Labour responds to the Bank of England’s latest financial stability report

Pat McFadden MP, Labour’s Shadow Chief Secretary, responding to the Bank of England’s latest financial stability report, said: 

“Today’s report shows the real impact of rising mortgage rates. 12 years of Tory failure on the economy is making families worse off and their self-inflicted financial crisis will leave millions paying more on their mortgages next year. 

“This is a Tory penalty caused by their mismanagement, with stagnant wages and low growth leaving the UK with an economy that is vulnerable to shocks and is unable to provide people with the opportunities they deserve.

“Labour would ensure stability in the economy, and our plan for growth would create good jobs across the country, so people get the opportunities they deserve.” 

Ends

Notes

Full report available here: 
https://www.bankofengland.co.uk/financial-policy-summary-and-record/2022/december-2022

Relevant extract on pg. 3:

“Pressures on household finances will increase over 2023. In total around half of owner occupier mortgages (around 4 million) will be exposed to rate rises over the next year. Falling real incomes, increases in mortgage costs and higher unemployment will place significant pressure on household finances.”