People across North Ayrshire are being priced out of their homes due to soaring interest rates, according to MP Patricia Gibson.

The SNP MP has claimed that the UK Government’s mismanagement of the UK economy has resulted in skyrocketing mortgage costs for home owners across the country.

Speaking in the House of Commons, Mrs Gibson asked government ministers whether they were happy with how the economy was being handled.

She said: “In the first three months of this year, repossessions increased by 27 per cent compared to last year.

“Whilst 2.5 million mortgage customers will need to renegotiate their mortgages over the next two years, with payments set to increase by £9 billion.

“As the government seeks to hide its mismanagement of the economy behind the pandemic and the war in Ukraine, the real reason is the chaos created by the former chancellor’s fantasy budget.

“Those being priced out of their homes as interest rates rocket are paying the price.

“Is the minister really satisfied and has no reservations about the way his government has mismanaged the economy with soaring interest rates that are pricing people out of their homes?”

Andrew Griffith, economic secretary to the treasury, said the government was focussed on improving the economic situation.

He said: “It is the focus of this government in halving inflation, growing the economy and reducing the debut burden.

“That, from today forwards, is the action that we can take that will get interest rates falling sooner, reduce inflation, and get us back to a period of economic growth.”