Inflation and mortgage rates elevated by Chancellor’s spending plans, says OBR

Rising household bills are impacting wellbeing (Alamy/PA) -

Inflation and mortgage costs are on track to be higher than previously expected due to the Chancellor’s spending and borrowing plans, according to the fiscal watchdog.

Chancellor Rachel Reeves announced almost £70 billion of extra spending each year, funded by business-focused tax hikes and additional borrowing, in her maiden autumn Budget.