Mortgage Market

James Sunderland Excerpts

Tuesday 13th June 2023 Commons Chamber

[Andrew Griffith]

The hon. Lady needs to look at the facts and the numbers. Despite moving in alignment with other international markets—and interest rates have increased over time—interest rates even today for mortgage holders are lower than those reached in October last year. So we are dealing with a macroeconomic international trend, which we are seeing across all western economies. We are moving in alignment with them, but this Government will always prioritise support for households, which is one reason why we have come forward with such significant economic packages in the past two years.

[James Sunderland (Bracknell) (Con)]

I would love to be able to pass on some good news to my constituents about their households bills. We are seeing wholesale energy costs fall but they are not being translated to the consumer. So how long after inflation falls will we see interest rates come down?

[Andrew Griffith]

My hon. Friend is a diligent champion for his constituents in Bracknell and I am sure it will not be too long before he has good news to talk about on prices that consumers face. We have seen the cost of fuel coming down and as we achieve the Prime Minister’s objective of halving inflation this year, so some of the cost of living pressures that his constituents face will abate. In the meantime, he should know that this Government are on the side of households and we have been willing to support them to the tune of about £3,300 every year. I wish his constituents all the best.