Keir Starmer blames banks for rising mortgage rates

Stabilizing the economy

SIR Keir Starmer has shrugged off the recent increase in mortgage rates, attributing the blame to the banks' "individual decisions."

The Prime Minister emphasized that he should not be held responsible for the surge in mortgage costs post-Budget, stating that his primary focus remains on stabilizing the economy.

Addressing growth figures

Starmer acknowledged that last week's discouraging growth figures were subpar but affirmed that the Budget had set the foundation for a decrease in inflation and interest rates.

He explained to reporters that the Budget's primary objective was to stabilize the economy, which he believes is the crucial initial step towards economic recovery.

Future outlook

Starmer confidently predicted that interest rates are set to decrease in the near future, despite the current individual decisions of the banks leading to a rise in mortgage costs.

He expressed dissatisfaction with the recent growth figures and stressed the government's commitment to attracting the necessary investments to enhance the country's economic prospects.

Despite a recent cut in interest rates, the average rate on a two-year fixed mortgage deal has surged to 5.5 per cent, indicating a challenging environment for prospective homeowners.