Mhairi Black has slammed the Tories for "not taking mortgage rate rises seriously" and urged them to offer short-term support at Prime Minister's Questions on Wednesday.
It comes after the Bank of England announced that nearly 1m households face £500 monthly mortgage cost hike by end of 2026. "This week, mortgage rates have surpassed those levels. How high do they need to go until he and his government takes it seriously?"He said: "The Honourable lady knows, people around the world know, that the driver of higher mortgage rates is higher inflation and higher inflation is caused by Russia's invasion of Ukraine and the post Covid supply chains.
"The Prime Minister says that people need to 'hold their nerve'. The Chancellor said just last night that mortgage holders should 'just shop around'.