As expected the Bank of England has raised interest rates again this time by 0.25 percentage points to 5.25 per cent hoping that slowing the pace of increases whilst persistently high inflation will begin to ease.

It’s reported that interest rates fell more than was expected in June whilst economists were expecting a quarter-point increase after central bank raised interest rates by half a point when they last met.

However despite inflation rates falling the cost of items and goods in the UK are continuing to rise faster compared to other economies like the Eurozone, Japan and the US.

Despite prime minister Sunak’s assurances that although he had previously promised that he would half inflation by the end of 2023 which obviously won’t be happening now. He also claims that ‘Britons can see the light at the end of the tunnel’ on LBC radio earlier this week. Predictably this bold claim doesn’t match real life experiences of the public who are experiencing ever increasing daily costs plunging many even further into poverty.

How do you know when a Tory (Conservative) politician is lying? They open their mouth.

The latest official data shows that consumer prices have risen 7.9 per cent in the year to June, down from 10.1 per cent at the start of the year.

When interviewed recently by the BBC Michael Saunders, a former Monetary Policy Committee member that now advises the consultancy organisation Oxford Economics, said the impact of higher interest rates on households had been “slower and smaller” than in the past because fixed-rate mortgages were more common, homeowners had larger savings and fewer had a property loan.

He added the economy would still face a “powerful delayed monetary tightening” as fixed-rate mortgages expired.

As the reality of fixed rate mortgages coming to an end only just starting to hit home owners, many of which are struggling to meet their mortgage payments, many will be forced to sell their properties and I predict thousands will in the near future become homeless.

Already the demand for homeless services far outstretches the amount of temporary accommodation that local councils and authorities can’t be met leaving them having to prioritise vulnerable people, many of which are offered unsuitable accommodation.

Of course Sunk has no idea how the decisions he makes impact the public and also their repercussions. Living a life of great privilege and luxury set apart from ‘normal’ people with not a care in the world.

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