It is impossible to ignore the political impact of this, and if the Conservatives are to have any chance of winning the next election, we must come up with radical new ideas to support people 🖊️ Jonathan Gullis via ipaperviews
, the huge increase in mortgages is going to hit working households in constituencies like Stoke-on-Trent North, Kidsgrove and Talke, which I am proud to represent, particularly hard.
Before the end of this year, the Bank of England is predicting that 35,000 households are going to have to come off their fixed-rate mortgage every week. I was shocked to learn that households re-fixing their mortgage could face up to £1,000 increases in their monthly repayments if interest rates hit 6 per cent, meaning households are going to be spending around 3 per cent more of their income on their mortgage.
It is impossible to ignore the political impact of this, and if the Conservatives are to have any chance of winning the next election, we must come up with radical new ideas to support people. The Governmentsubsidy packages like they did on furlough and energy bills, and I agree with them on this. If we were to do this at this time with interests rates the way they are, it will only serve to exacerbate the problem and drive inflation higher.
In 1983, Margaret Thatcher’s government, under Geoffrey Howe, introduced a system that allowed borrowers to claim tax relief for interest payments on their mortgage. At the time this was a huge success story, as it allowed more people than ever before to own their own home. This dream is the bedrock of modern conservativism, giving people the freedom to spend their money how they see fit.
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