Tory interest rate failures will be devastating blow

The Bank of England’s decision to increase interest rates to 4% will be a devastating blow to households and families all across Scotland, according to the Scottish Greens.

The Scottish Greens economy spokesperson, Maggie Chapman MSP, said:

“This will be yet another devastating blow to households and families who have already been hammered by years of Tory ineptitude and failures. 

“Despite the cost crisis and pain that many are already feeling, this is the 10th time in a row that rates have increased. It is not just an abstract number or an algorithm. People’s wellbeing is at stake, and this rise will force many households to cut back on essentials while making it even harder for others to get on the housing ladder.

“This isn’t happening in isolation. By almost every economic indicator this Tory government is failing and failing badly.

“Only yesterday, millions of people took part in industrial action against a cruel and incompetent UK government that has lost what little control it still had left of the economy. Now, many of the same people will be looking at even greater costs.

“The sooner we can get rid of this rotten, incompetent and failing Tory government the better.”