In one of the rarest purchases, a 23-year-old Tiktoker bought a foldable house from Amazon in the United States. After buying the house, the TikToker shared a video in which he showcased his new home after the purchase.

In one of the rarest purchases, a 23-year-old Tiktoker bought a foldable house from Amazon in the United States. After buying the house, the TikToker shared a video in which he showcased his new home after the purchase. '‘I just bought a house on Amazon. I didn't even think twice about it,'' said Jeffrey Bryant who is from Los Angeles, in the TikTok video which went viral. Also read: What is the bizarre 'viral' Slushie trend that is taking over TikTok? As reported by the Metro, the house is a fold-out flat which measures 16.5ft by 20ft and cost him around $26,000. Someone bought a "foldable" house from Amazon 😳!! How would the future of homes be if you could buy them today from Amazon? pic.twitter.com/PAQGrILPIQ — Tom Valentino (@TomValentinoo) February 4, 2024 × The tiny flat has a kitchenette, living area, bedroom, built-in shower and toilet. The payment for the house was made by the TikToker using the money which he had recently inherited from the estate of his late grandfather. Foldable house in high demand Not only TikToker Bryant, many others have been purchasing such tiny homes online which is booming as an alternative to sky-high house deposits and rising rents. Reviewing the foldable house on Amazon, one person said, ''Love it! It's affordable and fits me and my dog! Highly recommended.'' However, many others were not convinced on the internet and called it a ''waste of money.'' Y'all better go head and get yourselves a Amazon foldable house ‼️ pic.twitter.com/m4748K9xNy — Mesh🇧🇧 (@rahsh33m) January 30, 2024 × Speaking to the New York Post about his weird decision, Bryant said, ''I saw this YouTuber unboxing his Amazon home. And I ran to the website to get one, too.'' The TikToker still has to get all the plumbing and electrical work done in the foldable house. In another follow-up video, the TikToker said that he won't be living in the house but will transform it into an AirBnB which can be used by people who are homeless or displaced people. Watch: 'Dubidubidu' goes viral, song peaked at top of Spotify's viral top 50 in Japan ''The plan is to AirBnb it. That's a smart decision. The electrical, plumbing, and everything, I have all that set up. I just really want to get the permits in hand first to move and get everything situated,'' he said. The man has now been working with an estate agent to purchase the land where the house will be placed. ''As a person of colour and a Gen Z, I want to inspire others to make wise decisions with their money. People my age are told that we can't afford to purchase homes, but I'm proof that it is possible,'' he said. (With inputs from agencies)

Watch: US TikToker purchases foldable house from Amazon. Video goes viral

The Bank of England cut interest rates for the first time since 2009 on Thursday and said it will&nbsp;buy 60 billion pounds of government debt to ease the blow from Britain&#39;s June 23 vote to leave the European Union.

The central bank said it expected the economy to stagnate for the rest of 2016 and suffer weak growth throughout next year,&nbsp;and lowered its main lending rate to a record-low 0.25 per cent from 0.5 per cent, in line with market expectations.

But it also launched two new schemes, one to buy 10 billion pounds of high-grade corporate bonds and another - potentially worth up to 100 billion pounds - to ensure banks keep lending even after the cut in interest rates.

Most MPC members also expected to cut Bank Rate again this year to a rate &quot;close to, but a little above zero&quot;, if the economy performed as poorly as forecast

&quot;Following the United Kingdom&#39;s vote to leave the European Union, the exchange rate has fallen and the outlook for growth in the short to medium term has weakened markedly,&quot; the central bank said in its quarterly Inflation Report.

Policymakers were not completely united on how to respond. The cut in Bank Rate and the measure intended to ensure banks passed it on to consumers, known as the Term Funding Scheme (TFS), gained unanimous support.

But three policymakers, Kristin Forbes, Ian McCafferty and Martin Weale, opposed raising the target for quantitative easing government bond purchases to 435 billion pounds from the 375 billion total reached in late 2012.

Forbes also opposed the purchases of corporate debt - something the BoE did briefly after the financial crisis, but more to aid market functioning than to boost growth.

Many economists had expected Forbes to oppose a rate cut after she said last month that the central bank should not panic and instead wait for more data on the scale of Britain&#39;s economic slowdown.

While many business surveys show Britain&#39;s economy has slowed sharply and may even be entering recession, it is too soon for official data on how the EU vote is affecting output.

The BoE left its forecast for growth this year steady at 2.0 per cent, as the economy expanded faster in the first half of 2016 than it had expected in May.

But 2017 brings a sharp downgrade to growth of just 0.8 per cent from a previous estimate of 2.3 per cent, the biggest downgrade in growth from one Inflation Report to the next, exceeding what was seen in the financial crisis. The growth outlook for 2018 was cut to 1.8 per cent.

The BoE also revised up its inflation forecasts sharply, due to the big fall in sterling since the financial crisis, predicting it will hit 2.4 per cent in 2018 and 2019. The MPC said the costs of trying to bring it back to its 2 per cent target in the immediate future would exceed the benefit.

The Monetary Policy Committee launched the Term Funding Scheme to make sure that the lower levels of interest rates now set by the Bank of England are reflected in the costs commercial banks charge households and companies to borrow funds.

The Bank said it does not expect the scheme to lead to significantly faster aggregate loan growth, but to offset any hit to lending from a cut in official interest rates closer to zero.

Eligible institutions will be able to borrow four-year central bank reserves for an initial period of 18 months at rates close to the Bank Rate.

The lowest cost of funding, the 0.25 per cent Bank Rate, will be for banks that maintain or expand net lending to the economy and the BoE will charge a penalty rate if banks reduce net lending.

The MPC said it could adjust the terms and length of the scheme, which is funded by central bank reserves, and that the value of lending will be determined by usage of the scheme and could reach around 100 billion pounds.

New finance minister Philip Hammond, who replaced George Osborne last month, authorised the bond purchases and the TFS.

&quot;Alongside the actions the Bank is taking, I am prepared to take any necessary steps to support the economy and promote confidence,&quot; Hammond said in a letter to the central bank.

&quot;The government will set out its fiscal plans at the Autumn Statement in the normal way.&quot; released alongside its quarterly economic forecasts.

(Reuters)

The central bank said it expected the economy to stagnate for the rest of 2016 and suffer weak growth throughout next year

The Bank of England cut interest rates for the first time since 2009 on Thursday and said it will buy 60 billion pounds of government debt to ease the blow from Britain's June 23 vote to leave the European Union. The central bank said it expected the economy to stagnate for the rest of 2016 and suffer weak growth throughout next year, and lowered its main lending rate to a record-low 0.25 per cent from 0.5 per cent, in line with market expectations. But it also launched two new schemes, one to buy 10 billion pounds of high-grade corporate bonds and another - potentially worth up to 100 billion pounds - to ensure banks keep lending even after the cut in interest rates. Most MPC members also expected to cut Bank Rate again this year to a rate "close to, but a little above zero", if the economy performed as poorly as forecast "Following the United Kingdom's vote to leave the European Union, the exchange rate has fallen and the outlook for growth in the short to medium term has weakened markedly," the central bank said in its quarterly Inflation Report. Policymakers were not completely united on how to respond. The cut in Bank Rate and the measure intended to ensure banks passed it on to consumers, known as the Term Funding Scheme (TFS), gained unanimous support. But three policymakers, Kristin Forbes, Ian McCafferty and Martin Weale, opposed raising the target for quantitative easing government bond purchases to 435 billion pounds from the 375 billion total reached in late 2012. Forbes also opposed the purchases of corporate debt - something the BoE did briefly after the financial crisis, but more to aid market functioning than to boost growth. Many economists had expected Forbes to oppose a rate cut after she said last month that the central bank should not panic and instead wait for more data on the scale of Britain's economic slowdown. While many business surveys show Britain's economy has slowed sharply and may even be entering recession, it is too soon for official data on how the EU vote is affecting output. The BoE left its forecast for growth this year steady at 2.0 per cent, as the economy expanded faster in the first half of 2016 than it had expected in May. But 2017 brings a sharp downgrade to growth of just 0.8 per cent from a previous estimate of 2.3 per cent, the biggest downgrade in growth from one Inflation Report to the next, exceeding what was seen in the financial crisis. The growth outlook for 2018 was cut to 1.8 per cent. The BoE also revised up its inflation forecasts sharply, due to the big fall in sterling since the financial crisis, predicting it will hit 2.4 per cent in 2018 and 2019. The MPC said the costs of trying to bring it back to its 2 per cent target in the immediate future would exceed the benefit. The Monetary Policy Committee launched the Term Funding Scheme to make sure that the lower levels of interest rates now set by the Bank of England are reflected in the costs commercial banks charge households and companies to borrow funds. The Bank said it does not expect the scheme to lead to significantly faster aggregate loan growth, but to offset any hit to lending from a cut in official interest rates closer to zero. Eligible institutions will be able to borrow four-year central bank reserves for an initial period of 18 months at rates close to the Bank Rate. The lowest cost of funding, the 0.25 per cent Bank Rate, will be for banks that maintain or expand net lending to the economy and the BoE will charge a penalty rate if banks reduce net lending. The MPC said it could adjust the terms and length of the scheme, which is funded by central bank reserves, and that the value of lending will be determined by usage of the scheme and could reach around 100 billion pounds. New finance minister Philip Hammond, who replaced George Osborne last month, authorised the bond purchases and the TFS. "Alongside the actions the Bank is taking, I am prepared to take any necessary steps to support the economy and promote confidence," Hammond said in a letter to the central bank. "The government will set out its fiscal plans at the Autumn Statement in the normal way." released alongside its quarterly economic forecasts. (Reuters)

Bank of England cuts rates for first time since 2009, restarts bond purchases

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