Liz Truss's 44 days as PM has made a typical Red Wall voter £2,000 worse off for the next year 🔴 The average person will have higher mortgage costs and their pension will decrease in value but they will also pay less tax, a study by the ONS shows
The average pension pot of someone this age in the North West is £65,350, according to interactive investor, an investment platform. This compares with £86,232 which is the average for the country. Roughly 25 per cent of people in the North West will be only reliant on the state pension, and 38 per cent of people in the region have a pension pot worth under £10,000.
Assuming Mark’s pot was worth £65,350 on Tuesday 6 September, it is likely to be worth just £61,756 as of Thursday this week, says Becky O’Connor, head of pensions and savings at interactive investor. This is based on a typical pension portfolio with a, which have dropped in value recently due to the markets taking an extreme view on the mini budget.
While Mark’s pension pot will currently be lower, this should not affect him unless he is about to retire and he still has time to recover the losses and more. If he is about to retire, he may want to push this back, or use any other savings first before drawing on his pension pot and making his losses real.The Bank of England was inevitably going to start raising the base rate regardless of the mini-Budget fall-out to try and control inflation.
Looking at Mark’s situation, a typical property in Warrington cost an average of £242,963 down 3 per cent from last year, according to Rightmove. Most homes sold for this price are semi-detached houses. The average mortgage debt in Warrington is £107,57. Before Liz Truss, the average rate for a five-year fixed deal on a 25-year term would was 2.9 per cent, with monthly repayments of £505. Currently, following mortgage rates rising to record highs, the same deal would have an average interest rate of 6.1 per cent, with monthly payments up to £700. That’s an added cost of £195 per month, or £2,340 a year.
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