He has told homeowners and borrowers to 'hold their nerve' after he gave his backing to the Bank of England raising interest rates to a 15-year high.

The Prime Minister said there was “no alternative” to the fight to bring down inflation, which flatlined at 8.7% in the year to May.

After his comment in Sunday he has been accused of being 'out of touch' and people we spoke in Glasgow agree with labels of “vanity” placed on Rishi Sunak following a BBC interview.

Yesterday he appeared to shrug off the challenges facing public sector workers and surging mortgage prices. 

In response to the comments, people around Buchanan Street on Monday, many feeling the effects of the rising cost of living themselves, stated that they saw Sunak as “out of touch”. 

Pensioner Lynne responded: “Well he can say that, can’t he? He’s a billionaire, and so is his wife. If you had money, you wouldn’t be worried, would you?” 

Read more: "Inflation: Higher interest rates are not a magic cure

The rise in interest rates has pushed some homeowners mortgage payments up by up to £500 per month.

“It’s disrespectful to people on lower incomes, and young people especially. To think that someone could afford an extra half a grand per month is so out of touch, it’s ridiculous,” one woman in her twenties who spoke to the Herald said. 

Nick, 53, who now lives in Dumfries but is originally from Yorkshire, says Sunak does not realise how this issue is really affecting people, saying: “It’s easy to say when you live in a silver tower. My wife and I are lucky as we don’t have a mortgage, but for young people it’s hard. I have a nephew down in Leeds who has a five-year fixed rate mortgage, but who knows what will happen after that. This could make people homeless. It needs to be sorted, and just putting interest rates up doesn’t stop inflation.

“I think Sunak is a bit out of touch with real people and I think he’s missed the message over why people want a pay rise. If you don’t get the pay rise, you are not going to pay your mortgage, and if you don’t pay your mortgage, you are going to lose your house. Banks could do more to help people, as they did during lockdown.

Read more: Rishi Sunak branded dodgy and 'dripping in vanity' after TV interview

Beyond personal disagreement with his comments, Angela Munro, 53, commented that it did not seem to make sense for the Prime Minister politically: “I think that’s a bit of a stupid move on his part given the fact that he could lose conservative party voting homeowners if they suddenly have to start paying extortionate mortgage prices if he doesn’t do anything.”