Saturday 22 July 2017

ECB rate rises can help stall Government taxes

But to ease the pain the Coalition should cut waste and extend mortgage interest relief, writes Marc Coleman

HOW much are interest rate hikes setting you back? How many more hikes are in the pipeline? What can the Government do to ease the pain? And, last but not least, how on Earth can rate hikes be justified at a time like this?

After Thursday's decision by the ECB to raise interest rates by a quarter point for the second time since 2008, these are the questions facing the nation.

For an average punter with a €250,000 mortgage, the two latest hikes will see pre-tax income fall by around €70 a month, or €840 a year. How much more pain is on the way?

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