Philip Hammond has described the huge rise in repossessions as “the human cost of Gordon Brown’s Age of Irresponsibility”.
Figures from the Financial Services Authority have revealed that the number of repossessions increased by 71% compared to a year ago.
Meanwhile, figures from the Land Registry show that house prices in England and Wales fell by 2.2% during September, with the average home costing 8% less than a year earlier.
Philip, the Shadow Chief Secretary to the Treasury, attacked Gordon Brown's economic mismanagement, saying:
“For years he claimed he had abolished boom and bust and encouraged a ‘spend now, pay later culture’. Now, with falling house prices, stagnant earnings and rising unemployment, repossession is the tragic price thousands of families are paying for Gordon Brown’s failure.”