Who will get the blame for UK mortgage misery?

As mortgage rates continue to soar, fingers have been pointed far and wide

Illustraton of Andrew Bailey, Rishi Sunak and Liz Truss against a Bank of England background
(Image credit: Illustrated / Getty Images)

The government has ordered banks to protect people struggling to pay their mortgages as interest rates were predicted to rise as high as 6% by the end of the year.

Traders are now pricing in a rise in interest rates to at least 5.75%, and there is a “one in five chance they could reach 6%”, said the Daily Mail, due to wages rising at a record pace, according to the latest official figures.

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Arion McNicoll is a freelance writer at The Week Digital and was previously the UK website’s editor. He has also held senior editorial roles at CNN, The Times and The Sunday Times. Along with his writing work, he co-hosts “Today in History with The Retrospectors”, Rethink Audio’s flagship daily podcast, and is a regular panellist (and occasional stand-in host) on “The Week Unwrapped”. He is also a judge for The Publisher Podcast Awards.