Labour analysis reveals that the average household in Portsmouth South is set to be put under more pressure than ever by Conservative mismanagement of the economy.
Analysis from the Labour Party allows people to search the amount that mortgages are predicted to rise, including by £2,310 in Portsmouth South.
It 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, and Bloomberg reporting that around 800,000 will see 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.
Stephen Morgan, Labour MP for Portsmouth South, said:
“The Tory mortgage penalty is devastating for family finances and is holding back our economy.
“The country is buckling under 13 years of Conservative mismanagement, and it is families being asked to pay more on their mortgage once again.
“People are asking themselves whether they or their family are better off under the Tories. The answer is no.
“By stabilising the economy, making it stronger and getting it growing, Labour will stop us lurching from crisis to crisis, and make Britain thrive again.”
