Couples heating bill more than doubles due to oil crisis

In total, the Bank reckons two out of five residential borrowers, close to four million, will face a similar situation in the next few years, with an average 8% rise in repayment costs. (Although it also points out one in three are likely to see lower repayments during this time).

Olly Harrison, who farms in Tarbock, on Merseyside, said he bought his fertiliser for a good price last year and now believes – due to a wet and cold spring and limited growing days left, added with the costs of diesel for machinery – he may be better off not planting.