A charity in Oldham that works to support residents has called for increased financial support after news of interest rates increasing again.

Citizens Advice Stockport, Oldham, Rochdale and Trafford (SORT) said it is concerned about how this "continuous" rise will impact people who are already stretched thin by increasing living costs and skyrocketing rent and mortgage payments.

The warning comes as the central bank announced it is raising interest rates by 0.25 per cent to 5.25 per cent which will be the 14th consecutive rise in as many months.

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Campaigners from Positive Money demonstrated outside the Bank of England in London on Thursday (August 3) in protest of the hike.

The group is demanding the government introduce a windfall tax on bank profits.

Meanwhile, the SORT group claims the trend "underscores the financial challenges" millions of people across the nation and residents in Oldham are grappling with.

Steve Hughes, chief operating officer of Citizens Advice SORT said: "Many of our clients are facing rent and mortgage increases that are often larger than the energy cost rises we witnessed last winter.

"As an organization committed to helping individuals navigate complex financial situations, we believe that it is essential to address this growing concern urgently.

"It is a testament to the increasing burden on consumers who are already struggling to keep up with the rising cost of living."

Mr Hughes said the charity is urging the authorities and policymakers to consider the "significant impact of these repeated interest rate hikes on everyday people".

He continued: "A thorough evaluation of the present fiscal policies and the introduction of measures aimed at easing the pressure on vulnerable and low-income households is now more critical than ever.

"We remain committed to providing advice and support for those impacted by these financial challenges.”

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