06/10/2022 09:35
The Guardian
Former culture secretary tells the PM to ‘U-turn or face election wipeout’ in interview with the TimesThe Labour party claims that some people with mortgages could have to pay £500 more per month as a result of the way mortgage rates have risen since the mini-budget last month. In a news release explaining the figure, the party says even thought the government has abandoned its plan to abolish the 45% top rate of tax, “mortgage rates are still likely to top five or even six per cent.” It goes on:An average buyer taking out a two-year fixed mortgage in the third quarter of 2020 faced an interest rate of about 1.6 per cent and monthly repayments of £1,057 a month. Should interest rates reach five per cent, those repayments would increase to £1,432. They would top £1,550 if interest rates hit six per cent.If [people with mortgages are] not on a fixed rate, of course they’re paying more as a direct result of the kamikaze politics of two weeks ago. That is just not fair.For heaven’s sake. The enemies of growth? She’s just passed a kamikaze mini-budget which has lost control of the economy, is putting hundreds of pounds on people’s mortgage bills, that is the absolute opposite of a plan for growth.She’s ... not just anti-growth, she’s the destroyer of growth.The prime minister, fresh from domestic turmoil and a difficult Conservative party conference, will attend the summit of European leaders - spearheaded by the French president, Emmanuel Macron - with hopes of making progress on issues such as energy and migration, all amid the backdrop of the war in Ukraine.Truss’s plane touched down mid-morning, before she was ferried into Prague for a meeting with Czech prime minister, Petr Fiala. Continue reading...
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