Labour claims 27,000 Milton Keynes families face £3k annual mortgage payment increase because of Conservative 'mismanagement'

Labour claims their analysis has revealed the average household in Milton Keynes 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 £3,000 in Milton Keynes, which could impact as many as 27,000 families.

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.

The IMF chief economist has 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. The Bank of England increased interest rates to 4%, the highest level in 14 years, and the tenth consecutive rate rise.

Chris Curtis, Labour’s Prospective Parliamentary Candidate for Milton Keynes North, 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.”

Emily Darlington, Labour's Prospective Parliamentary Candidate for Milton Keynes South, said: “With interest rates soaring and real wages continuing to fall, Labour wants the City Council to provide extra funding to help those in greatest need. We are delivering an extra £500,000 to help families through the cost-of-living crisis. This extra funding forms part of a wider a multi-million-pound package to support people through the cost-of-living crisis including help with paying council tax, rent and energy bills. The Council will also launch the £250,000 Homeowner Mortgage Interest Relief Fund to provide short-term support for those who face increased mortgage payments and are at risk of defaulting.”