The extended period of summer sunshine that we have been enjoying recently is good for the soul. For some in our communities here in East Devon, it helps to block out thoughts of financial challenges.

It is a long time since the Conservative Party dared to claim that they were the Party of sound money. With the Bank of England likely to raise interest rates again this month, it’s plain that the pressure on people’s finances is only going to get worse this autumn.

Higher interest rates mean that people will be paying more every month on loans, credit cards and mortgages. This is a huge blow for the almost seven million people in the UK who currently have a mortgage; it will push many to their absolute limit and push some people beyond it.

This is not only bad for homeowners, but also for those who rent from a landlord who has a mortgage. With mortgage rates now at six percent on average, many first time buyers and those whose fixed rate deals are coming to an end find themselves trapped in unaffordable arrangements.

As people start to default on their mortgages, we could see some families being made homeless as they cannot keep up with their payments. This economic storm has been exacerbated by the actions of this Conservative Government, with their reckless mini-budget last autumn causing mortgage rates to soar.

With this Conservative Government’s promises of stability and sound public finances in tatters, people across the South West are left paying the price for their mistakes.

Hardworking families are being left unable to pay their bills, with the Government’s decision to hike taxes and break their triple lock promise on pensions putting a further squeeze on the incomes of those in society who can least afford it.

Liberal Democrats have been calling for preventative measures that could help protect mortgage holders from further sharp rises in their monthly payments - before some are pushed off the cliff edge altogether.

It became fashionable a decade ago to talk about the ‘squeezed middle’. Thanks to Tory economic mismanagement in the meantime, the squeezed middle just got a lot bigger.