Oral Answers to Questions

Debate between Andrew Griffith and Rachel Hopkins

Tuesday 20th June 2023 Commons Chamber

[Andrew Griffith]

What went right is the fact that we on the Government Benches not only always focus on the stability of the nation’s finances to get inflation and interest rates falling further and faster than the Opposition would, but even within that envelope, we found £3,300 on average to support households over last winter and the upcoming winter. That will have a significant impact on the difficulties that mortgage holders and renters are facing because of the higher interest rates that are a feature across the western world.

[Rachel Hopkins (Luton South) (Lab)]

4. What recent assessment he has made of the effectiveness of the financial sanctions regime.

Mortgage Market

Debate between Andrew Griffith and Rachel Hopkins

Tuesday 13th June 2023 Commons Chamber

[Andrew Griffith]

I honestly think that contribution from the hon. Member is unworthy. I would not go so far as to ask her to withdraw it, but if she looks at my comments she will see that I absolutely understand the anxiety that people have about their mortgages. It is a very significant part of people’s household finances. That is why we are using all the tools at our disposal: both providing public spending to protect and shield households at this difficult time, and making the tough decisions to get the economy growing again and to keep debt under control, which is the action that will result in interest rates falling sooner.

[Rachel Hopkins (Luton South) (Lab)]

People from Luton have moved into Mid Bedfordshire to get on to the housing ladder or to raise their families. [Interruption.] It is true. Due to this Conservative Government’s economic failure, they are now facing soaring mortgage repayments, and we are even seeing banks withdrawing mortgage deals for new borrowers. How can voters trust the Government and the Conservatives to address the mortgage crisis when they are the ones who caused it?

[Andrew Griffith]

I am deeply intrigued by the concept that the hon. Lady’s constituents have hitherto been moving to the neighbouring Conservative-held seat of Mid Bedfordshire. Perhaps they recognise the better economic potential—the better opportunity to bring down rates as a result of our making the tough choices. Perhaps they welcome the sheer amount of support that we have provided for homebuyers. I wish her constituents well and hope that those who have moved to Mid Bedfordshire enjoy their next Conservative Member of Parliament.