The Tory mortgage penalty is devastating for family finances in Bristol.

Analysis from the Labour Party shows that mortgages are predicted to rise by £4,000 in Bristol West[1]. This will have a huge impact on families already struggling due to high inflation.

It also shows that 9,700 families in Bristol West could be affected.

The country is buckling under 13 years of Conservative mismanagement and a crashed economy, and it is families being asked to pay more on their mortgage once again.

It follows the news that many mortgage deals are being withdrawn by Banks and interest rates being increased, with Moneyfacts data suggesting the typical rate on a two year fixed-rate loan had increased to almost 6%[2], almost double a year ago, and the Resolution Foundation estimating that 6.5m households will be affected by the post-mini budget rise in mortgage rates by 2026[3].

This week, economists warned that there is a real risk of job losses and a sharp recession. The latest forecasts of economic growth this year suggest that the UK is struggling to get out of the slow lane, with growth of just 0.2% forecast on the year.

Labour will bring financial and economic security back, so that families are not constantly on a cliff edge, and so that we can urgently grow our economy to grab hold of opportunities of the future.

[1] The calculations are based on estimates of the number of households in each constituency who own their home with a mortgage or loan, as recorded in the 2021 Census of England and Wales. This was sourced from https://www.nomisweb.co.uk/

[2] https://www.bbc.co.uk/news/business-65925224

[3]https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/1157160/_Independent_Forecasts_for_the_UK_Economy__May_2023.pdf