WARRINGTON North MP, Charlotte Nichols has slammed the Government's economic plans, following the Chancellor's 'mini-budget.'

The MP alleges that some residents in Warrington are facing a rise in mortgage payments of thousands of pounds.

Ms Nichols says that according to interest rate adjustments by HSBC, some people could experience mortgage repayment increases of £5,000 per year, or more.

The Labour MP said: "This is a crisis created by Downing Street and sadly working people will be paying for the damage for years to come.

“Trickle-down economics does not work, it’s a failed idea.

"You cannot make the rich richer and expect that it will somehow trickle down to the rest of us."

It was announced on Monday morning - October 3 - that the Government would be making a U-turn on its planned abolition of the 45p top-tier of tax.

The Chancellor, Kwasi Kwarteng, told the BBC that abolishing the rate of tax had become a 'distraction from our overriding mission to tackle the challenges facing the country.'

Warrington North's Labour Party highlighted the Bank of England's intervention as a cause for concern, saying: "In an unprecedented turn of events the Bank of England was forced to intervene earlier this week to prevent a collapse of the UK's pensions sector."

Ms Nichols added: "The Prime Minister and her Chancellor need to admit they have made a mistake, they need to recall parliament and reverse this disastrous budget that is already harming families here in Warrington North.

"What is deeply worrying is what’s next to come, the Tories have already said they want further cuts to public services. What more is there left to cut?

"They have already decimated our country’s public services during the last 12 years of austerity."