Andrew Gwynne, MP for Denton and Reddish, has criticised the Government after Labour analysis revealed the extent of mortgage increases across the local area.
Data shows that across the constituency of Denton and Reddish, 9,800 households face an annual predicted mortgage increase of £1900 pounds.
The analysis follows the Bank of England warning in December that around half of households with a mortgage, a total of 4 million, will be exposed to rate rises this year, with a reported 800,000 seeing their mortgage rates double.
This week, the IMF chief economist singled out higher mortgage rates as a reason for Britain’s poor performance after the country’s growth was downgraded, leaving it as the only major economy expected to shrink in 2023.
Commenting, Andrew Gwynne said:
“These figures essentially represent a Tory mortgage penalty. Local people are paying the price for 13 years of Conservative mismanagement of our economy.
“At the moment, it feels like we’re lurching from crisis to crisis, with working people bearing the brunt of this chaos.
“Only Labour will stabilise the economy, get it growing, and build a Britain that thrives again”.