After Liz Truss crashed the economy, it seems that the Tories have learned nothing. The Tories have proposed a £46 billion a year unfunded tax cut, larger than the £45 billion in tax cuts announced by Liz Truss in the September 2022 mini-budget. If mortgage rates increase as much now as they did in the period around that mini-budget, rates could spike by up to 2.4%.
Mortgage holders in Dagenham & Rainham, could be £455 a month worse off under the Conservatives, new analysis from the Labour Party reveals following the Tories’ plan to eliminate national insurance “in the next Parliament”.
The irresponsible move, floated by the Chancellor during the Spring Budget was confirmed in an email from the Chancellor to Conservative party members. The Tories have yet to explain how they would pay for their unfunded Liz Truss style policy, which would cost £46 billion a year, equivalent to £230 billion over the course of a five-year parliament.
A typical household with a mortgage in Dagenham & Rainham is paying £1,771 at current rates, but these could explode by an additional £312 to £2,226 a month in a ‘mini-budget style’ scenario.
Tax cuts announced in the infamous mini-budget were unfunded, this sent markets into turmoil, crashed the economy and forced mortgage rates soaring for millions of households.
Margaret Mullane, Labour PPC for Dagenham and Rainham said “Mortgage holders across the country are already worse off because the Conservatives crashed the economy with families paying the price through more expensive mortgage payments and higher bills.
Tories clearly haven’t learned anything since Liz Truss sent people’s mortgages spiralling, with the Chancellor floating unfunded plans that would leave a £46 billion black hole in the public finances.
Labour has iron-clad fiscal rules that will guide how we spend taxpayers’ money and we will never make unfunded promises like the Tories recklessly do. Only Labour has a plan to grow the economy to boost wages, bring down bills, and get Britain’s future back.”
Comments