New analysis from Tower Hamlets Labour reveals 23,263 homeowners in Tower Hamlets face paying an average £960 more a year on their mortgages thanks to the Conservatives’ mini budget. That’s a combined total of £22,332,480.
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.
That means homeowners in Tower Hamlets will be forking out an extra £22,332,480 in mortgage payments to banks, which will be lost from our local economy.
Publishing the figures, the Leader of the Tower Hamlets Labour Group, Cllr Sirajul Islam said:
“This is a crisis made by the Conservatives in Downing Street – and it is costing families in our great borough of Tower Hamlets 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 Tower Hamlets, and that means mortgages are going up.
“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.”
- There are 23,263 mortgage holders in Tower Hamlets.
- On the BBC Today Programme, Nick Robinson reported that the average mortgage payer would pay a £960 Kwarteng premium.
“There is what you might call a Kwarteng premium on the mortgages of every person in this country. Mortgage rates are up effectively 1% higher… for a typical mortgage payer that’s £960 a year.”