Scots face another spike in their mortgage payments after the biggest interest rate rise since the 1980s was announced today.
The Bank of England has hiked rates to three per cent - up from 2.25 per cent - in an attempt to bring runaway inflation under control.
The 0.75 per cent rise is the biggest single increase announced by the Bank since 1989.
It will help pile around £3,000 per year on to mortgage bills for those households that are set to renew their mortgages.
The Bank also warned that the UK could be on course for the longest recession since reliable records began in the 1920s.
Gross domestic product (GDP) could shrink for every quarter for two years, with growth only coming back in the middle of 2024.
The SNP accused the UK Government of "sitting on its hands" and called for "meaningful" support to protect homeowners.
Kate Bell, head of economics at the Trade Union Congress (TUC), warned of a "bleak recession" to come.
"Workers are paying a high price for the Conservatives crashing the economy,” she said.
"Today’s interest hike will increase the risk of a bleak recession this winter and it will hammer businesses and people paying a mortgage.
"We need a new economic plan with growing wages and strong public services at its heart. And we need a general election now, to replace the party that created this crisis."
Alison Thewliss, SNP treasury spokeswoman, said: "Despite warnings that the UK faces the longest recession in a century and interest rates rising again to unsustainable levels, the Westminster government is still sitting on its hands rather than bringing in meaningful support.
"Millions more could be plunged into, or further in poverty, and mortgage holders now face thousands of pounds extra in interest, with many at risk of falling into arrears or having their homes repossessed if they cannot afford it.
"The new Prime Minister needs to scrap plans for austerity 2.0 and urgently get a grip of this growing cost-of-living crisis that the Tories are exacerbating."
Keir Starmer said the single biggest increase of interest rates since 1989 will make people’s financial positions "much, much harder".
The Labour leader said: "It’s been hard enough already, this is going to make things much, much harder."
He blamed 12 years of Conservative government for leaving the nation more exposed because of a lack of growth, saying mortgage-payers know they are paying a “Tory premium”.
Responding to the interest rate rise, Chancellor Jeremy Hunt said: "Inflation is the enemy and is weighing heavily on families, pensioners and businesses across the country.
"That is why this Government’s number one priority is to grip inflation, and today the Bank has taken action in line with their objective to return inflation to target.
"Interest rates are rising across the world as countries manage rising prices largely driven by the Covid-19 pandemic and (Vladimir) Putin’s invasion of Ukraine.
"The most important thing the British government can do right now is to restore stability, sort out our public finances, and get debt falling so that interest rate rises are kept as low as possible.
"Sound money and a stable economy are the best ways to deliver lower mortgage rates, more jobs and long-term growth."
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