Oral Answers to Questions

Debate between Laurence Robertson and Andrew Griffith

Tuesday 11th October 2022 Commons Chamber

[Mr Laurence Robertson (Tewkesbury) (Con)]

3. What recent discussions he has had with the Governor of the Bank of England on rising mortgage rates.

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

The Chancellor speaks regularly to the Governor of the Bank of England on a wide range of matters. As my hon. Friend knows, the Bank of England sets monetary policy, including interest rates, independently of Government.

[Mr Robertson]

I thank the Minister for that response. Obviously, the world situation is the biggest cause of the rise in interest rates, but that rise is having a detrimental effect on mortgage payers and risks negativising the welcome help that the Government have provided through energy costs and tax cuts. Will the Chancellor and Ministers meet more regularly with the Bank of England to co-ordinate policy a little more closely?

[Andrew Griffith]

I thank my hon. Friend for his question. He is a passionate advocate in this place for his constituents. The Chancellor and I regularly meet the Bank of England and all the individual lending banks in the UK. My hon. Friend knows that interest rates have increased in every major economy, despite what the Opposition may claim. That is why it is so important that we provide help with energy costs and cutting taxes.