The Conservatives’ plans will lead to “a second Tory mortgage bombshell”, Rachel Reeves has said. Speaking at a press conference responding to the Tory manifesto, the shadow chancellor said: “The analysis that we have conducted since publication has identified £71 billion of unfunded commitments.” She continued: “The result would be an increase in the average mortgage totalling £4,800 over the course of the parliament.” Report by Covellm. Like us on Facebook at http://www.facebook.com/itn and follow us on Twitter at http://twitter.com/itn
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00:00 What we saw this morning was a desperate wish list of unfunded promises from a weak Prime Minister.
00:08 Over the last four and a half hours we have gone through the Conservative manifesto line by line.
00:13 They claim that their plans are fully costed and fully funded.
00:16 The analysis that we have conducted since publication has identified 71 billion pounds of unfunded commitments over the course of the next Parliament.
00:27 The consequence of an increase in day-to-day borrowing to fund the commitments made in this manifesto would amount to a second Tory mortgage bombshell.
00:37 Because higher borrowing at this scale would force the Bank of England to increase interest rates.
00:44 The result would be an increase in the average mortgage totalling £4,800 over the course of the Parliament.
00:52 Over the next three weeks we will work every day to expose the damage that the Conservatives have done to our country.
00:58 To expose what they threaten to do if given five more years.
01:02 And to offer a credible, a responsible alternative.
01:07 That is the choice at this election.
01:10 Five more years of Conservative chaos which will mean £4,800 more on your mortgage.
01:17 stability with a changed Labour Party.