Lisa Nandy – 2023 Parliamentary Question on 1.4 Million Households Facing Mortgage Rate Increase

The parliamentary question asked by Lisa Nandy, the Shadow Levelling Up Secretary, in the House of Commons on 9 January 2023.

Lisa Nandy (Wigan) (Lab)

Thank you, Mr Speaker. I wish the Secretary of State well and thank him for advance notice of his unavoidable absence today.

What do the Government have to say to the 1.4 million households who woke up this morning to find that they are facing eye-watering hikes in their mortgage interest payments this year?

Lucy Frazer

The hon. Member will know that the Government are already taking steps to help people with the cost of living. We have already taken steps to help people with their energy bills. I know that she will know, because she is a shadow Minister on top of her game, that the Chancellor met banks at the end of last year and put in place a package of measures to ensure that bankers are helping people with their mortgages, whether through flexibility or further switching.

Lisa Nandy

I think “Sorry” would have been a good start. But seriously, it is chaos, isn’t it? Rents are rising at their fastest rate for seven years and mortgage payments are going through the roof since the Government crashed the economy. Leaseholder reforms have stalled and half a million people are still stuck in unsafe homes with unsafe cladding five years after Grenfell. Where is the mortgage emergency plan? Where is the end to no-fault evictions? Where is the affordable housing we were promised? What are the Government actually doing all day?

Lucy Frazer

From 1980, this Government have delivered 2 million social homes. This Government have a proven track record: the period since 2020-21 has seen the third highest annual rate of additional homes built in the last 30 years. This Government have provided people with £37 billion-worth of support. This Government are on people’s side, helping them through this difficult time as well as when times are good.