Chancellor Jeremy Hunt has unveiled new measures to help struggling mortgage holders
- but there will be no bailout from the government. Speaking after a summit with high street bank chiefs, Mr Hunt set out a new plan to help homeowners struggling after the latest interest rates hike, The Mirror reports.
with high street bank chiefs on Friday, June 23 after the Bank of England hiked interest rates to 5%. The Bank of England is trying to slash high inflation by increasing the base rate - which influences interest rates lenders charge for mortgages, loans and other types of credit. Mr Hunt said that tackling high inflation was the "number one priority" for the Prime Minister and himself.
Shadow Chancellor Rachel Reeves said the Government needed to take greater responsibility "instead of shrugging their shoulders". “Labour's five-point plan to ease the Tory mortgage penalty offers practical help now, while our commitment to fiscal responsibility and growth will secure our economy for the future.Liberal Democrat Treasury spokesperson Sarah Olney said: "This is a sticking plaster for a gushing wound. Even after today, bailiffs will still be knocking on people's doors because the Government refused to help.
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