17,258 Adults in Crawley to pay more than a fifth of family income if interest rates remain at current levels

New analysis – based on IFS research – from Crawley Labour reveals the huge impact of the Tory Mortgage Penalty. One in five adults are set to spend at least a fifth of their family income on their mortgage if rates remain at present levels. 1.4million are set to lose a fifth of their disposable income thanks to higher payments. 

The Tory Mortgage Penalty follows the disastrous Conservative kamikaze budget, which crashed the British economy and pushed up the cost of borrowing. The analysis comes as latest figures reveal inflation remains extremely high at 8.7% – well above the 2% target and far outstripping wages.

Peter Lamb, Labour candidate for Crawley, said:

“The Tory Mortgage Penalty is hammering families in Crawley. The Conservatives crashed the economy and now we are paying the price. Local people are already struggling with the cost of living crisis but thousands will now be forced to refix their mortgages at far higher rates, leaving them much worse off. 

“It is staggering that instead of helping families in Rishi Sunak is simply telling them to hold their nerve. He is utterly out of touch with the lives of people under real financial pressure. 

“After 13 years of low growth and stagnant wages this country is crying out for change. Labour has a plan to build a better Britain – we have led the way with our five point plan to support borrowers, and the next Labour Government will deliver a more secure economy, more secure family finances and a relentless focus on the cost of living.”