Jeremy Hunt hosted six executives and one senior regulator after a week of economic bad news, which saw inflation remain steady at 8.7%, the Bank of England raise the base rate to 5% and lenders continue to increase the costs of mortgage deals.
But the chancellor was not there to read the riot act. Instead, he wanted to agree a voluntary "mortgage charter", which would see banks offer borrowers greater flexibility over repayment terms and repossession proceedings. Banks also agreed not to mark down the credit scores of anyone who took advantage of such flexibility.
"We agreed some very important things for people who are worried about their rates going up," the chancellor said afterwards.
But others believe the government's response has been limp. Rachel Reeves, the shadow chancellor, called yesterday's announcement "weak".
The approach being taken by Hunt and the prime minister Rishi Sunak, however, reflects the political reality they face. Having promised to halve inflation to about 5% by the end of the year, Sunak is now having to acknowledge that control over inflation lies largely with the Bank of England.
Nothing illustrated this tension better than Thursday's awkward interview between the foreign secretary, James Cleverly, and the BBC's Amol Rajan.
Four times Rajan asked what the prime minister's plan to cut inflation was, only to be given a slightly different answer each time.
After several stumbles, Cleverly admitted: "Not all the levers of control are in the government's hands... the choice was made to have an independent Bank of England."
Diese Geschichte stammt aus der June 24, 2023-Ausgabe von The Guardian.
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Diese Geschichte stammt aus der June 24, 2023-Ausgabe von The Guardian.
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