Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what assessment he has made of the impact of increases in mortgage interest rates on levels of household disposable income in (a) Mid Bedfordshire constituency, (b) Bedfordshire and (c) England.

The pricing and availability of mortgages is a commercial decision for lenders in which the Government does not intervene. However, we recognise this is a concerning time for mortgage borrowers.

The path to lower interest rates is through low inflation. The independent Monetary Policy Committee continues to have the Government’s full support as it takes action to return inflation to target. The Government’s Mortgage Charter - in addition to the significant safeguards already in place - is providing support to vulnerable households; and mortgage arrears and repossessions remain low.

Over the last two years, the Government has demonstrated its commitment to supporting the most vulnerable by providing one of the largest support packages in Europe. Taken together, support to households to help with the high cost of living is worth £104 billion over 2022-25 - or £3,700 per UK household on average.