Government Action Needed To Stop Mortgage Distress

Government Action Needed To Stop Mortgage Distress

The European Central Bank has raised interest rates again – and it will crucify homeowners. Many will be forced to pay an increase of between €300 and €600 a month.

The ECB claims that hiking interest is the only way to control inflation. This is nonsense. How could adding thousands to the annual bill of over 700, 000 mortgage holders help to reduce prices?

Interest rates have been increasing for a year – but inflation has gone up. Inflation in Ireland is now running at 6.3% whereas in July it was 5.8%.

There are other ways of controlling inflation. You could impose price caps on groceries. You could stop blatant profiteering through increased prices. But the political establishment prefer to hit ordinary people rather than big corporations.

People Before Profit has proposed a 3% cap on mortgage interest rates. The banks should take a hit on their profits as they have already received huge subsidies from the Irish people.

Let’s get out on the streets on October 7th for the Cost of Living and Housing crisis demonstration. We need people power to force this government to act.