HOMEOWNERS in Hyndburn are on average £1,000 a year better off due to lower and more stable mortgage rates, according to local MP Greg Pope.

Mr Pope said 26,300 householders in Hyndburn would benefit from the savings brought by the Labour Government.

"Mortgage rates averaged at 11 per cent under the Tories," he said. "But due to Labour's policy of economic stability, mortgage rates have been low and stable, averaging only seven per cent.

"We'll take no risks with the stability that is paying off for hard-working families across Britain.

Mr Pope said that factors such as independence for the Bank of England, paying off national debt and sorting out public finances had all aided the current situation.

He said: "Stability also means the right environment for businesses and employment to grow.

"With a million more people in work than there were in 1997, we will continue to build on that platform, extending employment opportunity to all.

"I know the people of Hyndburn will want to build on the start Labour has made ensuring long term prosperity for all."