PARLIAMENTARY DEBATE
Mortgage Interest Rate Rises - 19 October 2022 (Commons/Commons Chamber)
Debate Detail
Contributions from Chris Elmore, are highlighted with a yellow border.
Chris Elmore
Ogmore
11:51:48
Sir Robert Buckland
The Secretary of State for Wales
I have regular discussions with Cabinet colleagues on a range of topics. Of course, interest rates are rightly a matter for the independent Bank of England. We have announced unprecedented support for households and businesses. Through our cut to stamp duty, the Welsh Government are expected to receive £70 million, enabling them to follow suit with cuts to land transaction tax in Wales.
11:52:25
Chris Elmore
At the weekend, I met a young couple in their early 30s who are coming off a five-year fixed mortgage rate. Their mortgage is going up by more than £300 a month, and they squarely blame the Government and the Prime Minister’s poor mismanagement of our economy. It is the Conservative Government’s U-turn that caused economic chaos, it is the Conservative Government who caused mortgage rates to go through the roof and it is the Conservative Government who are causing mortgage firms to withdraw all their support. Will the Secretary of State now apologise to my constituents and people across the land who are being crippled by huge mortgage increases every single month due to this Conservative failure?
Sir Robert Buckland
It is a Conservative Government who, through Help to Buy, have helped more than 361,000 first-time buyers on to the housing ladder. It is a Conservative Government who led to unemployment at record lows. It is a Conservative Government who have increased the national living wage to £9.50 an hour. And it is a Conservative Government who will lead to interest rates being controlled, which will help mortgage holders, too. The hon. Gentleman’s hyperbole does not serve him well.
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