UK Treasury Head Rules Out Any Mortgage Support Over Inflation Concerns

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MOSCOW (Sputnik) – UK Chancellor of the Exchequer Jeremy Hunt on Tuesday ruled out any financial assistance to citizens hit by rising mortgage costs.

“Those kind of schemes, which involve injecting large amounts of cash into the economy, would be inflationary,” Hunt told the Parliament when asked about possible aid.

“As much as we sympathize with the difficulties and do everything we can to help people seeing their mortgage costs go up, we won’t do anything that would mean we prolong inflation.”

Hunt also indicated he was planning to hold a meeting this week with mortgage lenders to discuss possible assistance to people struggling to pay expensive mortgages.

On June 12, Jonathan Haskel, an external member of the Monetary Policy Committee of the Bank of England, said that the bank may raise interest rates more than once from their current level of 4.5% to meet the 2% inflation target.

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