Written Question·Treasury·UIN 190743

Banks: Interest Rates

Tabled: 21 June 2023

Answered: 26 June 2023

Named Day

Question

Mr Tanmanjeet Singh Dhesi

To ask the Chancellor of the Exchequer, whether he has had any recent discussions with banks on (a) the financial support provided to banks in 2008 and (b) rates for (i) savings and (ii) loans being offered by banks, in the context of rises in the cost of

Answer

Andrew Griffith

The Government does not set mortgage or interest rates. The Bank Rate - which is one factor that lenders use to set mortgage and retail interest rates - is set by the Monetary Policy Committee (MPC) of the Bank of England, which is independent of Governme...

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