Labour is today demanding that and hand back their ministerial
severance payments as the party releases new figures showing that
one in four mortgage holders are struggling to afford their
mortgage payments.
According to an analysis of ONS survey data by the Labour
Party, almost 2 million people are struggling with their
mortgage costs.
Nearly a third of people report that their mortgage payments
have increased in the last six months, according to figures from
a recent ONS survey, while almost half of mortgage holders – an
estimated 3.6m people – say that they had been worried in
the past two weeks about changes to the interest rates on their
mortgage.
Today (Tuesday) the Labour Party will bring forward a motion in
the House of Commons demanding former Prime Minister and her Chancellor hand back at least £6,000 of
their ministerial severance payments after their mismanagement of
the economy left families across the UK facing an average
increase of £500 per month in mortgage payments.
The Bank of England has confirmed that spiking interest rates in
the UK were partly caused by the Conservatives disastrous
economic policies.
, Shadow Levelling Up, Housing
& Communities Secretary, said:
“It is abhorrent that a Prime Minister and Chancellor should be
able to crash the economy, costing hard-working families’
hundreds of months a month in higher mortgage payments, and then
pocket a severance payment worth thousands for themselves. Today
the new Prime Minister, Chancellor and Tory MPs can undo that
disgrace.
“Britain literally cannot afford any more of this Tory
government. Millions of families are struggling to get by because
the Conservatives crashed the economy and pushed up mortgage
costs. We need a government that will secure our economy and get
it growing again by investing in all people and all parts of the
United Kingdom.”
Ends
Notes
The House of Commons will today debate the following motion
brought by the Labour Party as part of its Opposition
Day:
"That this House censures the former Prime Minister, the Rt
Hon Member for South West Norfolk, and the former Chancellor of
the Exchequer, the Rt Hon Member for Spelthorne, for their
mismanagement of the economy while in office, which has resulted
in an average increase of £500 per month in mortgage payments for
families across the UK; and believes that, if they have not
already done so, both Rt Hon Members should waive at least £6000
of their ministerial severance payments."
Based on the latest English Housing Survey, there are around 7.2
million people with mortgages in England: https://www.gov.uk/government/statistics/english-housing-survey-2020-to-2021-headline-report
Based on ONS survey finding that 24% are finding it very or
somewhat difficult to afford payments, over 1.7 million mortgage
holders are currently struggling with payments.
ONS survey data, 12-23 October 2022: https://www.ons.gov.uk/peoplepopulationandcommunity/wellbeing/datasets/publicopinionsandsocialtrendsgreatbritainhouseholdfinances
Key findings:
Have your rent or mortgage payments gone up in the last 6
months?
Yes 32%
How easy or difficult is it to afford your rent or mortgage
payments?
Very or somewhat difficult 33%
In the past two weeks, how worried or unworried have you been
about changes in interest rates on your
mortgage?
Very or somewhat worried 48%
