Analysis by the Liberal Democrats has revealed the huge sums Trump’s inflationary war in Iran could slash from family budgets, pushing bills up by an eye-watering £2,914 in Wokingham.
Wokingham MP Clive Jones is warning of new mortgage misery as stark new data analysed by the party shows Trump’s inflationary war could hit mortgage bills by thousands of pounds a year.
People taking out a mortgage in Wokingham could face a massive £2,914 increase to their mortgage payments compared to what they’d be paying if they’d taken out their mortgage before Trump’s Iran war as the effect of “Trumpflation” pushes up borrowing rates.
According to MoneyFacts, the average interest rate for a two-year deal has jumped from 4.84% at the end of February to 5.87% now.
Clive Jones is also warning that people renting their homes could see significant increases to their bills as landlords are set to pass on rising mortgage costs to renters.
Industry expert Aneisha Beveridge told the Times in April that landlords might try to raise rents thanks to soaring mortgage costs, comparing the current squeeze to the interest rate spike caused by the Ukraine conflict in 2022.
Clive Jones is calling on the government to take urgent measures to protect families in Wokingham.
These measures would start by introducing the party’s proposals for an emergency fuel package to cut fuel costs by £6.60 a tank.
Commenting, Clive Jones, said: “The hardworking residents of Wokingham do not deserve to be punished by Trump’s illegal war in Iran.
“We are seeing costs soaring and huge increases to mortgage payments, all while young people and families are trying to get on the housing ladder. This is an absolute scandal.
“The government must act now to cut costs for the residents of Wokingham, starting by listening to the Lib Dems’ call for 12p off the cost of every litre of petrol, and axe train, bus and EV prices too.”
