THE LABOUR candidate for Truro and Falmouth has slammed what she describes as the 'Tory mismanagement' as families in Cornwall expected to see mortgage increases. 

According to an analysis from the Labour Party, 6,400 families in Truro and Falmouth face an annual mortgage payment increase of £3,000.

Labour says the analysis reveals that the average household in Truro and Falmouth is set to be put under more pressure than ever by "Conservative mismanagement of the economy."

A drop-down spreadsheet created by the Labour Party allows people to search the amount that mortgages are predicted by £3,000 to rise by. 

It follows the Bank of England warning in December that around half of households with a mortgage, a total of 4 million, will be exposed to rate rises this year, and Bloomberg reporting that around 800,000 will see their mortgage rates double.

This week, the IMF chief economist singled out higher mortgage rates as a reason for Britain’s poor performance after the country’s growth was downgraded, leaving it as the only major economy expected to shrink in 2023. 

Labour’s Parliamentary Candidate for Truro and Falmouth, Jayne Kirkham said: "The Tory mortgage penalty is devastating for family finances and is holding back our economy.

"The country is buckling under 13 years of Conservative mismanagement, and its families being asked to pay more on their mortgage once again. 

"People are asking themselves whether they or their family are better off under the Tories. The answer is no. 

"By stabilising the economy, making it stronger and getting it growing, Labour will stop us lurching from crisis to crisis, and make Britain thrive again."

Conservative MP for Truro and Falmouth, Cherilyn Mackrory, said: "Times are tough and we are currently living through hard times economically that are on a global scale due to the after-effects of the covid pandemic and Putin’s war on Ukraine.

"The Government has responded with an unprecedented package of support to help with people in Truro and Falmouth’s costs of living.

"Labour doesn’t offer any solutions to this and instead continues to play party politics by seeking to blame international events on our Government."