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Rishi Sunak is facing the prospect of having to ditch his pledge to get the national debt falling or else will have to increase taxes or cut public spending this autumn instead.

Chancellor agrees ‘mortgage charter’ to help borrowers but Labour says intervention is ‘weak’

The Bank is expected to put up rates for the 13th time in a row on Thursday and the higher cost of borrowing would hit more than a million home loan holders whose fixed-rate deals are ending soon.

Calls for a £3bn mortgage protection fund have been branded “terrible economics and bad politics” as lenders continue to raise interest rates