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”.
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.