Mortgage Market

Debate between Rachael Maskell and Andrew Griffith

Tuesday 13th June 2023 Commons Chamber

[Andrew Griffith]

My Treasury colleagues and I liaise closely with the Bank of England and the Prudential Regulation Authority, whose job it is to assure us of the soundness and resilience of banks. The Governor has talked about how the UK financial system is safe, secure and soundly capitalised, and that remains my belief.

[Rachael Maskell (York Central) (Lab/Co-op)]

York is a low-wage economy, yet we have extortionate house prices. Last year, housing costs went up by 23.1% in York—the highest rise in the country. My constituents are already mortgaged to the hilt and cannot afford more. What protections will the Minister put in place if mortgage rates rise further, as they are predicted to do? My constituents simply cannot afford their mortgages and they cannot afford this Government.

[Andrew Griffith]

If York is a low-wage economy, the hon. Lady’s constituents will be benefiting enormously from the unprecedented 9.7% increase in the national living wage. The measures we are putting—[Interruption.] Perhaps she does not like the 9.7% increase in the national living wage that this Government came forward with. We are putting measures in place with lenders, including forbearance, and working with the Department for Work and Pensions on mortgage interest support and to ensure that families have access to the support they need.