‘Sustainable package of support’ needed in response to ‘sobering’ Bank of England announcement

Plaid Treasury spokesperson Ben Lake MP responds to interest rates announcement

Plaid Cymru’s Treasury spokesperson, Ben Lake MP, has today (Thursday 3 November) responded to the “sobering” news that the Bank of England has raised interest rates by 0.75 percentage points – the single biggest increase since 1989.

The UK is already in recession, the Bank of England has warned, which could last for a “prolonged period”.

The Ceredigion MP warned against implementing another round of austerity and instead to use the upcoming budget to “set out a sustainable package of support to help every household cope this winter.”

Ben Lake MP said:

“Sobering news that the Bank of England has raised interest rates by 0.75 percentage points today – the single biggest increase since 1989.

“This will place further strain on households, and see mortgage rates rise yet again.

“The Chancellor should avoid the temptation of implementing another round of cuts to hard-pressed public services in response to this serious development.

“He should instead heed the Bank’s warning that the UK is already in recession, and use the upcoming budget to set out a sustainable package of support to help every household cope this winter.”