Moray SNP News

LOCHHEAD BLASTS IMPACT OF TORY’S BUDGET ON PEOPLE IN MORAY

Richard Lochhead MSP has slammed the Tory Government’s reckless gamble with the UK economy and has expressed serious concern over the impact on Moray households and businesses. 

Since the Conservative Chancellor delivered his so-called ‘mini budget’ on Friday, the UK’s economy has tanked with the value of the pound dropping to a record low. The latest blow came last night when a number of leading mortgage providers announced they were withdrawing mortgage products due to the economic turmoil created by this Tory Government.

Commenting Richard Lochhead MSP said:

“In Moray and across the U.K. people are struggling to pay their bills and food bank use is on the rise but the Tory response is to lift the cap on bankers bonuses and borrow billions to help the rich. No wonder the budget has led to a loss of confidence in the U.K. economy and crisis. 

“The situation facing households and businesses in Moray was already extremely serious but after the Tory Chancellor’s announcements last week things are now looking increasingly bleak.

“Over the last couple of days we’ve seen the pound tank to record lows, which will only exacerbate the economic challenges we all face and the impact will be felt deeply by people in Moray as prices in shops rise even further due to import costs.

“And now we have the Bank of England saying they won’t hesitate to increase interest rates again with predictions they could hit nearly 6% by spring. The consequences of these reckless Tory policies for homeowners in Moray are devastating – many simply won’t have the cash to cover higher mortgage payments and will be really fearful about what’s round the corner.

“The situation has become so serious we’re now seeing mortgage providers withdraw products from the market for new customers amidst the economic turmoil the Chancellor has created.

“In their race to the bottom, the Tories seem intent on consigning ordinary people to poverty and unmanageable levels of debt. Ludicrously, Moray’s Tory MP wants the Scottish Government to copy his UK colleagues reckless approach.”