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Chancellor calls in banks for talks over mortgage costs
Chancellor Jeremy Hunt is reportedly going to call in the banks to discuss the spiraling mortgage costs the UK is currently experiencing.
Senior Journalist, covering the Credit Strategy and Turnaround, Restructuring & Insolvency News brands.
Senior Journalist, covering the Credit Strategy and Turnaround, Restructuring & Insolvency News brands.
He has, however, ruled out giving fiscal support to households struggling with the rising costs – saying on Tuesday he wanted to help the Bank of England strangle inflation. Hunt also rejected calls from Conservative MPs to introduce a tax break to cut monthly repayments – a tax perk abolished by Labour chancellor Gordon Brown 2000.
According to the Financial Times, the chancellor will instead call in major lenders on Friday to assess the state of the mortgage market and to see what additional help they can give people struggling with their monthly payments. It comes as UK two-year fixed mortgage rates rose above six percent for the first time since December.
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