UK mortgage rates: Sheffield MP Louise Haigh slams government for ‘economic failure’ as rates triple

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“They brought down the economy and now expect the public to pay the price. The increase in mortgage payments on top of wages, which is not keeping pace with inflation and rising prices , hit people hard.”

Labour’s analysis showed that people in Yorkshire will pay, on average, £348 more in their monthly mortgage payments than under their old deals. Ms Haigh’s office blamed the Conservative government, which ‘crushed the economy’ after September’s mini-budget and ‘left the country particularly exposed to global pressures after 12 years of stagnant growth’.

Sheffield MP Louise Haigh has slammed the government’s “economic failure” as interest rates on mortgages are set to be three times higher than current deals.

Ms Haigh said: ‘The government has not only collapsed the economy, but presided over 12 years of low growth and delisting of large parts of the country. We need a government that will invest in our people and our places.

Ms Haigh said the rise in mortgage repayments comes on top of rising energy bills, food prices and other household spending, which comes after “a succession of Tory Chancellors, including the current Prime Minister Rishi Sunak, has failed to control inflation”. Ms Haigh called for a Labor government, saying ‘only we can now bring stability and prosperity to the country’.

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