Kwarteng to meet high street bank chiefs amid mortgage market freeze – MKFM 106.3FM

The heads of Britain’s biggest banks have been summoned for talks with Kwasi Kwarteng amid concerns about the impact of the recent financial turmoil on the mortgage market.

Sky News has learned that the Treasury has called a meeting on Thursday where the Chancellor is expected to quiz lenders on their plans.

City sources said executives from Barclays, Lloyds Banking Group and NatWest Group were among those expected.

Hundreds of mortgage deals have been withdrawn or frozen by banks due to volatility in banks’ home loan pricing.

Cost of living and economy

The chief executive of the city’s watchdog told The Sunday Times over the weekend that he wanted lenders to justify the withdrawal of fixed-rate mortgage products.

“If a product is withdrawn for a temporary period, we want to understand when it will come back on the market so that people who may need refinancing can continue with their plans,” Nikhil Rathi told the newspaper.

People briefed on the agenda for Thursday’s meeting with Mr Kwarteng said she would also address economic growth plans announced since he was appointed chancellor last month.

Mr. Kwarteng has already held a series of meetings with high-level financiers, including heads of investment banks, asset managers and insurers.

He said he would lay out plans for a deregulation campaign dubbed Big Bang 2.0 in the coming weeks, with a particular focus on scrapping the rules imposed when Britain joined the EU.

None of the banks invited to the meeting would comment on Wednesday.

Sky News

(c) Sky News 2022: Kwarteng to meet high street bank chiefs amid mortgage market freeze

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