Tories are going to 'collapse the economy' says Tom Swarbrick caller as mortgage bill support is scrapped

20 June 2023, 20:22

Caller: Mortgages are 'biggest chunk of expenditure' government can 'reasonably control'

By Anna Fox

As Jeremy Hunt rules out mortgage support and capping food prices, caller Stefan shares his dissatisfaction with Tom Swarbrick.

Caller Stefan told Tom Swarbrick: "I've got two mortgages, one's expiring in October this year and another that is expiring in May next year."

He continued by saying: "In short, I don't understand this concept of 'it needs to hurt to work', I mean how is that reasonable?

"If they want us to curb spending, why don't they just increase the VAT, why do they need to punish homeowners and those who rent for it to work?

"All they're going to do is collapse the economy".

READ MORE: 'Show leadership': Starmer hits out as Sunak 'to skip vote' over banning Boris from Parliament for misleading MPs

Their conversation arises as the government ruled out introducing major financial support to mortgage holders over fears it would drive the cost of living higher.

Chancellor Jeremy Hunt said offering mortgage relief schemes would "make inflation worse, not better".

But he said he would meet mortgage lenders later this week to ask what help they could give to households struggling with rising bills.

Homeowners are facing soaring mortgage costs due to higher interest rates.

John McDonnell on mortgage rates: People will face the prospect of homelessness

Tom replied to Stefan, saying: "Why have interest rates been the lever that's pulled to combat inflation, which is going to massively affect homeowners and renters?

"Maybe it's because it's the biggest chunk of your expenditure that they can reasonably control?"

READ MORE: Rishi Sunak accused of having 'no backbone' and showing 'cowardice' for abstaining from Partygate vote

Stefan continued stating: "As someone said earlier that is the only mechanism that they can control as a bid to try and achieve.

"I think there are others profiteering out of this, the bank's saving rates have been unchanged, as I understand when inflation increases, so does the bank's saving rates".

But the government said it was "spending record amounts" helping people and that it already had "specific tools" to provide support, citing help - in the form of a loan - for people who receive benefits.

More Tom Swarbrick

See more More Tom Swarbrick

Trade deals, conclave and Reform UK: LBC’s best callers of the week

Trade deals, conclave and Reform UK: LBC’s best callers of the week

LBC callers react to Trump's trade deal

LBC callers react to Donald Trump's UK trade deal

Eric

Caller Eric brands it 'disgusting' that woman got £30k compensation for being compared to Darth Vader

Caller can’t get a dentist appointment and blames asylum seekers

LBC caller can’t get a dentist appointment and blames asylum seekers

'we can hit net zero by accident'

Kneecap, Reform's 'turquoise tidal wave' and never leaving the UK | LBC's best callers of the week

Oliver

Ex-army caller says Chris Kaba's murder has been made 'political'

Caller Lee believes the treatment of Kneecap is 'two-tier policing'

Caller Lee believes the treatment of Kneecap is 'two-tier policing'

Scientist behind 'alien planet' discovery takes questions from LBC callers

Scientist behind 'alien planet' discovery takes questions from LBC callers

Exclusive
Yevgeny Popov

Russian MP tells LBC Starmer ‘doesn’t want peace’ and says Putin won’t rule out launching another war

It's time to Make Broccoli Great Again

It's time to Make Broccoli Great Again

Exclusive
British troops could be stationed in Ukraine, a Trump ally has said.

Trump's counter-terrorism chief says British troops could be stationed in Ukraine if ceasefire is agreed

Exclusive
Richard Tice thinks Reform "has the momentum" to challenge at the next election.

Reform deputy leader Richard Tice says 'hundreds of thousands' could lose jobs due to Labour's 'appalling' Budget

Exclusive
The terror watchdog was speaking to LBC's Tom Swarbrick

Terror watchdog warns hostile nations could use 'ordinary Brits' to 'carry out acts of sabotage'

Exclusive
Robert Jenrick Launches His Bid To Be The Next Conservative Party Leader

Social housing should be focused on ‘people who have been here for a long time’, Robert Jenrick tells LBC

Tom Swarbrick speak to Jonathan Dekel-Chen

Israeli hostage's father tells LBC Benjamin Netanyahu must 'negotiate with Satan' to bring hostages home

Exclusive
One child strip searched every 14 hours report reveals, as minister admits police searches 'taking place in chicken shops'

One child strip searched every 14 hours as commissioner says police searches 'taking place in chicken shops'