SOUTH Ribble MP David Borrow has revealed new figures that show local home-owners are saving £1,000 a year due to lower and stable mortgage rates.

More than 26,000 householders in the South Ribble area are benefiting from the government's policy of economic stability, according to the Labour MP.

Latest figures reveal that mortgage rates under Labour are on average four per cent less than they were under the previous government, says Mr Borrow.

He added: "Up to 26,300 home-owners in South Ribble are on average £1,000 a year better off, with 2,000,000 benefiting across the North West.

"Mortgage rates averaged 11 per cent under the Tories. Due to Labour's policy for 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. It is because we took the tough decisions -- independence for the Bank of England, paying off national debt and sorting out the public finances -- that we are able to put an end to the damaging cycle of Tory boom and bust.

"Stability also means the right environment for businesses and employment to grow. And with one million more people in work than there were in 1997, we will continue to build on that platform, extending employment opportunity for all."

"The Tories would put this all at risk," he continued. "Their plans to cut investment and make irresponsible pledges they can't afford are exactly the policies of the late 80s and early 1990s that led to interest rates at 15 per cent for a full year, instability and higher unemployment.

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