By Rachel Reeves
BRITISH people have enormous ambition – and I’ve always believed a government should match that.
But right now, we’re being held back.
Along with the rising cost of the weekly food shop and bills ticking up, mortgages are going through the roof.
But they’re not the only things hurting working people right now.
High inflation is hitting people’s savings – and putting dreams like saving for a house, a holiday or even just a rainy day at risk.
It doesn’t need to be like this.
That’s why, as interest rates rise even further, we’re calling on the government to make sure banks are giving savers the interest rates they deserve.
People in Britain work hard for their savings, and shouldn’t have Tory economic chaos upend those plans.
I know we’ve got what it takes to strengthen our economy and shine on the global stage again.
When I travel across the country, I meet so many hard working people and brilliant local businesses.
That’s why we’ve got to tackle this cost of living crisis so people can get back on their feet again.
Last week, I set out a five point plan to ease the hit from soaring mortgages.
We’d do that by instructing – not just guiding – the regulator to require lenders to let struggling borrowers switch to interest only mortgage payments for a short time, or to lengthen the term of their mortgage period.
This will give them the breathing space they need to cope with the mortgage hikes we’re seeing – which are the result of Liz Truss’ kamikaze mini-budget, and Rishi Sunak’s managed decline of the economy.
The Tories own statement on Friday falls far short of this.
By failing to make measures mandatory, government plans mean 2 million households will miss out on the mortgage support they need.
Unlike the Tories, I have huge aspirations for Britain.
We have all the ingredients we need to create good, well-paid jobs, renew our town centres, and make, do and sell more in Britain.
With Labour in government, we’ll move beyond this cost of living crisis.
We’ll get security for family finances back, and unlock the talent and hard work in every village, town and city to build a better future for Britain.
