Labour analysis reveals that the average household in Feltham and Heston is set to be put under more pressure than ever by Conservative mismanagement of the economy.
Analysis from the Labour Party allows people to search the amount that mortgages are predicted to rise, including by £4,140 in Feltham and Heston.
It follows the Bank of England warning in December that around half of households with a mortgage, a total of 4 million, will be exposed to rate rises this year, and Bloomberg reporting that around 800,000 will see their mortgage rates double.
This week, the IMF chief economist singled out higher mortgage rates as a reason for Britain’s poor performance after the country’s growth was downgraded, leaving it as the only major economy expected to shrink in 2023.
Seema Malhotra, Labour MP for Feltham and Heston, said:
“The Tory mortgage penalty is devastating for family finances and is holding back our economy.
“These latest figures are extremely worrying at a time when rising bills and food prices are also making it harder to make ends meet.
“People are asking themselves whether they or their family are better off under the Tories. The answer is no.
“And as families struggle, they spend less in local businesses.
“By stabilising the economy, with a plan for skills, for growth and for our public services, Labour will stop our economy lurching from crisis to crisis, and make Britain thrive again.”