Renfrewshire North and West MSP Natalie Don has described “endless increases in interest rates” as “extremely worrying” news for anyone with a mortgage and especially those without a fixed rate deal.

The SNP politician made her comments after The Bank of England raised the base rate for the 14th time in a row yesterday, taking it to 5.25% in a bid to bring inflation under control.

The Bank said it expects the UK Government to meet its promise to halve inflation by the end of the year.

Ms Don told the Gazette: “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 15-year 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.”

Prime Minister Rishi Sunak, who is on holiday in California, admitted “a lot of people are worried” about the rise in interest rates.

He tweeted: “The alternative would make inflation far worse, so what you buy becomes more expensive and what you save, worth less.”

In a video he posted on Twitter, he described inflation as “the single biggest challenge” facing the country and said halving it was his top priority this year.

Chancellor Jeremy Hunt said the plan to bring down inflation is working and needs to be continued.

He told Sky News: “If we stick to the plan, the bank forecasts inflation will be below 3% in a year’s time without the economy falling into a recession.

“But that doesn’t mean it’s easy for families facing higher mortgage bills so we will continue to do what we can to help households.

“The plan is working, but what we have to do as a government is that we stick to that plan, we don’t veer around like a shopping trolley.”