I am absolutely livid this morning. I watched in disbelief as Rishi Sunak, without so much as the tiniest bit of empathy, said we all have to “hold our nerve” as interest rates rise higher than they have been in decades.
That is not going to go down well with the millions of homeowners who face having to find an average of £2900 more a year if they are unfortunate enough to have to remortgage in he next year as their fixed terms come to an end. This is on top of the double whammy of high inflation and energy prices.
A Prime Minister who does not have to worry about money telling people that he’s going to make unpopular decisions for their own good is never going to go down well, but he could at least have tried to do something to show that he was on their side.
I don’t think I have ever heard anything so tin-eared from a Prime Minister since Thatcher refused to listen to reason over the poll tax back in the early 90s and that did not end well for her.
Let’s be clear, people are at risk of losing their homes if they can’t keep up their mortgage payments, whether they are forced to sell or whether their home is repossessed. I lived through that in the 90s where every day I saw people having their homes repossessed. And sometimes it was the tenants, finding out at the last minute that bailiffs were coming to evict them, who would turn up in shock, seeking support and a way out of this horrible situation.
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