People 'suffering' over mortgage and rent hikes according to county MP
"Constituents are suffering" and "very concerned" over the increase in mortgages and rents, according to an MP.
Mark Pritchard, Conservative MP for the Wrekin, raised the issue with the Chancellor, Jeremy Hunt, in the House of Commons.
Mr Pritchard said he wanted to see banks reductions in the interest rates passed on "as quickly as possible", to those struggling to make ends meet.
He warned that people are being faced with decisions over purchasing essentials or paying the mortgage or rent.
It comes after the Bank of England raised interest rates to a 15-year-record high of five per cent last week – with major implications for those trying to secure mortgages, on tracker agreements, or looking to re-negotiate expiring fixed deals.
Mr Pritchard said: "Constituents are suffering, they are very concerned.
"Many are having to choose between food, clothes, shoes, and paying the mortgage or paying the rent.
"And decisions that we make here, either as a governing party or cross party are having a direct impact on individuals lives every single day.
"So can I join cross party with the Honourable Member for Wallasey, and say that she is absolutely right that so often when the base rate rises, lenders are very quick to raise those interest rates on our constituents but when they fall, they surely will fall and hopefully very soon, possibly in the autumn, we will see, can my right honourable friend make sure those reductions are passed on as quickly as possible to our constituents."
Responding, Mr Hunt said: "One thing that can definitely happen better than it is now is passing on increases in the base rate to savers."