Labour says mortgage repossessions soared after Norfolk MP Liz Truss' mini-budget
Liz Truss says this is a "smear" by her political opponents
Mortgage repossession claims soared following South West Norfolk MP Liz Truss' mini-budget, Labour has said as the party continues to attack the Conservatives on their economic record.
The party said a 25.6% increase in the number of repossession claims over 2023 was the result of the former prime minister's mini-budget, which saw interest rates - and mortgage bills - climb steeply.
That rise in repossession claims included a 38% increase in the last three months of 2023 compared with the last three months of 2022.
"Twisted victory lap"
Labour's deputy leader Angela Rayner also accused Ms Truss of "parading around the world on some kind of twisted victory lap" as the former prime minister seeks to promote her new book, Ten Years To Save The West.
In the book, Ms Truss said she was "ecstatic" about the mini-budget, adding it was "probably my happiest moment as prime minister".
Ms Rayner said: "Families across Britain have been put at risk of losing their home because of Liz Truss's disastrous mini-budget.
"Yet while those households are having sleepless nights and living pay-day to pay-day, the former prime minister responsible is parading around the world on some kind of twisted victory lap.
"Paying the price"
"It is not the fault of homeowners that the Tories crashed the economy and sent mortgage bills soaring, and yet they're the ones paying the price."
Figures from the Ministry of Justice showed there were 16,598 repossession claims in England and Wales in 2023, up from 13,211 the previous year.
Ms Rayner's comments come ahead of a campaign visit on Tuesday at which she and shadow chancellor Rachel Reeves will argue that Labour will "protect family finances and get Britain building".
The pair are expected to point to Labour's promise of a "fiscal lock" that would prevent "reckless and unfunded spending pledges" such as the mini-budget and the Government's commitment to abolish national insurance contributions.
Ms Rayner added: "Rishi Sunak's £46 billion unfunded tax cut is the last thing that mortgage holders in this country need.
"The Tories may have got the country into this mess, but Labour will not allow reckless economic experiments to jeopardise the dream of home ownership."
What does Liz Truss say?
In a series of interviews promoting her new book, Ms Truss has defended her decisions on the mini-budget, saying interest rates had been "too low for too long" and calling for "a proper investigation into what happened in September 2022, and the actions the Bank of England took".
She also argued that it was wrong to blame the mini-budget for the UK's subsequent economic woes, saying this was a "smear" by her political opponents.
Running for Tory leader again?
Elsewhere, the former Prime Minister's refused to rule out running for leader of the Conservative Party again.
Truss claimed she had "unfinished business" at the top of politics, as she toured the media ahead of the publication of her book, Ten Years To Save The West.
Her tenure in Downing Street lasted just 49 days, after the mini budget, which included unfunded tax cutting measures, triggered mass market turmoil.
Asked by a news outlet if she would want to return to frontline politics in the event the Conservatives lose the coming general election, Ms Truss said: "I definitely have unfinished business. Definitely. And I think the Conservative Party has unfinished business.
"I think, if we're honest with ourselves, we haven't done enough to reverse the Blair legacy."
Ms Truss insisted she had not written her book "to run a leadership campaign", but wanted to build support for her political ideas.
But pressed if she would rule out standing for the Tory leadership in future, she said: "Well, it's never wise to rule anything out in politics, is it?"
Supportive of Donald Trump
Elsewhere, Ms Truss signalled she was supportive of Donald Trump returning to the White House, suggesting it "has to be" him following the US presidential election due to take place in November.
"I don't think (President Joe) Biden has been particularly supportive to the United Kingdom. I think he's often on the side of the EU. And I certainly think I would like to see a new president in the White House," she said.
Asked if she meant Mr Trump, she added: "It has to be."
Ms Truss claimed the former president's economic policies "were actually very effective", adding: "This is why the US has had significantly higher economic growth than Britain. In foreign affairs, he was more effective at preventing aggressive regimes expanding and I think we'd be in a different position if he got re-elected in 2020."
Welcoming Nigel Farage to the Conservative Party
Ms Truss also said she wanted Reform Party founder and former Ukip MEP Nigel Farage to join the Conservative Party.
In an interview with the Sun's Never Mind the Ballots programme, Ms Truss said: "I'm trying to say it's not enough just to have the right policies on tax or the right policies on immigration or the right policies on taking on wokery.
"We're going to have to actually change the way British Government works if we're going to deliver conservative policies, because there has been a takeover of our institutions by the left, that is the reality of the situation.
"And that is what I'm trying to say to everybody who's involved in politics.
"By the way, I would like Nigel Farage to join the Conservative Party."
Labour said the prospect of Ms Truss returning as Tory leader would "send shivers down the spine of working people".
Jonathan Ashworth, a shadow Cabinet Office minister, added: "Homeowners are still reeling after the Conservatives crashed the economy and sent mortgages rocketing by hundreds of pounds every month.
"Rishi Sunak is too weak to stand up to the reckless actions of Liz Truss and it's working people that pay the price.
"It's crystal clear that the British public cannot risk five more years of Conservative chaos. A vote for Labour on May 2 is the first step in a chance for change."