The average mortgage will increase by £2,400 a year over the next five years with no increase in real wages

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The Guardian has reported that:

UK interest rates could start rising sooner than next spring, but "in baby steps", and are likely to settle at about 3% in a few years' time, the Bank of England's outgoing deputy governor predicted.

As I have noted recently,  the average mortgage in the UK is about £96,000 and the average interest rate a little over 3.5% when base rates are 0.5%. I stress, these are averages. But for the person who enjoys this average mortgage a 2.5% rate rise, as Charlie Bean predicts, will see an increased annual outgoing of approximately £2,400 over the life of the next parliament. There is little chance that real wages will rise over this period.

How is that equation going to balance?

Whilst we all obsess about UKIP maybe one or two politicians would like to address this issue - because it is going to explode under whoever wins the next election. So what does Ed Balls think about it, because he certainly needs to do so, soon?