Downing Street Says

» Thursday, April 3, 2008

Mortages

Asked whether the Prime Minister had any reaction to mortgage lenders not offering their services to customers, the PMS said that the Prime Minister had said in his press conference earlier that week that the tough and difficult action taken on public sector pay during the course of last year had helped keep inflationary pressure down. This had then enabled the Bank of England to cut interest rates twice.

The Prime Minister had also said that we were looking at what we could do in relation to the Government shared equity scheme. It was clearly something that the Prime Minister and the Chancellor were very focussed on and it was something that had been discussed with international colleagues.

Put that although the Bank of England had cut interest rates, mortgage interest rates had gone up and was the Prime Minister troubled that he didn’t seem to have the power to meet the Government’s manifesto commitments to keep mortgage rates low, the PMS said that monthly revisions on interest rates were a matter for the Bank of England. What the Government had done in terms of what it was responsible for was to take difficult decisions on public sector pay to help keep inflationary pressures down. As the Prime Minister had said earlier that week, that disciplined approach would continue.

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Mortages

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