Research estimates that the Bank of England's latest rate hike could see 1.2 million U.K. households run out of savings by the end of the year.
The Bank of England's surprise 50-basis-point hike will affect millions of homeowners as the interest rates on many mortgages in the U.K. are directly linked to the central bank's base rate.
U.K. Prime Minister Rishi Sunak conceded shortly after the BOE's rate hike that the government's mission to halve inflation to 5% by the end of the year had recently become more difficult.There is intensifying pressure on Britain's government to do more to help struggling households, with the country's shadow finance minister warning of a "mortgage catastrophe" as millions are pushed to the brink of insolvency.
That would take the proportion of insolvent households to nearly 30% , NIESR said last week, with the largest impact set to be incurred in Wales and the northeast of England. The Resolution Foundation says current market pricing suggests that households remortgaging in 2024 are poised for an annual mortgage bill rise of approximately £3,000 or more on average."These measures should offer comfort to those who are anxious about high interest rates and support for those who do get into difficulty," Hunt said.
"Unlike this government, Labour will not stand by as millions face a mortgage catastrophe made by the Tories in Downing Street," Reeves said via Twitter on Thursday.
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