New analysis, based on research from the Bank of England and the ONS, from Lewisham Labour reveals that two years on from the Conservative’s disastrous mini-budget – which crashed the British economy and sent interest rates soaring – 10,284 local families have renewed their mortgages onto higher rates.
The analysis comes as Liz Truss told Conservative Party Conference that she should have been given more time as Prime Minister – to rapturous applause.
Publishing the analysis, Labour’s Amanda de Ryk, Cabinet Member for Cabinet Member for Finance, Resources and Performanc said,
“Never forget what these Conservatives did to our country, our living standards, or our public services. In the two years since the disastrous mini-budget, thousands of local families have been forced to renew their mortgages on to much higher rates – leaving them hundreds of pounds a month worse off.
“The rapturous applause Liz Truss received at Tory Party Conference tells you everything you need to know about what that party has learnt since they crashed the British economy – absolutely nothing. It’s all just a game to them, but for working people in Lewisham this is about being able to make ends meet at the end of the month.
“Labour is fixing the foundations of the British economy to get our country moving again to deliver growth and make working people better off. Change has already begun – but it’s going to take time thanks to the terrible mess the Tories left us in.”