Local residents have already begun contacting me about increasing mortgage payments and the fear that landlords could ultimately be passing these costs onto renters. This is all coming as food prices are rising and the cost of living increasing.
This last week has seen a crisis created in Downing Street, being paid for by families and businesses across the country.
The Government have crashed the economy by handing enormous, unfunded tax cuts to those who earn millions and the very richest companies.
Because of this, people in our community will be paying higher prices and higher mortgage rates for years to come.
This isn’t some global issue – it happened as soon as the Chancellor stood up in Parliament last Friday.
It’s a return to the failed idea of trickle-down economics: where you make the rich even richer and hop that somehow some of it trickles down to everybody else.
But real growth comes from the bottom up and the middle out – from the talents and efforts of millions of people and thousands of businesses.
When I asked about higher mortgage payments in Parliament that could come as a result of the Government’s new policies, the Chancellor had no answer. See our exchange here.
The Prime Minister needs to stop prioritising saving face over saving people’s homes, recall parliament and reverse this disastrous and destructive Budget now.
Here are just some of the reactions to the crisis from U.K. experts:
• The Chief Executive of the Resolution Foundation has said that this is by far the worst unforced economic policy error of a lifetime.
• Former chief advisor to the Bank of England says that because of the budget, “we can say goodbye to growth”
• The Bank of England Chief Economist says that “there is undoubtedly a UK-specific component” driving the volatility in financial markets.
• The former Governor of the Bank of England accused the government of “undercutting” the UK’s economic institutions and said this was directly responsible for the market reaction.
• The National Institute of Economic and Social Research said “uncertainty caused by (the) fiscal event” was directly pushing up longer-term borrowing costs.
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