Labour leader Keir Starmer has once again blasted the Government’s mini-Budget which has forced lenders to increase mortgage borrowing costs.
The Guardian quotes Starmer as having told reporters: “The direct consequence of what they did two weeks ago, is hitting working people.
“It’s wrong. It’s unfair, and they need to reverse that budget. And the sooner they do that, the better. What we need is stability.
“And you’re not going to get that from this Government.”
His comments follow hot on the heels of Chancellor Kwasi Kwarteng’s meeting with mortgage lenders.
Kwarteng has pledged to support the market after rates for 2-year and 5-year fixed rate mortgages passed 6%.
The Guardian continued to quote Starmer who said: “The Prime Minister has taken the economy, driven it into a wall, and [is] pretending that this is pro-growth.
“If you have consequences that increase mortgage payments by hundreds of pounds per month, that is anti-growth.
“It’s a destroyer of growth. “It certainly isn’t pro-growth.”
Leading economic forecast and analysis firm Cebr has warned that fixed rate mortgages could top out at 7.7% next year without intervention.
It is believed that the lenders meeting with Kwarteng today have pressed for an extension of the Mortgage Guarantee Scheme which is due to end later this year.
