- Posted by: Jon B Pearce
- Category: News
This week we have witnessed yet more instability with this Government:
- the Conservative Party Chair had to be sacked for breaching the ministerial code over his tax affairs;
- Liz Truss attempted a comeback but failed to say sorry for crashing the economy; and
- Rishi Sunak was forced into a desperate reshuffle after only 100 days in Downing Street as his approval ratings sank even further.
And it is families in High Peak that are bearing the brunt of this chaos and incompetence.
Analysis shows that further rate rises to try to get inflation under control will mean that households with mortgages in High Peak are predicted to be £2190 worse of this year.
It follows the Bank of England warning in December that around half of households with a mortgage, will be exposed to rate rises this year, and Bloomberg reporting that around 800,000 will see their mortgage rates double.
This week also saw the IMF chief economist single out higher mortgage rates as a reason for Britain’s poor economic performance after the country’s growth was downgraded, leaving it as the only major economy expected to shrink in 2023.
Households in High Peak literally cannot afford another 18 months of this government.
It doesn’t have to be this way. By stabilising the economy, making it stronger and getting it growing, Labour will stop us lurching from crisis to crisis, and make Britain thrive again.
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