Former chancellor Kwasi Kwarteng, whose mini-budget last September is widely blamed for helping cause interest rates to rocket, has complained about the cost of his own mortgage going up DavidParsley50 reports
is widely blamed for helping cause interest rates to rocket, has complained about the cost of his own mortgage going up.on Sunday, Mr Kwarteng denied that he had been “screwed over” by his own economic policies after revealing his own tracker mortgage had gone up.
During the interview Mr Kwarteng said: “It’s probably revealing too much [but] I am on a tracker as well. They [his mortgage repayments] have gone up considerably.”during Liz Truss’s short-lived stay in No 10: “Are you saying you’ve been screwed by your own mini-Budget?”“What I’m trying to say to you is that they’re two different things. The Bank of England was in charge of inflation and my tracker rate and other people’s tracker rates will be linked to the bank rate.
“And the reason why interest rates have gone up very high is because we’ve completely missed the goal on inflation, we’ve totally misjudged inflation.” Asked if soaring interest rates were his fault, he said: “No, I don’t think it is. I think if you look at what’s been happening,“The Bank of England recognise themselves that they’ve got an issue here because they’ve hired Ben Bernanke, who is an American economist… I don’t know what he knows about the UK, but if you bring him in to look at your inflation models, something’s gone wrong.”
Mr Kwarteng added: “I think, in terms of the inflation and interest rates, I think there was a big fail in terms of working out where inflation might end up.”
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