Rachel Reeves responds to the Bank of England’s interest rate decision

Rachel Reeves MP, Labour’s Shadow Chancellor of the Exchequer, responding to the Bank of England’s latest interest rate decision, said:

“Households across Britain are paying the price for 14 years of economic failure under the Conservatives and because they crashed the economy, which sent interest rates soaring following their kamikaze budget.

“In January alone, nearly 200,000 households saw their fixed rate mortgage deal end and they typically now have to pay around £240 more each month. 

“The Labour Party has changed under Keir Starmer’s leadership and is now the only party who can make working people better off, all built on the rock of economic responsibility.”

Ends

Notes:

• According to the Financial Conduct Authority, the number of households coming off fixed rate mortgage in January 2024 is 197,194: https://data.london.gov.uk/dataset/financial-conduct-authority-data-on-mortgage-type-and-fixed-rate-end-date-by-region--as-at-end-2022-

• The Bank of England said this would be £240 a month for the typical homeowner:https://www.bankofengland.co.uk/financial-stability-report/2023/december-2023