AN MP has slammed the Government as more than 10,000 families in his constituency face mortgage hikes of £2,400, he says new analysis has revealed.

Labour MP Mike Amesbury, who represents Weaver Vale, said the recent decision to raise interest rates to five per cent by the Bank of England would be ‘devastating’ for many households.

The MP says families were already being hit by a ‘Tory mortgage penalty’ in Weaver Vale, which includes east Runcorn, Daresbury, Frodsham, Helsby and Northwich.

Latest Labour research predicts 10,200 households in his constituency will next year face an eye-watering £2,400 increase in their annual mortgage payments.

Mr Amesbury said: “The country is buckling under 13 years of Conservative mismanagement and a crashed economy, with families forced to pay a Tory mortgage penalty.

“People are asking themselves whether they or their family are better off under the Tories. The answer is no.

“Labour will bring back financial and economic security, creating the conditions for growth and opportunities for working people.

“It is not acceptable families are constantly on a cliff edge. Sunak should step in now to stop families losing their homes.”

Mortgage rates were on the rise even before the latest interest rate hike, with Moneyfacts data suggesting the typical rate on a two-year fixed-rate loan had increased to nearly six per cent — almost double a year ago — while many mortgage deals were being withdrawn.

Across Britain, more than a million households are expected to lose more than 20 per cent of their disposable income due to the surge in mortgage costs, according to the Institute for Fiscal Studies.

Some economists have warned of further job losses and a sharp recession.

Latest economic forecasts suggest the UK is struggling to get out of the slow lane, with a growth rate of just 0.2 per cent predicted on the year.