Mortgage holders could face a £500 shock to their bills, Martin Lewis has warned after the Bank of England announced the largest jump in interest rates in 33 years.
Speaking to Good Morning Britain, he implored policymakers to look at ways to “mitigate the damage” of the cost of living crisis and recessionary shocks to those who are most vulnerable to them.
His demands come after the former central Bank governor Mark Carney said Brexit was a key reason for the raising of interest rates.
Mr Carney, who warned many times in the lead up to the 2016 referendum that the UK’s departure from the EU was expected to negatively influence the economy, told BBC Radio 4’s Today programme that the vote had devalued sterling, and hit growth and productivity.
In other news, Jeremy Hunt is considering raising capital gains tax and slashing the dividend allowance as he seeks to fill a £50bn chasm in the nation’s finances, reports suggest.
In the wake of the disastrous mini-Budget which ultimately saw Liz Truss become Britain’s shortest-serving prime minister, the chancellor again warned on Thursday that there are “difficult decisions” ahead as the government seeks to “restore stability”.
