EMMA LEWELL-BUCK MP: In my constituency, 7,100 mortgage holders will be forced to pay an extra £1,500 due to the Tory mortgage crisis

The kamikaze budget presented by the previous Prime Minister sent interest rates soaring and now this has been passed on to homeowners and renters as the monthly cost of their mortgage and rent payments skyrocket.

The Resolution Foundation have estimated that 6.5 million households will be affected by the post-mini budget rise in mortgage rates by 2026.

With many indebted families facing increased interest payments on all of their household debt, they will struggle to get by.

The Government has suggested that this is somehow necessary to decrease inflation, that the pain we all need to go through now will be worth it later. But we’ve heard this before – with austerity, where the pain wasn’t temporary but so prolonged it has left deep scars still being felt today, right across our country.

This week I along with my colleagues in the Labour Party voted to give all mortgage holders access to support, the Government voted against us.

The Prime Minister is completely detached from reality, last week he told people to “hold their nerve”, and that “we will get through this.”

It is easy to talk about sacrifice and holding your nerve when it’s not your home that’s facing repossession or your bills going unpaid.

The PM remains as oblivious to the lives we lead as he was when he served as Boris Johnson’s Chancellor, his attitude is an insult to everyone who are having sleepless nights wondering if they can keep the roof over their head.

This week we have seen the Government revert to type and blame everyone else for this crisis: the Bank of England, Covid, the war in Ukraine, global factors beyond their control, yet at the same time they are completely unable to explain why these global factors haven’t led to Germany, Spain, France and other countries struggling as much as the UK.

Their time is up, they know it and we know it. The Tories are to blame.