The Liberal Democrats have called on Chancellor Rachel Reeves to convene an emergency summit with banks to reassure mortgage holders amid fears of rising borrowing costs following turmoil in the bond market.
Government borrowing costs hit a near 30-year high last week, prompting warnings from experts that mortgage rates could increase in response to rising bond yields.
Liberal Democrat treasury spokesperson Daisy Cooper 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.”
Cooper urged Reeves to take action immediately: “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.”
