‘Latest body blow to household finances’ as Bank of England base rate raised

Thursday’s base rate increase will add around £23.71 per month or more than £284 per year to the average tracker mortgage, industry figures show.

The latest Bank of England base rate rise is another body blow to household finances, according to StepChange Debt Charity (Joe Giddens/PA) (PA Archive)

The latest Bank of England base rate rise is another “body blow” to household finances, according to a debt help charity.

StepChange said that 17% of its new clients are already in arrears with their mortgage.

Peter Tutton, head of policy at StepChange Debt Charity, said: “Another rate rise, alongside this week’s news of rising inflation, is the latest in a succession of body blows to household finances.”