Payments Predicted to Rise for Millions of Households
Local MP Alyn Smith has urged the UK Government to ‘wake up and take action’, as millions of households are set to be worse off by thousands of pounds a year due to “unsustainable” rises to their mortgage payments, the SNP has warned.
A YouGov poll suggested that 32 percent of people blame the UK government for high interest rates amidst the cost of living crisis, with recent analysis by Capital Economics finding 3.2 million households are paying interest rates of 3 per cent or more. By the end of next year that will have risen to 5.8 million, a rise of 2.6 million.
By 2024, millions will face potentially ruinous rises to their monthly mortgage payments, further decreasing discretionary consumer spending in a time where businesses too are grappling with an uncertain economic future.
Stirling MP Alyn Smith said:
‘As households are already grappling with the effects of the Tories’ cost of living crisis they’re set to have even more misery piled on top with unsustainable rises to their mortgage payments.
‘Households need to see action from the Tory UK government who have continued to sit on their hands throughout this cost of living crisis of their making.
‘Brexit, and the Tories’ reckless economic mismanagement has forced unnecessary suffering on far too many households, while making the possibility of home ownership for others little more than a pipe dream.
‘It is essential the UK government comes around to offer real support to struggling households, and rapidly stabilises the macroeconomic picture using the powers at their disposal.’