Britain is ‘still paying the price’ for Liz Truss’ budget a year on amid falling house prices

A year after the former prime minister’s “mini-Budget”, Pat Macfadyen, shadow chief secretary to the Treasury, warned that Rishi Sunak “may want to forget all about it – but voters never will”.

Britain is “still paying the price” for Liz Truss’s suicidal Budget, Labor has warned after the housing market saw its worst decline since the credit crisis.

A year after the former prime minister’s “mini-budget”, Pat Macfadyen, shadow chancellor of the Duchy of Lancaster, warned that Rishi Sunak “may want to forget it all – but voters never will”. It comes after the Royal Institution of Chartered Surveyors reported that rising mortgage rates have led to the worst housing market in 14 years.

Their survey also reported the lowest level of sales since the Covid-19 pandemic effectively shut down the housing market. “Anarchy has consequences,” McFadden wrote to The Mirror. “It could have been bad at the best of times, but to cause this pain just as workers find themselves in a cost-of-living crisis is inexcusable.”

Mortgage approvals have fallen by a third, house values ​​have fallen by 5% and average monthly mortgage payments have risen by £220 in the past year. Meanwhile, a separate report from Zoopla noted that rental affordability is at its worst in more than a decade, with costs increasing by 10.5% in the past 12 months.

Mr McFadden added: “Sitting at the top of the chaos is Rishi Sunak: Britain’s ‘unpractical man’ prime minister.” Too weak to stand up to these conservative factions. I always wonder which side to choose. And the failure to solve the country’s growing list of problems.”

Chaos has consequences

Pat McFadden says Britain is still paying the price for Liz Truss’s budget(Tyvon Salsi/Zuma PressWire/REX/Shutterstock)

Written by Pat Macfadyen, Shadow Chancellor of the Duchy of Lancaster

It has been a year since the Tories trashed the British economy.

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