“This government is not taking the cost of living seriously.”
People Before Profit representative, Joe Moore is encouraging the Cork public to turn out in numbers at a large rally against the ever-increasing cost of living this weekend.
As the average family scrambles to find an extra €3,000 next year to cover rises in energy, food and accommodation, the Cork Cost of Living Campaign will be holding a demonstration this Saturday, September 17th at 2pm on Grand Parade.
“The big increases in mortgages and rents show this is necessary,” said Moore.
“Higher interest rates for mortgages mean a home-owner will be paying an additional €72.39 a month on a €200,000 loan with 25 years remaining. But the mortgage rate in Ireland has a margin of 1% above the ECB rate.
“The government has allowed banks to get away with this rip-off for years. It is estimated that an average mortgage holder could be paying €70,000 extra to banks over the lifetime of their mortgage. This is totally unacceptable.”
Moore called on the Government to step in and order banks to absorb the increase by reducing their profits:
“It should insist that banks stop adding a premium to the ECB rate,” he said.
“A similar decisive response is needed with rents. Last year these rose by 12% but there has been little serious attempt to impose strict rent controls, with a possibility for rent reductions. The rent pressure zones are like a leaky sieve because there are so many loopholes.
“We need a government that is not dominated by landlords or banker’s friends.”
The Cork Cost of Living Campaign demonstration takes place this Saturday, September 17th at 2pm on Grand Parade.