Home owners who traditionally vote Tory are now Ditching the Cons and turning to Labour. As High Interest Rates send their mortgage payments through the roof.
Labour now hold a 15% lead over Cons amongst home owners. While the Cons have always enjoyed strong support from mortgage holders they ain't any more.
Do they really think a different party can avoid interest rates gradually returning to more realistic levels ? Of course, circumstances may affect the rate of correction.
George Osborne gave a stark warning even before the EU referendum.That mortgage rates would rise if Britain left the EU,,But the majority ignored him ...and now the mortgage holders are paying the price .........in the foot again....
He knew, as we all did, that they had to rise anyway. Borrowers have all but been given the cash over the last few decades. Were they loaning out anything other than money they wouldn't accept such a pittance return per annum. But of course, banks loan out money they don't have, so can afford to be "charitable" as long as folk continue to trust them as a safe source.
OG 20.22 "Do think a different party can avoid interest rates"
This sudden rise in interest rates has been brought on via Brexit .Which was signed sealed and delivered by the Tory Party.
3M Households could be vunerable to defaulting on their repayments in the face of further rate rises in the pipeline and could rise again as early as next week.
Some households have mortgages more than four and even six times their income and have little in the way of savings .What chance have they got if the rates keep rising .And they will.
...All because of the BBC..Brexit.. Boris... and the Cons.
Rates are still low, 5-6% is a sound figure so I would expect to rise a little more then come down to those figures.
As for voting labour, well only homeowners with the same financial acumen as you would do that Gulliver. As said above they may vote differently but not labour.
And of course there is the age old problem labour have. Whilst disgruntled people will tell surveys they are sick of the Government
when it comes to the crunch they often then vote for the least worst option. At present with Sir Kiers (and Sir Ed) lacklustre performance it wont be them.
Sir Kier still has time, but with u-turns all over the place it really does look like Labour HQ dont have a clue on policy or who they need to attract. Benefit scroungers wont be enough for them to get in they need Middle England.
If one entered into financial arrangements that any sane person would have known they couldn't afford in normal circumstances then they need to admit their wild gamble failed, sell up for whatever they can get in a falling market, and look to rent a residence until their fortunes change. Although these days they may be able to claim it's all the lenders' fault, the lenders ought not have lent to them, and they ought be compensated instead.