The boss of supermarket giant Tesco has warned how millions of households will be hit by higher mortgage repayments if interest rates keep rising.
John Allen, chairman of Tesco, said some people will face hardship this winter, on top of increased costs of food and energy.
"The reality is that the movement in interest rates is now going to lead to much higher mortgage [repayments] for millions of people," he said in an appearance on the BBC Laura Kuenssberg programme on Sunday.
"Lots of people I think are [already] struggling with the existing elements of the cost of living crisis in food and so on."
Speaking about the retailer's role in the lives of normal people, he added: "We have a moral responsibility to look after people, who in the real world are being impacted by this."
Are you worried about rising costs this winter? Let us know: mirror.money.saving@mirror.co.uk
His comments were made after the Governor of the Bank of England Andrew Bailey suggested interest rates may have to be raised higher than initially expected to tackle inflation.
The current base rate is 2.25% - up from 0.1% last December - after seven consecutive rises by the Bank of England.
Analysts feared interest rates could peak at 6% next year following the disastrous Mini-Budget, after markets were left spooked due to a lack of clarity over massive amounts of increased borrowing.
The financial turmoil it sparked led to Prime Minister Liz Truss sacking her Chancellor Kwasi Kwarteng, with him being swiftly replaced by former Health Secretary Jeremy Hunt.
The Goverment has also since U-turned on two huge policy decisions, including axing the top tier 45% income tax bracket, and a plan to scrap the rise in corporation tax from 19% to 25%.
The new Chancellor Mr Hunt will today reveal parts of his medium-term fiscal plan today - two weeks earlier than planned.
The Treasury said Mr Hunt was fast-tracking the plans, which will be released in full on October 31.
More of the mini-Budget - such as cutting Income Tax to 19p in April - faces being junked as he makes an announcement.
Mr Hunt is expected to make a short statement at around 11am, then update MPs at 3.30pm.
Are you worried about rising costs this winter? Let us know: mirror.money.saving@mirror.co.uk
