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Interest rates rose for the first time in ten years, going up from a quarter to a half of one per cent. The Governor of the Bank of England, Mark Carney, said the decision was taken to curb inflation and prevent incomes being squeezed.

Debt charities have been warning of the impact the rate rise could have on struggling families.

Mike O'Connor of Step Change, the biggest debt advice charity in the UK, says many people with mortgages are "just about getting by" and that the interest rate rise will "push some people a little bit under the water".

(Photo: Worried woman looking at bills and receipts Credit: Getty Images)