Mortgage Interest Rate Rises 2022-10-19
2022-10-19
TAGS
Response quality
Questions & Answers
Q1
Partial Answer
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Context
Discussions have been held regarding the impact of increasing mortgage interest rates on Welsh households.
What discussions has he had with Cabinet colleagues on the impact of rising mortgage interest rates on households in Wales?
I have regular discussions with Cabinet colleagues on a range of topics. Of course, interest rates are rightly a matter for the independent Bank of England. We have announced unprecedented support for households and businesses. Through our cut to stamp duty, the Welsh Government are expected to receive £70 million, enabling them to follow suit with cuts to land transaction tax in Wales.
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Assessment & feedback
Specific discussions on rising mortgage interest rates impact were not detailed
General Support For Households And Businesses
Response accuracy
Q2
Partial Answer
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Context
A young couple in their early 30s are experiencing a significant increase in monthly mortgage payments, blaming the government's poor economic management.
At the weekend, I met a young couple in their early 30s who are coming off a five-year fixed mortgage rate. Their mortgage is going up by more than £300 a month, and they squarely blame the Government and the Prime Minister's poor mismanagement of our economy. It is the Conservative Government's U-turn that caused economic chaos, it is the Conservative Government who caused mortgage rates to go through the roof and it is the Conservative Government who are causing mortgage firms to withdraw all their support. Will the Secretary of State now apologise to my constituents and people across the land who are being crippled by huge mortgage increases every single month due to this Conservative failure?
It is a Conservative Government who, through Help to Buy, have helped more than 361,000 first-time buyers on to the housing ladder. It is a Conservative Government who led to unemployment at record lows. It is a Conservative Government who have increased the national living wage to £9.50 an hour. And it is a Conservative Government who will lead to interest rates being controlled, which will help mortgage holders, too.
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Assessment & feedback
Did not address the question of apologizing or the impact on current mortgage payments
Highlighting Achievements
Blaming Economic Factors
Response accuracy