New research from Mansfield Labour reveals the Conservatives are leaving families in Mansfield £2,501 worse off. The analysis includes all the measures announced in the Chancellor’s disastrous Spring Statement.
This year, families in Mansfield will pay £1,059 more in tax thanks to the National Insurance hike, energy prices are rising by £693, the food shop will increase by £277 and mortgages in Mansfield will rise by an average of £175.
· A Labour government would help families with energy bills fully funded by a windfall tax on the bumper profits of oil and gas companies
· Labour would not be raising National Insurance Contributions at the worst possible time
· Labour councils charge an average of more than £300 less than Conservative councils – and more than £500 less than the Lib Dems
Revealing the analysis, Mansfield Labour’s Craig Whitby said,
“The cost of living crisis is getting worse – and the Conservatives aren’t just standing by, they are making things worse.
“Make no mistake – for most families in Mansfield, being £2,501 worse of is a body blow to the family finances.
“All this Conservative government offers is a loan for our energy bills and tax hikes for workers. There is a better way.
“Time and again this government has shown that it doesn’t care about ordinary people in Mansfield. In Number 10 they party while the rest of us are locked down. In number 11 they avoid tax while the rest of us face tax rises.
“Only Labour has a plan to tackle the cost of living crisis – only Labour is on your side.”
Notes to editors
Analysis of the local authority level cost of living hit is available here: link to data
Analysis looks at the rise in tax burden per household, along with the rise in price of a number of essentials; food, energy, petrol and mortgages.
Tax rises compares the rise in the tax burden as a proportion of the economy from 2021-22 and 2022-23 – 34.4% to 35.5%. With GDP around £2.5 trillion in 2022-23, this means the tax burden rises by about £30 billion. This is equivalent to around £1,060 per household.
Increase in energy costs takes the £693 rise in the price cap for April.
Increase in petrol compares the difference in the cost of a litre of petrol in late March 2021 compared to late March 2022, multiplied by an independent estimate the average amount of petrol used by the average motorist in a year.
Cost of a food shop takes average family spending on food in FYE 2020 and up-rates by the OBR’s latest forecasts for inflation.
Mortgage cost calculates the extra annual cost of servicing a £100,000 20 year variable rate mortgage, assuming the increase in bank rate is directly passed through across the country. This figure is varied locally based on the average median house price. Analysis looks at the extra cost of the 0.05% rise in bank rate between January 2022 and March 2022, starting with a 2.41% average rate as set out by the Bank of England. Analysis in the spreadsheet attached
(Original spreadsheet from HoC library)