Economists have warned that there is a real risk of job losses and a sharp recession. The latest forecasts of economic growth this year suggest that the UK is struggling to get out of the slow lane, with growth of just 0.2% forecast on the year.

Recent Labour analysis has revealed that the average household across my patch, Lancaster & Fleetwood, is set to be put under more pressure than ever by Conservative mismanagement of the economy, as families face annual mortgage payment hikes of £1,800 this year. This follows news that many mortgage deals are being withdrawn by banks and interest rates being increased, with Moneyfacts data suggesting the typical rate on a two-year fixed-rate loan had increased to almost 6%, nearly double that of one year ago, and the Resolution Foundation estimating that 6.5m households will be affected by the post-mini budget rise in mortgage rates by 2026.

I know that the Tory mortgage penalty will be devastating for so many of you and I am furious at the government’s inaction. This country is buckling under thirteen years of Conservative chaos, with not only a crashed economy but also sewage being pumped into our waterways at an alarming rate, roads plagued with potholes and a crumbling NHS that is being held together with goodwill. As always, it is hardworking families that are being asked to pay more, whether that’s on mortgages, utility bills or shopping, with the cost-of-living still rising.

I am dedicated to holding this Government to account for their ever-growing record of failure, and I am proud that my party are committed to bringing financial and economic security back. A Labour government will introduce measures to ensure that families are not constantly on a cliff edge, so that we can urgently grow our economy and grab hold of opportunities that have not been in sight under this Tory government.

If you are worried about how the Tory mortgage penalty if going to affect you and your family, please feel free to contact me at cat.smith.mp@parliament.uk and I will always do what I can to help!