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Tánaiste’s call for European Central Bank to take action would jeopardise jobs and hike interest rates for Irish households - Pearse Doherty TD

11 February, 2022 - by Pearse Doherty TD

Sinn Féin spokesperson on Finance Pearse Doherty TD has called on the Tánaiste to withdraw comments he made yesterday calling for the European Central Bank to take action in response to inflation.

Speaking today, Teachta Doherty said that the Tánaiste’s call was dangerous and would harm jobs while increasing interest rates for mortgage holders and borrowers.

The Donegal TD said:

“Inflation and the cost of living crisis are putting huge pressure on workers and families.

“When low and middle-income households needed decisive action and support, the Government has failed to rise to the challenge they face.

“The Tánasite has now called for additional financial pressure to be heaped on these households.

“Yesterday evening, the Tánaiste called on the ECB to take action to combat inflation – that means hiking interest rates.

“As the President of the ECB said today, hiking interest rates now would damage our economy and jeopardise jobs without tackling the cause of rising prices.

“If the ECB, which is independent, acted as the Tánaiste has asked them to, those on tracker or variable interest rates on their mortgages would face higher mortgages repayments.

A 1% increase would see average borrowers paying up to €2,500 more in their mortgage repayments annually.

“Jobs would be threatened.

“The calls of the Tánaiste are dangerous and damaging – the Taoiseach and Minister for Finance should clarify if they too support these calls and also disagree with the President of the ECB.”

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