One of the MPs behind the disastrous mini-Budget - which directly led to soaring interest rates - is to stand down at the next General Election.
Kwasi Kwarteng was the Chancellor in the ill-fated Liz Truss government for just 38 days before being sacked. Truss herself left office a few days later.
The House of Commons Library records that borrowers who were on a two-year mortgage deal and remortgaged after the mini-Budget saw their rates soar from 1.69 per cent to an average of 5.17 per cent.
Kwarteng has been MP for Spelthorne since 2010 and leaves a Tory majority at the 2019 General Election of over 18,000.
Recently Karen Noye, mortgage expert at Quilter, said of the mini-Budget, one year on: “Persistently high rates have piled continuous pressure on those with mortgages and have even forced some to sell up. A great number of people have had their plans to take the first step onto the property ladder or to move home scuppered, and those that have pushed ahead have been forced to stomach astronomically higher costs to do so.
“For those coming to the end of their mortgage deal and needing to remortgage this year, the past 12 months will have been nothing short of terrifying. The mortgage market became incredibly turbulent following the infamous mini-Budget, with lenders ripping products from the shelves increasing rates on both residential and buy to let mortgages rapidly, and with very little notice.”
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Well that makes everything ok then.
Most Tory MPs will be out of work very soon anyway
Hi Andrew - Reform candidate holding a meet and greet at Griffin pub Attleboro on 17th to seek input on issues that matter to locals if ur interested
Interestingly none of his and Liz Truss’ proposals were ever enacted, yet when Slippery Sunak took over, nothing changed. Interest rates were still high etc. Almost as if the whole thing was engineered by the money men, or am I being too much of a conspiracy theorist?
Nope you are absolutely right AL, the lefty elite of I'm Alright Jack and Only When It Suits engineered this to perfection. We ended up with a PM who no one voted for and no one wanted in his own party....?!?!
Think the party needs a dose of Farage to wake them up..
Slippery Sunak was stupid enough to get rid of Simon Clarke and bring back that **** Gove. They deserve to go.
Classic case of not speaking about his ideas before delivering them. He should have set the agenda then executed instead of following Liz like a lemming. Sooner this shower are booted the better
Interest rates should have been increased long before Truss was PM.
Near Zero rates for so long was crazy.
Yes but they should have gone up gradually, so people could adjust to it, like they said they would....
Mike Hall, I agree entirely. I doubt whether they will go down.
With Ref to Annoyed . I agree Truss`s Policies did not suit the establishment and they turned on her.
Truss was a Scape Goat .
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