Tory MPs call for targeted tax cuts as Labour criticise 14th hike in interest rates as ‘mortgage bombshell’
Rishi Sunak is under mounting pressure from Conservative MPs to boost the UK’s struggling economy after the Bank of England signalled that there will be no respite from the high interest rates hitting households and businesses until well into next year.
Threadneedle Street prompted calls for tax cuts and a package of support for the housing market after it raised rates for a 14th time in a row, with the cumulative impact of dearer borrowing meaning a general election expected in late 2024 would take place against a backdrop of a barely growing economy.
