With under a week to go until polling day, Labour will today
(FRIDAY) set out the choice facing families on mortgages at this
election.
The party has published new analysis of ONS data that shows for
families remortgaging, their monthly payments increased by
£221, for those who have remortgaged following the disastrous
Tory mini budget two years ago.
For families who have remortgaged, £1 in every £3 of household
budgets on average now goes on mortgage repayments.
The picture is a lot worse in many parts of the country. In over
50 local authorities, families are spending around £1
in every £2 on mortgage repayments.
The disastrous mini-budget is impacting renters too, with
interest rate rises feeding through into rents, with the average
renter affected paying £90 more a month.
Labour's first steps for government, if the party win, would
deliver the economic stability that the country needs, with a
fully funded and fully costed manifesto, in contrast to the
Tories £71bn in unfunded spending commitments.
Rishi Sunak's £71bn of unfunded spending commitments would lead
to increased mortgage payments of £4,800 for the average
family over the Parliament and exclude many more from
getting onto the housing ladder.
Labour's focus on economic growth comes ahead of economic growth
data that is due to be published today.
Since took office, the economy is
smaller per capita.
, Labour's Shadow Chancellor,
said:
“After 14 years of Conservative chaos and decline, Britain has a
chance to chart a different course.
"Labour will deliver the stability that our economy needs,
keeping mortgages as low as possible. The Tories' reckless
unfunded spending will lead to families paying £4,800 more for
their mortgages.
“It's time for change. But change will only happen if you vote
for it with Labour on Thursday 4 July.”
Notes
ONS release on how households in different areas of England
and Wales have been affected by mortgage payment increases and
rent cost increases in 2023.
The data looks at increases in monthly mortgage and rent payments
for households affected by rising housing costs in 2023 across
all local authorities (link).
