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There is intensifying pressure on Britain's government to do more to help struggling households, with the country's shadow finance minister warning of a “mortgage catastrophe” as millions are pushed to the brink of insolvency.

The Bank of England last week hiked interest rates by 50 basis points to 5%, a bigger increase than many had expected. The BOE's 13th consecutive rate rise takes the base rate to the highest level since 2008.

The surprise move — which is designed to lower inflation — will affect millions of homeowners as the interest rates on many mortgages in the U.K. are directly linked to the central bank's base rate. Renters, too, are likely to see their payments increase as buy-to-let landlords pass on higher mortgage repayments.

A conservative parliamentary bloc made up of the Christian Democratic Union and its Bavarian sister party, the Christian Social Union, voted against the legislation, arguing that it would ease entry for unskilled labourers.

The far-right Alternative for Germany party also voted against it.

The law includes a points-based system that lowers entry hurdles for work visa applicants according to their professional qualifications, age and language skills.

Financing for clean energy in developing and emerging economies, excluding China, must increase seven-fold within a decade if global warming is to be capped at tolerable levels, the International Energy Agency (IEA) says.

To keep temperatures from rising to catastrophic levels, annual investments in non-fossil fuel energy in these Global South countries will need to jump from $260bn to nearly $2 trillion, the intergovernmental agency said in a report on Wednesday. Financing clean energy in the emerging and developing world is the fault line of reaching international climate goals,” IEA Executive Director Fatih Birol told journalists.

The report was released on the eve of the two-day Summit for a New Global Financing Pact in Paris, which seeks to galvanise support for revamping the mid-20th century architecture governing financial flows from rich to developing nations.

G20 nations are historically responsible for 80 percent of global carbon emissions, which are wreaking havoc on the Earth’s climate.

"Many vulnerable, lower-income states have been overwhelmed by economic shocks, debts they cannot pay, and the effects of climate change – a crisis to which they contributed very little, but which is costing people in these countries dearly," Agnes Callamard, Amnesty International’s secretary general, said in a statement.