£960 per household lost to local economy

New analysis from Hertsmere Labour published today by Hertsmere’s Labour & Cooperative Group Leader, Cllr Jeremy Newmark, reveals 13,826 homeowners in the Borough face paying an average £960 more a year on their mortgages thanks to the Conservatives’ mini budget. That’s a combined total of £13.3 million.

The BBC have reported that the average mortgage payer faces a ‘Kwarteng Premium’ of £960 on their mortgage as a direct result of the shambolic mini-budget, which has seen rates rise by 1% higher than expected as markets lost faith in the British economy.

Publishing the figures, Hertsmere Labour & Cooperative Group Leader Cllr Jeremy Newmark said,

“This is a crisis made by the Conservatives in Downing Street – and it is costing families in Hertsmere a fortune.

The Conservatives have utterly lost control of the economy. They have lost all credibility thanks to their irresponsible plans to fund tax cuts for the rich by borrowing billions of pounds. That lack of credibility is pushing up the cost of borrowing for homeowners in Hertsmere, and that means mortgages are going up.

That means homeowners in Hertsmere will be forking out an £13.3 million in mortgage payments to banks, which will be lost from our local economy.

This is incompetence on a colossal scale – and they have damaged our country. The Conservatives must reverse their whole economic, discredited trickle down strategy. As the party of fiscal responsibility and social justice, it will come to the Labour Party to repair the damage this Tory government has done. A general election can’t come soon enough.”