The SNP has called for stronger action to tackle the cost of living after mortgage rates and oil prices increased this week, adding further pressure to household budgets across the UK.
The party says recent measures announced by the UK Government do not go far enough to offset rising living costs, arguing that many families remain under significant financial strain.
The comments come as average mortgage rates on new fixed deals have increased, while oil prices have reached their highest level since May, raising concerns about future inflation and borrowing costs.
According to financial information service Moneyfacts, the average two year fixed mortgage rate is now 5.59 per cent, while the average five year fixed rate stands at 5.61 per cent.
The Bank of England has also projected that more than five million homeowners could see their monthly mortgage repayments increase by the end of 2028.
SNP Economy spokesperson Kirsty Blackman MP said:
“The news that UK mortgage rates and oil prices are rising again will pile more painful costs and pressure onto families, who are already struggling to get by in Broken Brexit Britain.
“Andy Burnham must go much further and faster to help households with the soaring cost of living in the UK, and to reverse the damage done under the Labour government, which has left many people hundreds of pounds worse off.
“Families in Scotland will get no meaningful benefit from the changes announced so far, which are far too small to make a real difference.
“The decision to remove VAT from energy bills was welcome but it won’t come into effect until October and it will only save average households about £3 a month, when energy bills are £600 higher than the Labour Party promised during the election.
“That’s barely enough to buy a pack of baked beans or a tin of Spam, let alone take any meaningful pressure off of household spending.
“Under the Labour government, many families are living payday to payday, the number of people in poverty has risen by half a million and UK unemployment has increased to a five year high.
“People are really struggling and we need to see much bolder action to ensure people are better off, not hundreds of pounds worse off.
“Scotland is an energy rich country and we should be reaping the benefits of our huge energy wealth but instead the UK government has syphoned it off to Westminster and has left Scottish families paying some of the highest bills in Europe.
“It shows why real change can only come with independence.”
The UK Government has previously announced plans to remove VAT from domestic energy bills from October, a measure the SNP welcomed but described as insufficient to address the wider cost of living pressures facing households.
