Liberal Democrats in Business

News and views from the Lib Dem Treasury, Trade and Industry Teams and the Liberal Democrat Business Forum

Rate Rise Spells Trouble For Homeowners

10.54.00am UTC (GMT +0000) Thu 10th Jun 2004

Vince Cable MP, Liberal Democrat Shadow Chancellor, responding to today's decision on interest rates, said: "People want to know that their homes are secure in uncertain times.

"Today's interest rate rise is going to cost an average first time buyer £250 extra a year on their mortgage. If interest rates continue to rise, or house prices start to fall, many could find themselves in difficulty.

"The Bank is caught between dealing with the weaknesses in the economy and curbing the house price boom.

"Gordon Brown must urgently address the failures that have allowed banks to lend irresponsibly and fuel unsustainable levels of debt."

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[Previous news story]: Regional Development Agencies Must Be Freed From Central London (Thu 10th Jun 2004).
[Next news story]: Debt Bonanza Brings Bailiffs Out Of Woodwork - Bruce (Fri 11th Jun 2004).

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[Future Rate Rises Will Hit Homeowners - Cable]

Thu 10th May 2007:

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[Further interest rate rise will hit homeowners hard - Cable]

Thu 3rd Aug 2006:

[RATE RISE WILL HIT THOSE IN DEBT - CABLE]

Thu 5th Feb 2004:

[Interest Rate Rise Will Cost First Time Buyers £250 A Month - Cable]

Wed 5th Nov 2003:

[Rate Rise May Undermine Manufacturing]

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