Mortgage Hike Warning: Tory Spending Plans Could Add £4,800 to Bills

The Conservative party’s spending plans have been accused of being dishonest and irresponsible by Labour’s Shadow Chancellor, Rachel Reeves. The party’s manifesto pledges have been labelled as unfunded, with warnings that they could add a massive £4,800 to mortgage bills over the next five years.

Gaslighting Voters?

Reeves accused the Tories of ‘gaslighting’ voters, making promises that are not backed up by any real funding plans. She claimed that the party’s manifesto is full of unfunded promises, which will ultimately lead to higher mortgage bills for homeowners.

UK homeowners could be facing higher mortgage bills

A Tribute Act?

Labour has produced a document that accuses Rishi Sunak of making the same mistakes as his predecessor, Liz Truss. The document states that Sunak has presented himself as the antidote to Truss’s chaos, but has instead become a ’tribute act’, making the same mistakes with the same likely results.

Unfunded Promises

Reeves warned that the Tories’ spending plans are not backed up by any real funding, and that the party is making promises that they cannot keep. She claimed that the party’s manifesto is full of unfunded promises, which will ultimately lead to higher taxes and higher mortgage bills.

Rachel Reeves, Labour’s Shadow Chancellor

A Warning to Homeowners

Labour’s calculations suggest that someone with an 85% mortgage on an average house in the UK could be saddled with a £4,800 mortgage hike over the next Parliament. This is a warning to homeowners that the Tories’ spending plans could have serious consequences for their mortgage bills.

National Service Pledge

Reeves also picked apart the Tories’ pledge to force 18-year-olds to do National Service, saying that the numbers don’t add up. She claimed that the party’s costings for the plan omit the costs of equipment, accommodation, and training for the 30,000 new military recruits.

A Sceptical IFS

The Institute for Fiscal Studies (IFS) has also expressed scepticism about the Tories’ ability to raise the money needed for their plans. The IFS director, Paul Johnson, said that the party’s promises are not backed up by any real funding plans, and that the numbers don’t add up.

Paul Johnson, IFS Director

Conclusion

The Tories’ spending plans have been accused of being dishonest and irresponsible, with warnings that they could add a massive £4,800 to mortgage bills over the next five years. Labour has warned that the party’s manifesto is full of unfunded promises, which will ultimately lead to higher taxes and higher mortgage bills. Homeowners are being warned to be cautious of the Tories’ spending plans, and to consider the consequences of their promises.