural resources sector.

The top index in London had gained 0.3 per cent by the end of the day, with a 24-point rise taking it to 7,754.62.

‘It’s been a softish and subdued week for equity markets, with concerns about slowing global demand appearing to weigh on risk sentiment more broadly, although as we head into the weekend, we are seeing some modest gains on the day,’ said CMC Markets analyst Michael Hewson.

Although the day will start with low cloud and fog, this will clear leaving many with warm sunshine, says the Met Office.

However, there is the potential for isolated showers developing across south Wales and southern England in the afternoon.

Tonight, there will be low cloud near the North Sea coast and this will spread back inland.