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Liz Truss is due to meet with mortgage lenders this weekend, says Lib Dem

By on September 30, 2022 0

Prime Minister Liz Truss has been asked to hold an emergency meeting with mortgage lenders after a week of unrest in the sector following last Friday’s mini budget.

Mortgage lenders rushed to withdraw products and revise rates, fearing the Bank of England would raise the base rate sooner and faster than expected.

The chaos created anxiety and uncertainty among borrowers, mortgage brokers reported.

This morning, Number 10 confirmed that Liz Truss and Chancellor Kwasi Kwarteng had met with the OBR’s Budget Responsibility Committee.

The upcoming economic and fiscal forecasts, which will be released on November 23, and the economic and fiscal outlook were discussed.

And the two groups will work closely together throughout the forecasting process and beyond.

It comes after the alarm that an OBR report or forecast has not been published alongside the Chancellor’s mini budget that has sent financial markets spinning.

“Plunged our country into crisis”

However, the Prime Minister must now do more and meet with lenders to take direct action on mortgages, according to Liberal Democrat Treasury spokeswoman Sarah Olney.

She said: ‘The Conservatives have thrown our country into an economic crisis and the worst part is that the damage is purely self-inflicted.

“Rather than launch into a celebratory conference this weekend, Liz Truss should hold an emergency meeting with mortgage lenders in Number 10 to resolve the chaos caused by her budget.

“Millions of people are left in an anxious void. Some are struggling to get the mortgages they need to get on the housing ladder while others fear losing their homes, all because of this government’s catastrophic failure.

“It would be unforgivable for Conservative ministers to sit around talking to each other instead of taking action to get out of this mess.

“The responsibility lies with the Prime Minister, he must not let innocent mortgage borrowers foot the bill.”

Number 10 has been contacted for comment.