Britons warned of damaging impact of rising inflation

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LBC radio host Ian Dale analysed the possible consequences of current raising inflation and warned mortgage rates could “possibly double by the end of the year, if not more”. Lots of people “will be in severe financial trouble”, he claimed after raising the question of whether the Government will be able “to help in those circumstances”.

Mr Dale said: “What happens when there’s high inflation is that interest rates go up.

“And if interest rates go up, inevitably mortgage rates go up too.

‘Nobody is talking about this.

“Even on the business pages of the newspaper.

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“I haven’t seen a single person mentioning the prospect of mortgage rates.

“Possibly doubling by the end of the year, if not more.

“Now just imagine what impact that would have on the domestic income.

“[People] have got all these energy costs increases.

“[People] have mortgage cost increases on top of that.

“And a lot of people will be in severe financial trouble.”

In his Cross Question programme, he also raised the questions: “Do you expect the government to help in these circumstances?

“Do you think that raising Universal Credit would be enough to alleviate the cost of living crisis?”

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Interest rates have been raised from 0.75 percent to one percent.

Besides the existing increase, the Bank of England has also warned that the inflation would be over 10 percent by the end of the year.

In light of the warning, Boris Johnson said “no option is off the table” at the moment to tackle the rising living costs.

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