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Darren asks the Government how they are planning for Interest Rate rises

Any increase in mortgage rates will affect the housing costs of millions.

Darren asked the Treasury:

What discussions he has had with Cabinet colleagues on the potential effect of an increase in the bank rate on the number of households subject to eviction?

Stephen Barclay MP, Economic Secretary to The Treasury

 

As was the case with previous administrations, it is not the Treasury’s practice to provide details of these discussions.

The Financial Conduct Authority has put in place regulations protecting borrowers, including a requirement that lenders should deal fairly with customers in payment difficulties. Lenders are also required to conduct an interest-rate ‘stress-test’ on all new mortgages. The insures against the risk of a significant increase in the number of indebted households in the case of an interest rates rise.

This would affect the housing costs of thousands of Bristol households. That’s why we need to know what the government are doing about this, and why it’s so frustrating that they won’t tell me when I asked.

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