The new Chancellor of the Exchequer, Jeremy Hunt MP, gave an economic update to a packed House of Commons this afternoon, following disruption in the markets.
Steve Brine MP was among Government and Opposition MPs questioning the new Treasury tsar, with questions covering tax, cost of living support, energy bills and interest rates.
The Winchester and Chandler's Ford MP focused on the latter as he asked Mr Hunt; "He is right that growth demands confidence. Does he have confidence that, when the Bank makes its decisions a week or so after his statement in two weeks’ time, the rise in interest rates, the mere prospect of which is terrifying my constituents, is not inevitable?"
The Member for South West Surrey responded; "It is not for the Government to say what the Bank of England does when the Monetary Policy Committee makes its decision on interest rates, but of course I have had conversations with the Governor about what the Bank needs to hear for it to feel that the inflationary pressures will be lower and so it will not have to make as high an increase as some people are predicting. Our constituents’ mortgages are at the top of my mind."
More information
Read the full debate via Hansard
