UK homeowners and renters are facing a “huge income shock” as rising interest rates hit mortgages and monthly costs, the boss of Barclays has warned reports the BBC.

CS Venkatakrishnan, who is known as Venkat, estimates that payments by mortgage holders and tenants will take a chunk of between 28% and 30% out of their income.

He said that compares to an average 20% in previous years.

The Bank of England has sharply raised interest rates to curb inflation.

The typical UK mortgage is a two-year fixed-rate deal.

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https://www.bbc.co.uk/news/business-65696265