Downing Street Says » Mortgage Rates

» Wednesday, November 5, 2008

Mortgage Rates

Asked how the Prime Minister reacted to Abbey putting their mortgage rates up, the PMS said it was really for Abbey to justify their own actions. The Government s view was that we wanted to do everything possible in order to ensure that consumers benefitted from any reduction in interest rates that may or may not happen. It was also the Government s view that we needed to get the inter-bank market working better, so that there was more liquidity in the system in order for banks to be able to lend more to each other.

It would then be possible for banks to lend more to households and small businesses and that was why we took the action that we did a few weeks ago.

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