True to form Tories are out of touch and out of ideas - Ian Murray

Statistics from Citizen Advice alone show that Scottish mortgage holders searching for advice on repossession are up 341 per cent and those accessing their services who are at risk of homelessness have gone up 30 per cent. Do you think Rishi Sunak could look those people in the eye and say that the Conservatives are still the party of home ownership?

The disastrous mini budget of October 2022 and 13 years of failure has left our country dangerously exposed to inflation and are causing untold misery for hard-working families across the country.

The Chancellor’s mortgage announcement last week will be cold comfort to many as his failure to make the support measures mandatory means that around two million households will miss out on the mortgage support they need.

Friday’s lacklustre statement was devoid of clarity and certainty about the timelines for the outlined support and the Tory’s overall chaotic approach has offered little confidence that they’ve got a grip on what families face.

True to form, they are out of touch and out of ideas.

At my weekly surgery on Friday, I had a constituent attend to tell me that her fixed rate mortgage was due for renewal and her repayments were doubling, meaning that her family home, that she had chosen to raise her young family, has become unaffordable.

My constituency office is awash with similar heartbreaking stories, and it angers me to be so powerless in this situation, but my constituent is one of 400,000 people across Scotland who are locked in as mortgage prisoners and have had their vision of home-ownership completely trashed.

When the Conservatives are asked about their plan to ease the pressure on working people, time after time, we’re met with the same excuse of a global inflation phenomenon.

The truth is that the mortgage crisis is worse in the UK than in other countries – UK households are paying almost £100 more a month than in other European countries.

While mortgage holders and first-time buyers are plunged into hot water by the Tory mortgage bombshell, it is no less of a disaster for renters.

Private renters make up some of society’s most financially vulnerable as they already face astronomical outgoings and insecurity, the sector still resembles the wild west, yet the Chancellor did not care to mention this in his speech.

I am, however, proud to say that the Labour Party would introduce a Renters’ Charter in government, that would abolish “no fault” evictions, introduce a four-month notice period for landlords and a national register of landlords, as well as new rights for tenants.

Unlike this government, Labour will not stand by as millions face a mortgage catastrophe made in Downing Street.

Last week, Labour made a promise to the British people that we will make it our mission, in Government, to restore the economic and financial security that families both need and deserve.

Our five-point plan to ease the Tory mortgage penalty offers practical help now, while our commitment to fiscal responsibility and growth will secure our economy for the future.

With a plan for mortgage-holders, renters and first-time buyers, everyone can come out on top under a Labour government.

Ian Murray is Labour MP for Edinburgh South