UK government borrowing costs have sky-rocketed to a 15-year high and have even surpassed the sky-high rate of borrowing that resulted from Liz Truss’s disastrous mini-budget.
The UK’s two-year gilt, the cost of borrowing for a two-year loan, has reached 4.76%.
This will push mortgage rates up even higher for thousands of households and result in more and more people unable to pay their bills.
It means that the average two-year fixed mortgage rate is now at an eye-watering 5.9%.
Commenting, SNP Economy spokesperson Stewart Hosie MP said:
“The car crash of Tory economic incompetence continues and it is households across the country who are paying the price for Rishi Sunak and the UK Tory government’s complete failure to control interest rates and inflation.
“Instead of turning things around, Rishi Sunak has been Liz Truss in slow motion with government borrowing costs even higher now than when Truss and Kwarteng outlined their disastrous mini-budget in the Autumn.
“Responsibility for this mess lies squarely at the door of the Tories and their Brexit obsession, which has caused the UK to be one of the worst performing economies in the G20.
“There’s no hope of a brighter future under a Labour government either as it will keep Scotland out of the European Union, which has a market seven times the size of the UK’s.
“We can no longer afford to be held back by Westminster control and the economic incompetence of the Tories and the only way we can do that is with independence.”