The chancellor told her colleagues on Tuesday that homeowners could see their mortgage payments rise by more than £ 1,000 a year if they do not have fixed rate agreements. He said the financial markets had already been priced in successive interest rate hikes, which could reach 2.5%, adding that lending risked further stimulation of inflation. An increase of 1 percentage point on a standard 700 700 mortgage, he said, adding that reducing the deficit was vital to keeping interest rates low. Sunak is under pressure from Tory lawmakers and others
