People Before Profit bill would see mortgage interest rates capped at 3%

TD Paul Murphy said mortgage holders were being 'absolutely crucified' with increasing costs

TD Paul Murphy at the People Before Profit think-in at Buswells Hotel, Dublin. Picture: Leah Farrell/© RollingNews.ie

People Before Profit has called for a cap on mortgage interest rates of 3%, a USC cut for people earning under €100,000 as well as a reinstatement of the eviction ban.

Following the party’s think-in, Paul Murphy said mortgage holders were being “absolutely crucified” with increasing costs.

“We have a bill to say that a cap on mortgage interest rates should be introduced and that nobody is able to be charged more than 3%,” he said.

He said there was a “huge crisis” in Irish society which is deepening, despite an “enormous” budget surplus.

“Hundreds of thousands of people are going to shortly be faced with the awful choice of heating or eating, more than one in 10 will be forced to go to food banks in order to feed their children,” he said.

Mr Murphy slammed the Government as it “utterly failed” to address the cost-of-living and housing crises, with companies doing “extraordinarily well” from the cost of groceries, electricity, and petrol.

“Hundreds of thousands of people are going to shortly be faced with the awful choice of heating or eating,” he said.

'Proper eviction ban'

The party is calling for a “proper eviction ban”, as well as rent controls, price controls on essential goods, and a nationalisation of the energy sector.

Ruth Coppinger said housing would be the 'Achilles heel' for this Government. Picture: Leah Farrell/© RollingNews.ie

The party is organising a cost-of-living protest, which will be held in Dublin ahead of the budget on October 7.

Ruth Coppinger, who announced her intention to run for the party in the next general election in Dublin West, said housing would be the “Achilles heel” for this Government. 

“What we saw is that the disaster, the carnage of the housing crisis is seeping into every facet of Irish life at this point. It’s impacting education and it’s impacting health,” she said, adding nurses and teachers cannot afford to live in cities.

She criticised the Government’s lack of investment despite a €12bn budget surplus as “unforgivable”, while many workers are experiencing a “rainy day”.

Ms Coppinger said the Government could build 60,000 social and affordable homes at €200,000 each, using the budget surplus, eliminating the housing crisis “entirely”.

“I think it gives you an idea of how you could eradicate that scourge from society if you have a will,” she said, however, she acknowledged there were problems with building labour.

Richard Boyd Barrett said increasing investment in housing now would save current expenditure outlays by about €1bn a year that is otherwise spent on housing supports such as Hap. File picture: Damien Storan

Richard Boyd Barrett said increasing investment in housing now would save current expenditure outlays by about €1bn a year that is otherwise spent on housing supports such as Hap.

“So it is prudential expenditure to use the surplus we have now to build public and affordable housing, it’s going to save current expenditure outlays that are ballooning in that area over the future years,” he said.

Wealth tax

Mr Boyd Barrett said People Before Profit was “actually the most prudential, fiscal party in the Dáil”, saying it is the only party to consistently argue for a wealth tax.

“Not only are we saying we should use some of the surplus to invest in infrastructure like housing that will save money in the future but we’re also proposing to raise additional revenues to cover that, which very few other parties are doing.” 

He said “things shifted very significantly” last year at the last minute before the budget publication, adding the protest on October 7 will allow for the “pressure of people power”.

People Before Profit councillor Hazel de Nortúin also announced her intention to run as a candidate for the party in Dublin South-Central in the next general election, as Bríd Smith is set to step down.