Mortgage Rates UK: Sheffield MP Louise Haigh blasts government over 'economic failure' as rates triple

According to Sheffield Heeley MP Louise Haigh’s office, families re-mortgaging after the end of two-year fixed-rate deals are facing interest rates more than three times higher what they are on now. She said: “People across Sheffield and Yorkshire now cannot afford a Tory government.

"They have crashed the economy and are now expecting the public to pay the price. Higher mortgage payments on top of wages not keeping pace with inflation and rising prices, is hitting people hard.”

Analysis by Labour has shown people in Yorkshire will be paying, on average, £348 more in their monthly mortgage repayments than under their old deals. Ms Haigh’s office have laid the blame at the door of the Tory government, who have “crashed the economy” following the September mini-budget and “left the country uniquely exposed to global pressures after 12 years of stagnant growth”.

Ms Haigh said: “The Government have not just crashed the economy but have presided over 12 years of low growth and writing off large parts of the country. We need a government that will invest in our people and places.”

Ms Haigh said the rising mortgage repayments come on top of rising energy bills, food prices and other household costs, which comes after “a succession of Conservative chancellors, including now-Prime Minister Rishi Sunak, failed to get inflation under control”. Ms Haigh made calls for a Labour government, saying “only we can now deliver stability and prosperity for the country”.