A Clare Sinn Féin representative is calling on the Government to take immediate action to prevent people from suffering under higher mortgage interest rates.
It comes after the European Bank increased interest rates again yesterday.
The European Central Bank seems concerned that inflation is going to be a permanent feature of the economy for the next three years.
The ECB increased interest rates again yesterday by a quarter of one per cent, as it tried to bring the inflation rate down to 2 per cent in Europe.
Rates are now at levels not seen in over 20 years, with this latest hike to be immediately passed on to tracker mortgage holders.
A Clare Economist is expressing confidence that the tide is turning in the European Central Bank’s bid to curb inflation.
But Assistant Professor of Social Policy at UCD, Ennis man, Micheál Collins believes more rate hikes are inevitable.
You can listen to that interview here.
A Clare Sinn Féin representative says he fears for anyone facing a predicament due to this new “front on the cost of living crisis”.
Tommy Guilfoyle, who’s Chair of the party’s Ennis Cumann, says the rising cost of essentials such as energy, food and travel has eroded the living standard of many households and he believes this latest hike will exacerbate that.
Sinn Féin has made calls in the Dáil for a temporary, targeted mortgage interest scheme to be introduced immediately, rather than delay such a move until October’s Budget.
Tommy Guilfoyle insists it’s time the Government heeds this call.
You can listen to that interview below.
