Natalie Don MSP said:

“The endless increases in interest rates are extremely worrying news for anyone with a mortgage – especially those without a fixed rate deal.

“This interest rate rise will also impact on those who have loans including credit cards, bank loans and car loans.

“The latest rise in Bank of England interest rates from 5% to 5.25% brings interest rates to a 15year high and is a further sign of the poor state of the economy after 13 years of a Tory led UK government.

“A number of financial commentators such as Martin Lewis of MoneySavingExpert.com have complained about banks not passing on the increase in Interest rates to savers, accusing the banks of profiteering. It’s difficult for the public to understand why banks are so swift to increase interest rates for borrrowers but are extremely slow to provide a similar increase to savers. It does feel like the banks are putting profit ahead of their customers.

“This interest rate rise will add more misery to everyone who is struggling due to the Tory created cost of living crisis.”