21,400 homeowners in East Herts face £960 higher mortgages thanks to Conservative Mini-Budget chaos
New analysis from Hertford and Stortford Labour Party has revealed that 21,400 homeowners in East Herts face paying an average £960 more a year on their mortgages thanks to the chaos caused by the Conservative mini-budget.
The BBC have reported an average mortgage payer faces a “Kwarteng Premium” of £960 on their mortgage as a direct result of the shambolic mini-budget, which has seen rates rise by 1% more than expected as markets lost faith in the British economy.
That means homeowners in East Herts will be forking out more than a combined £20 million in mortgage payments to banks, which will be lost from our local economy.
Publishing the figures, Hertford and Stortford Labour’s Parliamentary Spokesperson Josh Dean said, “What the new Chancellor flippantly referred to as ‘a little financial turbulence’ in his speech to Conservative Party Conference this week has come as a huge economic shock to families in our communities.”
“The Conservatives aren’t just out of touch with people in our communities - they’ve lost control of the economy, and now they’re expecting working people to pay for an economic crisis made in Downing Street. Their utter lack of credibility means higher prices and soaring mortgages for residents in Hertford and Stortford.”
“Mortgages, pensions and family finances are not casino chips for the Prime Minister and her Chancellor to recklessly gamble with. They are in pursuit of a dangerous trickle-down ideology, the damage of which is likely to be felt by working people for years to come. As set out at Labour Party Conference last week, the next Labour Government will do the painstaking work of fixing that damage, and a Labour MP for Hertford and Stortford will stand up for people in our communities, not just those at the top.”