©UK Parliament

Liberal Democrats criticise Tory economic policies following Bank of England’s rate decision

The Bank of England’s decision to maintain interest rates at 5.25% has prompted sharp criticism from the Liberal Democrats, who blame Conservative economic policies for the ongoing financial strain on homeowners.

This rate, a 16-year high, has been held steady amidst concerns about inflation, which continues to exceed the Bank’s target of 2% despite recent decreases.

Sarah Olney MP, the Liberal Democrat Treasury spokesperson, voiced her disapproval, stating: “This is a hammer blow for homeowners who were sold a false dawn of lower rates by the government.”

She attributed the sustained high rates and resultant mortgage pressures directly to the Conservative administration’s handling of the economy.

“Millions of families are now left to cope with higher mortgages, with no end in sight to the cost of living crisis,” Olney added, emphasising the broader impact on UK households.

She accused current and former Prime Ministers Rishi Sunak and Liz Truss of causing “mortgage turmoil” and said: “The blame lies squarely with this incompetent Conservative Government,” insisting that an apology is owed to affected families by the Tory leaders.