“The reality is to get inflation under control, people do have to be poor,” one backbencher said “You have to have less money. But that is not a particularly politically sellable strapline” 🔎 Tory election fears mount over rising interest rates
Another senior Tory admitted it was a “real worry” among colleagues that interest rates may still be high at the next election, which is expected sometime in 2024.
“We have seen in history when inflation starts to rise you do not have too many tools at your disposal… we have to wait for the medicine to work, unfortunately,” they added. There was also some concern within the party that the continued increasing of interest rates may harm the UK economy rather than help bring down inflation.: “Another rise in interest rates on Thursday will only damage the economy further.”three major lenders have slashed their mortgage ratesHe said the Bank was “caught asleep at the wheel last summer” by waiting too long to begin raising interest rates, and that this was “another example of poor decision-making at the heart of this institution”.
“The Bank of England must stop this apparent war on borrowers and let the last 13 rate rises take effect before bringing them down to a more sustainable level towards the end of the year,” Mr Fletcher continued. It comes after Rishi Sunak faced criticism on Wednesday for telling a man facing a £1,300 increase in mortgage payments due to high interest ratesHe also suggested he could extend his mortgage by a further “five or 10 years” and that it would “save you hundreds of pounds”.
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