For the third time in four months the Bank of England has moved to increase lending base rates. This will hit around 2 million households who are on either a tracker or variable rate mortgage. In addition, around 1.5 households are set to see their current mortgage deal expire, with a further 1.5m households joining them in 2023.
For average mortgages this means a further increase of around £25 for a tracker mortgage, around £1,000 a year higher than the start of 2022.
Taken with inflation, rocketing gas and electricity bills, mobile phone and broadband, and petrol and diesel families will quickly begin to feel the pressure as any headroom is swallowed by increased bills.
To make matters much worse the government is intent on hiking up National Insurance, Income Tax and Council Tax in April, sending many working households over a cliff edge.
This is a cost-of-living crisis made in Downing Street, and the Tories seem determined to make it worse.
Jim McMahon OBE MP 