Rising costs and increased interest rates creating a “perfect storm”

The Bank of England Monetary Policy Committee has today voted to increase interest rates to 3 percent, a rise of 0.75 percentage points. 

Research recently published by the Money Advice Trust, the charity that runs National Debtline and Business Debtline, shows that one in five (22%) of UK adults said they were worried about the cost of their mortgage given rising interest rates. 

As rates rise to the highest level in decades, and costs continue to escalate across the board, the charity warns that many face serious financial difficulty ahead.  

Money Advice Trust chief executive Joanna Elson CBE used an appearance before the House of Commons Treasury Committee to warn of a “perfect storm” facing household finances.