Market turmoil: Reeves should hold emergency summit with banks to reassure mortgage holders

EMBARGO: Immediate Release

Following the cost of government borrowing continuing to rise, exceeding the near 30-year high it hit last week, the Liberal Democrats have called on the Chancellor to hold an emergency summit with the banks to reassure mortgage holders that they won’t see a major spike in their mortgage costs.

It comes as experts warn that mortgage rates may rise in the coming weeks as lenders respond to the turmoil in the bond market.

Liberal Democrat Treasury spokesperson, Daisy Cooper MP said: 

“The Chancellor’s Budget has not worked and now many will be worried that they will have to pay the price through spiralling mortgage costs.

“After years of Conservative economic vandalism including their disastrous mini-budget, it is a price that many cannot afford.

“An emergency summit with the banks must be convened so that mortgage payers can be reassured that they are not going to be subjected to yet another bout of spiralling costs.

“Rachel Reeves can no longer sit on her hands as this turmoil threatens to have real consequences for millions of homeowners.”

ENDS

Notes to Editors:

Reporting on mortgage rates by City AM can be found here.