2024 will see more households with less money to spend as cheap fixed-deal mortgage rates come to an end. Next year, an estimated 14,000-plus in the West of England will see their current mortgage deal expire and so will move on to a much more expensive loan. In their report into the nation's finances, the UK's official economic watchdog, the Office for Budget Responsibility, says: "Past rises in interest rates are still to have their full effect." The Bank of England estimates that over half the impact from two years of interest rate increases is still to be felt. For a typical borrower coming off a fixed-rate deal, the Bank estimates a hike in monthly interest payments of about £200. Mayor Dan Norris said: "The effects of Liz Truss crashing the economy are still making their way through the system. It means more pain to come for West of England households.

"Higher mortgage rates are also leading to rising rents. It is clear the Tories have failed."