Britons urged to ‘lock in mortgage rate now’ as inflation soars – beware ‘word of caution’

The central bank’s Monetary Policy Committee (MPC) recently hiked the base to 1.75 percent in efforts to address inflation.

Chancellor of the Exchequer, Nadhim Zahawi, said: “I understand that times are tough, and people are worried about increases in prices that countries around the world are facing.

“Although there are no easy solutions, we are helping where we can through a £37billion support package, with further payments for those on the lowest incomes, pensioners and the disabled, and £400 off energy bills for everyone in the coming months.

“Getting inflation under control is my top priority, and we are taking action through strong, independent monetary policy, responsible tax and spending decisions, and reforms to boost productivity and growth.”