Rising mortgage rates will cause ‘financial stress’, MPs hear, as two-year fixed rates hit 15-year high – as it happened

Treasury Committee quiz lenders about mortgage rates, as two-year fixed mortgage rate rises to 6.66%, highest since 2008

• Full story: UK two-year fixed mortgage rates hit highest level since 2008
• Full story: Record UK pay growth adds to pressure for interest rate rise
• Bank of England boss vows to see the job through' on reducing inflation

Bloomberg agrees that the Bank of England will not be pleased by today's jobs report, saying:

UK wage growth held at a level that Bank of England Governor Andrew Bailey said is fueling inflation, maintaining pressure for higher interest rates.

Average weekly earnings excluding bonuses held at 7.3% in the three months through May after figures for the period through April were revised up, the Office for National Statistics said Tuesday.

These figures are another dismal reflection of the Tories' mismanagement of the economy over the last thirteen years.

Britain is the only G7 country with a lower employment rate than before the pandemic and real wages have fallen yet again - just as more and more families feel the devastating impact of the Tory mortgage bombshell.