Recent interest rate increases by the Bank of England signal even more pain for hardworking, local people.
Over 7,000 home owning households in Llanelli have been hit by the Tory mortgage penalty with annual mortgage payment increases of £1,600 this year and that’s not even counting those who will be seeing their rent going up as a result too. Local people are set to be put under more pressure than ever before by the Conservative mismanagement of the economy as the nation fights to recover from the disastrous Johnson and Truss eras.
Many mortgage deals are now being withdrawn by banks and building societies. The typical rate on a two-year fixed-rate loan has increased to almost 6%, almost double a year ago, and the Resolution Foundation estimates that 6.5m households across the UK will be affected by the post-mini budget rise in mortgage rates by 2026.
Economists have also warned that there is a real risk of job losses and 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%.
The Tory mortgage penalty is devastating for family finances and is holding back our economy. Our country is buckling under 13 years of Conservative mismanagement and a crashed economy, and it is families being asked to pay more on their mortgage once again. People are asking themselves whether they or their family are better off under the Tories. The answer is no.
What we need is a General Election and a Labour Government, the sooner the better. We will bring financial and economic security back, so that families are not constantly on a cliff edge, and so that we can urgently grow our economy to grab hold of opportunities of the future.