New analysis from MK Labour reveals 41,994 homeowners in Milton Keynes face paying an average £960 more a year on their mortgages thanks to the Conservatives’ mini budget – which equates to more than £40m being lost from the local economy.

The BBC has reported that the average mortgage payer faces a ‘Kwarteng Premium’ of £960 on their mortgage as a direct result of the shambolic mini-budget, which has seen rates rise by 1% higher than expected as markets lost faith in the British economy.

That means homeowners in the city will be forking out an extra £40,314,240 in mortgage payments to banks.

Publishing the figures, Labour’s Councillor Emily Darlington, Cabinet Member for Housing and Labour’s Parliamentary Candidate for MK South, said:

“This is a crisis made by the Conservatives in Downing Street – and it is costing families in Milton Keynes a fortune.

“The Conservatives have damaged the economy thanks to their irresponsible plans to fund tax cuts for the rich by borrowing billions of pounds. They have lost credibility and it is pushing up the cost of borrowing for homeowners across MK, and that means mortgages are going up.

“This is self-inflicted, and they have damaged our country. The Conservatives must reverse their whole economic, discredited trickle-down strategy. As the party of fiscal responsibility and social justice, it will come to the Labour Party to repair the damage this Tory government has done. A general election can’t come soon enough.”