Sir Keir Starmer has renewed his calls for the Government to reverse its mini-Budget as Labour analysis reveals the extent of mortgage increases facing families.
Labour said an average homeowner coming off a 2-year fixed mortgage could experience a £498 monthly hike if interest rates hit 6%.
Its analysis found that homeowners in London and the South East could see average rises of between £689 and £915.
While those in the North East still see spikes of between £247 to £327.
It has led Starmer to renew his call for a full U-turn on the Government’s “kamikaze budget”.
He said: “The burden of the Tories’ fantasy economics should not fall on working people.
“These eye-watering mortgage increases will cause homeowners across the country sleepless nights – and the Tory government is entirely to blame.
“Liz Truss and Kwasi Kwarteng crashed the economy with their attempts to hand enormous, unfunded tax cuts to those who least need it. The humiliating U-turn they were forced into came too late – the damage had been done.
“Now we are all suffering the consequences. This was a crisis made in Downing Street but paid by working people.”
Research from Moneyfacts found that 2-year fixes are now at the highest rate seen in 14 years while 5-year fixes are also on the rise.
