Labour says survey shows how badly Banbury is affected by cost-of-living crisis

Labour has highlighted how survey results suggest effects of the cost-of-living crisis are far-reaching

It has carried out analysis based on the results of the latest Legal and General Rebuilding Britain Index.

Cherwell Labour group leader Cllr Sean Woodcock said: “These figures are frightening. The cost-of-living crisis is spiralling out of control, and families in Cherwell are bearing the brunt.

“People need real help now – but the Conservative Government is missing in action. Labour has a plan – we’d cut VAT on energy, insulate homes to bring down costs, slash small business rates and build an industrial strategy around buying, making and selling more in Britain.”

“After 12 years of Conservative rule the country is in total crisis. We need action now – or better yet a change of government and an end to more than a decade of failure.”

Applying the Legal and General outcomes to the situation in Cherwell, Labour has calculated the following:

- 7,709 households in the district, more than one in ten, have nothing left to cut back in the face of future energy price hikes.

- 29,057 households (49 per cent of the district) are concerned about being able to keep up with rent or mortgage payments over the next 12 months.

- 40,917 (69 per cent) are being forced to make additional cutbacks on their household budgeting.

The Legal and General RBI was established to measure the UK’s progress in levelling up on a quarterly basis.

The Banbury Guardian has approached Banbury MP Victoria Prentis for a comment. A response is awaited.