Snack vows to protect mortgage holders but says ‘can’t do everything’

Rishi Sunak vowed to limit the impact of rising inflation on those with mortgages as he pledged to rebuild trust in government.

The prime minister said inflation was his “biggest enemy” and was doing everything he could to “keep a grip on” the problem.

He told The Times he understands the concerns of families whose monthly mortgage bills have risen significantly after the Bank of England raised the base rate by 0.75 percentage points to 3%.

“I completely recognize the anxiety people have about mortgages. It’s one of the biggest bills people have,” he said. “So what I want to say to people is that we’re going to do everything we can to fix this problem and keep mortgage rates from rising.

“I think inflation is the biggest enemy, as Margaret Thatcher rightly said. inflation It affects people with low incomes the most. “I want to know inflation,” he said.

The Bank of England has been forced to raise interest rates to keep prices down, warning the country is facing its longest recession in a century.

With an estimated £50bn black hole in finance, Snack said it was important for the government to be honest with voters about the ‘trade-offs’ facing the country in Prime Minister Jeremy Hunt’s autumn statement. said.

“Everybody understands that government cannot do everything. How does government do everything? It will lead to a loss of credibility and a sharp rise in interest rates.”

Among the measures Sunak and Hunt are considering to address the deficit include freezing life pension benefits for another two years and imposing VAT on electric vehicles for the first time, the Daily Telegraph reports. rice field.

After Liz Truss’ disastrous tenure at No. 10, Sunak conservatives There is an urgent need to restore public trust.

He pointed to his own record as prime minister (when he introduced the Covid furlough scheme) as to why people should trust him when it comes to running the economy.

“I fully admit that trust has been eroded over the past few weeks and months. I understand that trust is not given, it is earned. to get back,” he said.

“The only thing people will take away from this summer is hopefully from my track record as Prime Minister, but I am someone they can trust, someone who understands economics. He is the person who manages us through difficult economic times.

Aside from the fall statement, Sunak said the main issue that has plagued him over the past 48 hours has been the migrant crisis in the Strait.

He defended Home Secretary Suera Braverman’s controversial claim that the south coast is facing an “invasion” of migrants.

“What Suela was doing was conveying a sense of the scale of the challenges we face, which are serious and unprecedented. But people should know that I am very committed to working on it.

He also revealed that he was at TGI Fridays in Teesside when he learned that Truss was resigning.

he said: I was stuck with it. However, he said he felt he had a “responsibility and obligation” to stand up for after discussing it with his wife, Akshata Murthy.

He also said he told Boris Johnson that he would not be running jointly with him. ”

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