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Rate Rise Spells Trouble For Homeowners
10.54.00am BST (GMT +0100) 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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