Money Wellness
Mum going through bills at the kitchen table while her daughter draws a picture next to her
category iconHousing
calendar icon08 Aug 2023

More support needed for families ‘clobbered with eye-watering mortgage payments’

The government must reverse a £3bn tax cut for banks and use the money to help families at risk of losing their homes, it has been claimed.

The Liberal Democrats are calling on the government to cancel the cut to the bank surcharge.

They say this money should be used instead to support families facing losing their homes due to soaring mortgage payments.

Research commissioned by the political party found one in six Brits (17%) are going without a summer holiday as they struggle to make ends meet.

Other findings

  • 37% said they were eating out less
  • 9% said they were going to fewer outdoor events
  • 9% said they were travelling less to see friends and family
  • 4% even said they were cutting back on barbecues

Shameful

Liberal Democrats spokeswoman Sarah Olney said:

“It is shameful that the government is ploughing on with massive tax cuts for the big banks, who are refusing to pass on saving rates whilst hiking mortgage bills.”

She added:

“Families across the country struggled through a winter of high energy bills, only to be clobbered with eye-watering mortgage payments this summer.”

If you’re struggling

If you’re finding it difficult to make ends meet, why not use our free benefits calculator to check you’re getting all the benefits you’re entitled to.

If you’re on a low income or claim benefits, you may be entitled to a reduction of up to 100% on your council tax payments. Check to see if you’re eligible.

Local councils have also been given a share of £842m to help families struggling with the cost-of-living crisis. Visit your local council’s website to see what help is being offered in your area.

And if you need debt advice, we’re available over the phone or 24/7 online. Don’t struggle on alone. Get in touch today.

Avatar of Rebecca Routledge

Rebecca Routledge

A qualified journalist for over 15 years with a background in financial services. Rebecca is Money Wellness’s consumer champion, helping you improve your financial wellbeing by providing information on everything from income maximisation to budgeting and saving tips.

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