Households in Yorkshire are paying £348 more in mortgage repayments every month because of Conservative economic failure.

Families re-mortgaging as their two-year fixed-rate deals come to an end are facing interest rates more than three times higher after the Tories crashed the economy and left the country uniquely exposed to global pressures after 12 years of stagnant growth.

According to the IMF, the UK is set to have the highest inflation and lowest growth of any major advanced economy over the next few years.

New analysis by Labour has found that this means people in Yorkshire will be paying, on average, £348 more per month than under their old deal.

This comes in addition to rising energy bills, food prices and other household costs after a succession of Conservative chancellors, including now-Prime Minister Rishi Sunak, failed to get inflation under control.

Louise Haigh MP for Sheffield Heeley, said:

“People across Sheffield and Yorkshire now cannot afford a Tory government. They have crashed the economy and are now expecting the public to pay the price. Higher mortgage payments on top of wages not keeping pace with inflation and rising prices, is hitting people hard.

“The government have not just crashed the economy but have presided over 12 years of low growth and writing off large parts of the country. We need a government that will invest in our people and places. It’s time for a Labour government, only we can now deliver stability and prosperity for the country.”