General Election: Labour candidate claims Labour government will be “for the economy and interest rates”
General / Mon 21st Aug 2023 at 08:39am
THE PROSPECTIVE parliamentary candidate for Harlow has claimed that a Labour government will be “for the economy and interest rates, with strong fiscal rules, respect for economic institution”.
Mr Chris Vince said: ” Britain, people are being hit hard by a Tory mortgage penalty. The Tories’ disastrous mini-budget alarmed the markets causing a surge in UK borrowing costs and higher interest rates. This, coupled with high inflation, has led to over a million mortgage holders paying thousands more each year which, combined with food and energy prices being so high, is the last thing families need.
Over the last 13 years the Conservative government has failed to secure our economy. It’s no surprise we are suffering the highest inflation in the G7. Our supply chains are weak and we’re reliant on dictators for energy. The Tory closures of our gas storage facilities have been compounded by the fact they haven’t made Brexit work. Despite our huge potential, Britain faces low productivity, low wages and low growth.
But there is hope, Labour has a plan to give Britain back its future. Not short-term sticking plaster solutions, but a mission-driven government that will create a stronger national economy and secure family finances, with everything we do built on the rock of fiscal responsibility.
With Labour, Britain will have a consistent, stable government that will be good for the economy and interest rates, with strong fiscal rules, respect for economic institutions and our Office for Value for Money. On that rock we will build a more secure economy:
• Energy Security: Our plans for energy independence will protect us from energy price shocks in the long term, helping with one of the major triggers for higher inflation.
• Jobs: Labour’s mission to secure the highest sustained growth in the G7 will create good jobs that pay well, putting money back in your pockets – so everyone feels better off.
• Make, do and sell more in Britain: Labour will reshape our economy in the interests of businesses and working people in every part of the country and make sure we can once again make, do and sell in Britain.
• Flourishing town centres: That means scrapping business rates and replacing them with a fairer system, making Britain the best place to start and grow a business, and investing in the industries of the future to create well-paid jobs and help our town centers flourish.
But we also know times are tough and people need help now. We’d instruct the regulator to:
– Require lenders to allow borrowers to switch to interest only mortgage payments for a temporary period.
– Require lenders to allow borrowers to lengthen the term of their mortgage period.
– Require lenders to reverse any support measures when the borrower requests.
Harlow and the villages Labour and Cooperative Party Candidate Chris Vince welcomed these measures and said, “Unlike the current Conservative Government, Labour will not stand by as millions of people face a mortgage catastrophe made in Downing Street . The extent of this Tory mortgage bombshell is large and painful for families across Harlow and the villages. Sadly there is no easy fix to the abject failure of this Conservative government. With the picture we face, this kind of targeted help for those who need it is the right thing to do both fiscally, economically and morally too.”
Labour will also bring in a Renters’ Charter ending ‘no-fault’ evictions and introduce four-month notice periods for landlords.