“Soaring costs are being forced on West Lancashire residents”
County Cllr Julie Gibson has condemned the soaring mortgage costs being forced on West Lancashire residents by the Conservative Government. The Labour Party recently released a new analysis revealing how households across the country are seeing mortgage costs rise, with some households facing hikes of up to £13,000 a year. It follows a Bank of England warning in December that around half of households with a mortgage, a total of 4 million, will be exposed to rate rises this year, with around 800,000 seeing their mortgage rates double.
Cllr Gibson said: “Households across Lancashire are feeling this hit of the Conservative mortgage penalty. This analysis reveals mortgage hikes of up to £1850 a year for residents in West Lancashire with similar rises for neighbouring boroughs. We’ve all already felt the hit to our bank balance of the Conservative mismanagement of the economy and this is a further blow to residents. Just this week, the IMF chief economist singled out higher mortgage rates as a reason for Britain’s poor performance after the country’s growth was downgraded, leaving it as the only major economy expected to shrink in 2023.
She continued: “People are working hard to pay their mortgage and bills and are seeing the value of that hard work continually eroded by inflation, stagnant wages, and increased mortgage costs. We are experiencing the highest taxes in 70 years, the highest interest rates in 40 years, the highest foodbank use ever and the lowest growth of any developed country with debt at historically high levels.
Cllr Gibson said: “The country is buckling under 13 years of Conservative mismanagement, and it is families who are once again being asked to pay the price. People are asking themselves whether they are better off under the Tories. The answer is no. Labour will stop this lurch from crisis to crisis by stabilising the economy, making it stronger and getting it growing. The residents of West Lancashire deserve better, Labour will deliver.”