Commons Sense

House of Commons · Ministers' Questions

Mortgage Interest Rate Rises

Wednesday 19 October 2022 · 2 questions

Summarised by AI from the official record, so it can contain mistakes.

Read the full transcript on Parliament.uk

At a glance

Answered 0 Partly answered 1 Not answered 0

Key points

  • Chris Elmore asked the Minister about discussions on rising mortgage interest rates impacting households in Wales.
  • The Minister responded that interest rates are set independently by the Bank of England, and the Government has announced support for households and businesses.
  • Chris Elmore mentioned meeting a young couple affected by a significant increase in their mortgage payments, blaming the Government's economic management.

Topics (select to filter)

Questions & Answers

Q1 Chris Elmore Lab Bridgend
Economy Housing Wales
Context

Discussions have been held regarding the impact of increasing mortgage interest rates on Welsh households.

Question

What discussions has he had with Cabinet colleagues on the impact of rising mortgage interest rates on households in Wales?

Answer from Robert Buckland

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.

Partly answered

Not addressed: Specific discussions on rising mortgage interest rates impact were not detailed

How: General Support For Households And Businesses

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Q2 Chris Elmore Lab Bridgend
Economy Housing
Context

A young couple in their early 30s are experiencing a significant increase in monthly mortgage payments, blaming the government's poor economic management.

Question

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?

Answer from Robert Buckland

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.

Not addressed: Did not address the question of apologizing or the impact on current mortgage payments

How: Highlighting Achievements, Blaming Economic Factors

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