Labour has pledged a fiscal lock to protect families from a
repeat of the mini-budget, as new analysis shows the number of
families at risk of losing their home shot-up 46% as a result of
Liz Truss' mini-budget and soaring mortgages.
The analysis of data collected by the Ministry of Justice reveals
that 16,590 mortgage repossession claims took place in 2023, an
increase from 11,339 in the previous year. The most recent data
from Q4 2023 showed a 77% rise from the same period in
2022.
The revelation comes as the former Conservative Prime Minister
publishes her memoir where she says that the day of the
mini-budget was "probably my happiest moment as prime minister,”
adding "I was ecstatic.” It also comes as the Tories continue to
make reckless unfunded promises, with Rishi Sunak proposing an
unfunded £46 billion tax cut that is bigger than the
mini-budget.
On a visit to meet a family struggling to get a mortgage as a
result of Liz Truss' disastrous mini-budget, Labour's Shadow
Deputy Prime Minister Angela Rayner and Shadow Chancellor of the
Exchequer Rachel Reeves will jointly declare that the next Labour
government will “protect family finances and get Britain
building.”
Labour has set out plans to get Britain building again, with 1.5
million homes and a generation of new towns to save the dream of
homeownership.
Labour will also deliver the biggest boost to affordable housing
for a generation, with social and council housing at the heart of
Labour's secure homes plan.
Angela Rayner MP, Labour's Shadow Deputy Prime Minister
and Shadow Levelling Up, Housing and Communities Secretary,
said:
“Families across Britain have been put at risk of losing their
home because of Liz Truss' disastrous mini-budget. Yet while
those households are having sleepless nights and living pay-day
to pay-day, the former Prime Minister responsible is parading
around the world on some kind of twisted victory lap.
“It is not the fault of homeowners that the Tories crashed the
economy and sent mortgage bills soaring, and yet they're the ones
paying the price. Rishi Sunak's £46 billion unfunded tax cut is
the last thing that mortgage holders in this country need.
“The Tories may have got the country into this mess, but Labour
will not allow reckless economic experiments to jeopardise the
dream of home ownership. Labour will stand up for homeowners with
a fiscal lock to bring back economic responsibility, protect
family finances and get Britain building. We will deliver the
biggest boost of affordable housing for a generation with social
and council housing at the heart of Labour's secure homes
plan.”
Ends.
Notes to editors
Number of households coming off fixed rate mortgage deals between
quarter 2 2024 and quarter 3 2024 is 568,795:https://www.ons.gov.uk/peoplepopulationandcommunity/housing/articles/howincreasesinhousingcostsimpacthouseholds/2023-01-09
The Bank of England said this would be an average of £240 a
month:
https://www.bankofengland.co.uk/financial-stability-report/2023/december-2023
Liz Truss was 'ecstatic' with mini-budget plan and claims Number
10 infested with fleas in new memoir: https://news.sky.com/story/liz-truss-was-ecstatic-with-mini-budget-plan-and-claims-number-10-infested-with-fleas-in-new-memoir-13114019
