14,124 mortgage borrowers in Woking set to be hit with bill rise after “shambolic budget” 

Lib Dem Parliamentary Candidate for Woking, Will Forster has blamed the Government's mini-budget for the predicted rise in interest rates.

Following the Chancellor's budget, 14,124 mortgage borrowers in Woking are expected to be hit by a "monster" mortgage rate over the coming months, new analysis by the Lib Dems has revealed.

Almost 33% of homes in Woking are owned with a mortgage, above the national average of 28%.

The fallout from last week's budget is predicted to force the Bank of England to raise interest rates to as much as 5% next year, costing the average mortgage borrower on a Standard Variable Rate a staggering £2,100 per year. Those on an average tracker mortgage would face an even higher annual increase of £3,000 per year if interest rates rise to the predicted 5% next year. This would more than wipe out the Government's assistance on energy bills for average households. All of this comes on top of inflation running at levels not seen in 40 years.

The Lib Dems are calling on Liz Truss to recall Parliament and amend the budget which has crashed the pound and seen the national debt skyrocket, as well as leading to predicted rises in mortgage interest rates.

Lib Dem Parliamentary Candidate for Woking, Will Forster said:

"Local homeowners have been betrayed by an out-of-touch Conservative Government. In her first budget as Prime Minister, Liz Truss has chosen unfunded tax cuts for the already very wealthy, which have sent the financial markets into turmoil. It is now mortgage payers in Woking who are left to pick up the tab. The country is sick of Conservative Governments lurching from one crisis to another."

"People on the doorstep are telling me that they are really frightened by this upcoming interest rate rise. Many simply do not know how they will afford to pay thousands of pounds more a year, especially in the midst of a cost of living crisis."

"Liz Truss owes local people an apology for this shambolic budget. Parliament must be recalled to fix this budget before it is too late. This Government's experiment has clearly failed, and people in Woking and across the country are paying the price."

NOTES TO EDITORS

In response to the Cost of Living Crisis, Lib Dems nationally are calling for:

• An expanded windfall tax on oil and gas giants
• A scrapping of the planned cut to corporation tax
• A scrapping of the planned lift on bankers bonus caps
• Guarantee support for businesses with energy costs for one year, not just six months, to provide greater certainty freeze domestic energy prices at what they are now, instead of hiking them again next month
• Invest in a winter rescue plan for the NHS to recruit more doctors, dentists and paramedics.

Locally, as result of a Lib Dem motion at Woking Council, a Cost of Living Summit was held. This collaborative event saw a wide range of partners share experiences and ideas that support the development of an action plan to help anyone affected by the cost of living crisis. Read more here.