Labour says ‘Tory mortgage penalty’ costs homeowners extra £7,000 a year

Opposition finds fallout of Liz Truss mini-budget has raised average mortgage interest payments by 150 a week in two years

Homeowners are being hit with a Tory mortgage penalty" of 7,000 a year with interest rates triple what they were two years ago, according to Labour.

Pat McFadden, shadow chief secretary to the Treasury, blamed what he called the reckless economic gamble" taken by the Conservatives during September's mini-budget when Liz Truss was prime minister.