A Wirral MP has said that Tory mismanagement of the economy will leave the average household in Wallasey under more financial pressure than ever.
The MP for Wallasey, Dame Angela Eagle commented after Labour analysis found that 8600 families will see their mortgage rise by almost £2000 this year alone.
This follows the news that mortgage deals are being withdrawn by banks and interest rates being increased, with Moneyfacts data suggesting the typical rate on a two-year fixed-rate loan had increased to almost 6%.
The Resolution Foundation estimates that by 2026 6.5 million households will be affected by the post-mini budget rise in mortgage rates.
This week, economists warned that there is a real risk of job losses and a sharp recession. The latest forecasts of economic growth this year suggest that the UK is struggling to get out of the slow lane, with growth of just 0.2% forecast on the year.
Labour MP Dame Angela Eagle, said, “This Tory mortgage penalty is devastating for family finances and is holding back our economy.
“Our country is buckling under 13 years of Conservative mismanagement that has left our economy in tatters, yet it is families that are bearing the brunt as they face yet further mortgage increases.
“People across Wallasey will be asking themselves whether they are better off under the Tories. It’s clear the answer is no.
“Labour will deliver financial and economic security, steering families away from the cliff edge and growing our economy to grab hold of opportunities of the future.”