Tories’ unfunded commitments could see mortgages rise – Reeves
Treasury minister Bim Afolami described the unfunded spending accusations as ‘desperate’.
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.The Conservatives’ unfunded spending commitments would lead to increased mortgage payments of £4,800 for the average family over the next Parliament, Labour has claimed.
On Friday, Labour is expected to set out the choices facing families when it comes to mortgages at the General Election.
Monthly mortgage repayments increased by £221 on average in 2023, according to Office for National Statistics (ONS) data.
The Labour Party blames Liz Truss’s mini-budget for the increases but Treasury minister Bim Afolami described the unfunded spending accusations as “desperate”.
Labour’s shadow chancellor Rachel Reeves said: “After 14 years of Conservative chaos and decline, Britain has a chance to chart a different course.
“Labour will deliver the stability that our economy needs, keeping mortgages as low as possible. The Tories’ reckless unfunded spending will lead to families paying £4,800 more for their mortgages.
“It’s time for change. But change will only happen if you vote for it with Labour on Thursday July 4.”
According to the party, families who have remortgaged are spending £1 in every £3 of household budgets on mortgage repayments.
Additionally, the party said renters are paying £90 more a month due to interest rate rises.
Mr Afolami said: “This is a desperate attempt to distract from the revelation that Rachel Reeves’ deputy has been caught red-handed blowing up the claim that Labour’s manifesto is fully funded – the reality is Labour will have to raise taxes to pay for ‘hundreds of billions of pounds’ of their unfunded net zero spending by 2030.
“Labour will impose a retirement tax on your state pension, hike your council tax and impose a pay-per-mile road tax on your car.
“Don’t surrender to £2,094 in higher taxes and higher mortgages under Labour. Only a vote for the Conservatives will stop Labour getting an unaccountable majority to hike your taxes. That is the choice at this election.”