Trump-flation: Cost of Living

Trump’s illegal war in Iran is not only unsettling the Middle East, causing death and destruction and pushing up fuel prices. It is also set to slash family budgets as Trump-flation is expected to hit mortgage bills by thousands of pounds a year.

Across the country, homeowners already face massive price increases. 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.

Here in Woking, that equates to a rise of £217 per calendar month or a hit of £2,609 per year compared to what people would have been paying if they’d taken out their mortgage before Trump’s Iran war, as the effect of “Trump-flation” pushes up borrowing rates.

Unfortunately, it’s not just homeowners who are feeling the squeeze; renters are also likely to be hit as landlords are set to pass on rising mortgage costs to renters. In a cost-of-living crisis, to see such huge increases to mortgage payments while young people and families are trying to get on the housing ladder is a scandal.

The Government must crack on with a proper proposal to get costs down – starting with the Lib Dem plan to take 12p off the cost of every litre of petrol, and reduce train, bus and EV prices too to keep the country moving.

It’s completely unacceptable that hardworking households are being punished by a Trump-flation crisis that’s sending costs soaring. I will continue pushing the Government to ensure measures are put in place to minimise the impact.