Families across Bristol face eye-watering mortgage hikes of £500 a month as a result of the Tories crashing the economy.

Bank of England data shows that homeowners coming off two-year fixed terms are set to be clobbered due to the Tories’ attempts to hand unfunded tax cuts to the wealthiest.

Despite the government’s humiliating climbdown on the 45p tax break, mortgage rates are still likely to top five or even six per cent. That would mean mortgage rises of up to £477 in the South West – and the cost in Bristol’s overheated housing market could be a lot higher. These increases are likely to prove unaffordable for many.

Together with my Labour colleagues, I will keep pushing for the Tories to abandon the disastrous budget completely, including Truss’s totally unfunded £17 billion corporation tax giveaway to the biggest companies.

In the last week I’ve spoken to people working in Bristol’s financial services sector about this. The mortgage and housing market more generally need security and stability from the government and I will keep pushing the government to scrap the current un-costed budget which has caused this harm and go back to the drawing board, this time doing it properly.