23 Jun 2023

Chancellor secures bank promises on borrowing

Senior Political Correspondent

There was some comfort for mortgage payers today in the form of a package of measures promised by lenders.

The banks and building societies were summoned to Downing Street for a meeting with the chancellor Jeremy Hunt which resulted in a promise that borrowers who are struggling can switch to more favourable terms for a set period.

The Government has been under pressure to ease the pain after yesterday’s interest rate rise.