The Tory Mortgage Penalty
The Tory Mortgage Penalty

43,000 Welsh households hit by Tory mortgage penalty since October 2022

New analysis from the Labour Party reveals that Welsh households have paid an extra £20.3 million more in monthly mortgage payments since the Tory government’s so-called “mini-budget” in October 2022.

At Wales Office oral questions this morning, Shadow Welsh Secretary Jo Stevens MP will challenge the government to apologise to the estimated 43,000 households in Wales whose mortgages have skyrocketed.

Estimates show Welsh households remortgaging will pay an average of £1,600 more a year in mortgage payments, or £134 a month.

Labour is calling on the government to implement a proper windfall tax on oil and gas companies to support households struggling with the Tory cost-of-living crisis.

Jo Stevens MP, Shadow Secretary of State for Wales, said:

“Wales has huge promise and potential, and is full of hard working people, families and businesses that just want to get on.

“But after 13 years of Tory economic failure, everyone is feeling worse off – with tens of thousands of mortgage-payers across Wales facing eye-watering hikes in monthly payments.

“It’s time the Prime Minister admits his personal responsibility for the Tory mortgage crisis and brings in a proper windfall tax on the enormous profits of oil and gas giants, to support struggling households and lift us out of this crisis.”


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