Families in Cardiff Central face an eyewatering jump in mortgage repayments next year as a result of the Conservatives crashing the economy.

Analysis by the Labour Party using Bank of England data showed that homeowners coming off two-year fixed term mortgages in October 2022 are set to pay £500 a month more on average after the Tory government’s disastrous mini-Budget handed unfunded tax cuts to the wealthiest.

Further investigation has found that the number of people coming to the end of fixed rate mortgages and having to find a new mortgage on those higher rates, is around1.8 million people out of a total 6.8 million mortgage holders – or one in four of all mortgage holders in the UK.

The Chancellor said that growth requires “confidence and stability” yet it’s clear that the Tories can’t provide this. They caused the problem and they’re not capable of fixing it.

What we need now is to restore financial responsibility at the heart of government. And we need a serious plan for growth that puts working people first. That is what Labour will bring.

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