Economic Update

Jerome Mayhew Excerpts

Monday 17th October 2022 Commons Chamber

[Jeremy Hunt]

I do not think I could have been clearer in my statement. I said that the turmoil we have had is the result of international and domestic factors.

[Jerome Mayhew (Broadland) (Con)]

The Chancellor will be aware that his actions over the past few days have already lowered long-term expectations for interest rates. Can he set out for the House what impact he anticipates that that will have on mortgage rates in my constituency and across the country, as well as on the Government’s ability to fund future services?

[Jeremy Hunt]

I absolutely salute my hon. Friend for thinking about the needs of families having to pay mortgages, which have an enormous impact on their finances. As I have learned in my short time in this job, Chancellors never comment on what mortgage rates or interest rates should be, but I absolutely want to make sure, in so far as the Government can influence it, we make sure that they are held down as low as possible.