As part of the Labour Party’s reaction to the unveiling of the Conservative manifesto, shadow chancellor Rachel Reeves held a press conference criticising it as a “desperate wishlist”, stating: “The money is not there, and it will mean £4,800 on your mortgage.”

Rating

When asked for a breakdown of how they calculated this figure, Labour provided a long document which did not include the full calculation. It appears that in specific circumstances laid out in the Labour Party document, interest payments could be £4,800 higher for some borrowers, but that figure is over several years. There is also disagreement between Labour and the Tories about the cost of spending commitments in the Conservative manifesto.

Reviewed by PA Media ↗ · June 14, 2024