Andrew Gwynne, MP for Denton and Reddish, has slammed the Government after new data revealed that households across the North West were paying over £350 more every month as a result of what Gwynne called “Tory incompetence and economic mismanagement”.
Families re-mortgaging as their two-year fixed-rate deals come to an end are facing interest rates more than three times higher after the Tories crashed the economy and left the UK uniquely exposed to global pressures after 12 years of stagnant growth.
According to the IMF, the UK is set to have the highest inflation and lowest growth of any major advanced economy over the next few years.
This comes in addition to rising energy bills, food prices and other household costs after a succession of Conservative chancellors, including Prime Minister Rishi Sunak, failed to get inflation under control.
Commenting, Andrew Gwynne said:
“In the middle of a cost of living crisis, working people across Denton and Reddish are having to shell out £350 extra a month in mortgage repayments each month thanks to this Conservative Government.
“They’ve crashed the economy, failed to get a grip on inflation, and presided over a decade of stagnant growth.
We can’t afford more Tory incompetence and economic mismanagement. The people I represent deserve so much better from their Government.”
Lisa Nandy MP, Shadow Levelling Up, Housing & Communities Secretary, said:
“Britain literally cannot afford any more of this Tory government. The Conservatives have crashed the economy and left working people in the North West to pay the price. Higher mortgage payments mean less money in people’s pockets at a time when they’re already struggling to get by, but the government doesn’t get it.
“The damage has been done by the Tories – not just with the disastrous mini-Budget, but with 12 years of low growth as a result of large parts of the country being written off. That’s why we need a government that will invest in all people and all places, giving every part of our country the backing to contribute to deliver the growth, stability and prosperity that Britain needs.”