We all know that Liz Truss was a disaster for the British economy. Regrettably, she may be long gone from Downing Street, but the damage from her irresponsible roll of the fiscal dice remains. Her weak successor Rishi Sunak is sadly failing to turn the cost of living around, as we can all see in our energy bills and supermarket stings.

In particular, the Tory mortgage penalty shows no signs of righting itself. It has now been revealed that homeowners in areas like ours will continue paying the price of Conservative mismanagement, with news this week that local mortgages are set to skyrocket even further.

New statistics compiled by The Labour Party using data from the Treasury, Money Facts and the census shows that mortgages are predicted to continue to rise, including by an average £2000 a year in Stalybridge and Hyde affecting 10,100 households, by around £1900 a year in Ashton-under-Lyne affecting 8,500 households, and by £2,100 a year in Denton and Reddish, affecting 9,300 households.

That’s 27,900 local households all losing the equivalent of a family holiday to mortgage providers, all thanks to the Government’s failure to create a thriving and resilient economy. That is a scandal.

Currently, many mortgage deals are being withdrawn by banks and interest rates being increased, with Moneyfacts data suggesting the typical rate on a two-year fixed-rate loan had increased to almost 6%, almost double a year ago, and the Resolution Foundation estimating that 6.5 million households will be affected by post-mini budget rise in mortgage rates by 2026.

Last week, economists warned that there is a real risk of job losses and a sharp recession. The latest forecasts of economic growth this year suggest that the UK is struggling to get out of the slow lane, with growth of just 0.2% forecast on the year. This is deeply troubling when previous estimates of economic recovering were hopeful of a much quicker bounce-back. The Conservative mortgage penalty is devastating for family finances and is holding back our economy. Non-homeowners may well be feeling the pain of it too, with many landlords passing their mortgage pain onto tenants in the form of rent hikes.

After 13 years of Conservative stagnation followed by a dramatically crashed economy, the vast majority of local people who contact me feel worse off. I’m ready and working my socks off to bring about a Labour government that will deliver much needed financial security. Tameside households are sick of living constantly on a cliff edge. We all deserve a government that works as hard as we do.