Oral Answers to Questions

Debate between Andrew Western and Andrew Griffith

Tuesday 21st March 2023 Commons Chamber

[Andrew Western (Stretford and Urmston) (Lab)]

16. Whether he is taking steps with Cabinet colleagues to support homeowners with increases in mortgage rates.

[The Economic Secretary to the Treasury (Andrew Griffith)]

Mortgage lenders are required to offer a range of tailored support to borrowers in financial difficulty. The Chancellor and I have made clear our expectation that they live up to those responsibilities.

--- Later in debate ---

[Andrew Griffith]

The Government are supporting households with a £94 billion package of support. We have kept the energy price guarantee for an additional three months and we are bearing down—I hope the hon. Gentleman joins us in doing this—on the biggest cost of living challenge faced by families, which is inflation.

[Andrew Western]

Thirteen years of failed Tory economic policies, alongside last year’s disastrous mini-Budget, have, as my hon. Friend the Member for Weaver Vale (Mike Amesbury) says, left thousands and thousands of mortgage holders subject to high interest rates and sky-high inflation. So I repeat his call: will any member of the Treasury team have the decency to apologise to the very many hard-pressed families who are currently subject to the Tory mortgage penalty?

[Andrew Griffith]

Interest rates are not only falling but are still below the level at which they peaked under the last Labour Government, despite the fact that we have had a covid pandemic and war in Ukraine. I welcome the news last week from the Office for Budget Responsibility that the country is on track to avoid a recession, and we must never forget the words of the right hon. Member for Birmingham, Hodge Hill (Liam Byrne): there is no money left.