New PM Rishi Sunak has pledged to restore economic stability and confidence, in a brief statement outside Downing Street this morning.
Following Liz Truss’ controversial mini-budget and later resignation, Sunak steps into his new role as Prime Minister at a time in which economic instability threatens to wreak havoc amongst the mortgage markets.
In the wake of volatile few weeks for the mortgage industry, with many firms pulling products left and right and repricing at unprecedently high rates, many brokers and homeowners are looking to the Government for support and guidance during this troubling economic period.
Commenting on the state of the economy for the first time as PM, Sunak said: “Our country is facing a profound economic crisis.”
Acknowledging the country’s economic strain due to Covid debt, the ongoing war in Ukraine and Truss’ mishandling of the mini-budget, Sunak prioritised growth.
Pledging to “build an economy that embraces Brexit”, he vowed to focus on levelling up, stating that “economic stability and confidence are at the heart of this Government’s agenda.”
While he failed to address the ongoing turmoil facing homeowners and the mortgage industry at large, his reassurances of economic stability will hopefully provide markets with a quiet confidence following weeks on uncertainty.
Any future plans he and his cabinet may have in order to provide support to the struggling mortgage industry remain unknown.
