OVER 27,000 mortgage owners in Thurrock are set to save an average of over £1,100 on the cost of a new mortgage thanks to Labour, new analysis has found.
Since the Party came into office, interest rates have been cut four times, showing stability has returned to the UK economy after 14 tumultuous Conservative years.
Ahead of the Bank of England’s interest rates decision on Thursday, Labour has published figures which show families in the East of England buying a typical home now pay£1,182 less per year on their mortgage, compared to July 2024 when the Conservatives left office.
The win for working families comes after the Chancellor took the emergency action required to fix the foundations of our economy, and address the £22 billion blackhole left by the Conservatives after the General Election.
In the wake of the Liz Truss mini-Budget which crashed the economy and sent interest rates soaring, some two-year fixed rates climbed to nearly seven per cent – meaning a hefty hike to homeowners’ monthly bills.
The cheaper rates available today – with the average two-year fixed rate falling to 4.52 per cent – has saved working people £81.69 on average each month, meaning more money back in their pockets.
It comes alongside the wider cost of living support introduced by the Labour Government through our Plan for Change.
That includes the fuel duty freeze, the protection of the pensions triple lock, the expansion of free school meals, and the delivery of free breakfast clubs for primary school kids.
Prime Minister Keir Starmer has secured three historic trade deals with the US, India and the EU, which are also set to further benefit families – cutting costs on the essentials in supermarkets.
Labour has previously warned that NigelFarage’s fantasy economics and unfunded spending plans are a one-way ticket to a Liz Truss style economic crash on steroids which would put up every mortgage in the country.
The respected Institute for Fiscal Studies recently delivered a damning verdict on Reform’s economic policies, exposing how just one of its pledges could create an eye-watering financial blackhole of up to £80 billion. That would eclipse the £45 billion failed Liz Truss experiment that tanked the economy and left working people picking up the tab through sky-high mortgages and bills.
James Murray MP, Labour’s Exchequer Secretary to the Treasury, said:
“Labour’s urgent task when we took office was to restore stability to the economy after 14 years of Tory failure.
“Since we came into office, rates have been cut four times, and that’s putting more pounds in the pocket of homeowners through cheaper mortgages.
“We know this is welcome relief for hard-pressed families, but we know it’s not job done. Through our Plan for Change we have begun delivering an economy that works for working people, putting more money in people’s pockets.”
