I think they're right - this is a ticking time bomb and even if the mortgage market comes under control in the next few months, rate are going to be high all the way through to the next election in Autumn/Winter 2024.
An economy under pressure, with people having to sell their homes in a depressed property market or worse families having their homes repossessed - I can't see the tories coming back form this.
The article is behind a pay wall but accessible here: https://archive.is/CELPA