Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what assessment he has made of the potential impact of his statement on the Growth Plan on 23 September 2022 on the cost of (a) mortgages and (b) rents for people in the Warwick and Leamington constituency.

The Growth Plan drives fundamental supply-side reforms to deliver higher and sustainable growth for the long-term. The Government understands that people across the UK are worried about the cost of living, including in places such as Warwick and Leamington. That is why we have taken decisive action to help households through the Energy Price Guarantee and the Energy Bills Support Scheme. This is in addition to the £37 billion of targeted support for the cost of living this financial year.

Around 75% of residential mortgage borrowers are on fixed-rate deals and are therefore shielded from interest rate rises in the short term. The pricing of mortgages and rents remain commercial decisions for lenders and landlords respectively, and the Government does not seek to intervene in these decisions.