Homeowners face three years of sustained mortgage pressure due to years of projected high interest rates, with Chancellor Jeremy Hunt leaving the door open to more support for families
Four million more households who have not yet faced increased mortgage costs will do so by the end of 2026, according to the Bank’s forecast.
Shadow Chancellor Rachel Reeves said: “This latest rise in interest rates will be incredibly worrying for households across Britain already struggling to make ends meet. “Responsibility for this crisis lies at the door of the Conservatives that crashed the economy and left working people worse off, with higher mortgages, higher food bills and higher taxes.”
The Bank said that markets expect its base interest rate to keep rising to 5.8 per cent in the last quarter of this year, 5.9 per cent in the last quarter of next year, before falling, to 5 per cent in the last quarter of 2025.on Wednesday that Mr Hunt is open to looking again at what banks and lenders could be asked to do to ease the financial strain on families.
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