Tens of thousands of people face higher mortgages since the Conservative mini budget policy was unveiled.

New analysis from Cherwell Labour has revealed 23,626 homeowners in Cherwell face paying an average £960 more a year on their mortgages due to the Conservatives’ mini budget.

A combined total of £22,680,960.

The BBC have reported the average mortgage payer faces a “Kwarteng Premium” of £960 on their mortgage as a direct result of the mini budget, which has seen rates rise by 1 per cent higher than expected as markets lost faith in the British economy.

Read more: Roads closed across city amid burst water pipe and severe flooding

Homeowners in Cherwell will be paying out an extra £22,680,960 in mortgage payments to banks, which will be lost to the local economy.

Publishing the figures, Labour’s Cherwell District Council group leader Sean Woodcock said: “This is a crisis made by the Conservatives in Downing Street, and it is costing families in Cherwell a fortune.

“The Conservatives have utterly lost control of the economy.

“They have lost all credibility thanks to their irresponsible plans to fund tax cuts for the rich by borrowing billions of pounds.

“That lack of credibility is pushing up the cost of borrowing for homeowners in Cherwell, and that means mortgages are going up.

“This is incompetence on a colossal scale, and they have damaged our country.

“The Conservatives must reverse their whole economic, discredited trickle-down strategy.

“As the party of fiscal responsibility and social justice, it will come to the Labour Party to repair the damage this Tory government has done.

“A general election can’t come soon enough.”


Read more from this author

This story was written by Matthew Norman, he joined the team in 2022 as a Facebook community reporter.

Matthew covers Bicester and focuses on finding stories from diverse communities.

Get in touch with him by emailing: Matthew.norman@newsquest.co.uk

Follow him on Twitter: @OxMailMattN1

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