Jeremy Hunt hosted six executives and one senior regulator after a week of economic bad news, when inflation remain steady at 8.7%, the Bank of England increased the base rate to 5% and the cost of mortgage deals kept going up.
But the chancellor was not there to read the riot act. Instead, he wanted to agree a voluntary "mortgage charter", under which banks would offer borrowers greater flexibility over repayment terms and repossession proceedings. Banks also agreed not to mark down the credit scores of anyone who takes advantage of such flexibility.
"We agreed some very important things for people who are worried about their rates going up," Hunt said afterwards.
But others believe the government's response has been limp. Rachel Reeves, the shadow chancellor, called last Friday's announcement "weak".
However, the approach being taken by Hunt and the prime minister, Rishi Sunak, reflects the political reality they face. Having promised to halve inflation to about 5% by the end of the year, Sunak is having to acknowledge that control over inflation lies largely with the Bank of England.
Nothing illustrated this tension better than last Thursday's awkward interview between the foreign secretary, James Cleverly, and the BBC's Amol Rajan.
Bu hikaye The Guardian Weekly dergisinin June 30, 2023 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Giriş Yap
Bu hikaye The Guardian Weekly dergisinin June 30, 2023 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Giriş Yap
If kids get protected from online harm, how about the rest of us?
The Australian government has proposed a ban on social media for all citizens under 16.
'It's not drought - it's looting'
Spain is increasingly either parched or flooded - and one group is profiting from these extremes: the thirsty multinational companies forcing angry citizens to pay for water in bottles.
Life in the grey Zone
Neonatal care has advanced so far that babies born as early as 21 weeks have survived. But is this type of care always the right thing to do?
Out of tune? Band Aid under fire for Africa tropes as it turns 40
Forty years ago this month, a group of pop stars gathered at a west London studio to record a single that would raise millions, inspire further starry projects, and ultimately change charity fundraising in the UK.
Deaths shine spotlight on risks of drinking on party trail
Vang Vieng is an unlikely party hub. Surrounded by striking limestone mountains and caves in central Laos, it morphed from a small farming town to a hedonistic tourist destination in the early 2000s.
Different strokes My strange and emotional week with an AI pet
Moflin can develop a personality and build a rapport with its owner - and doesn't need food or exercise. But is it comforting or alienating?
Strike zone Waking up to the rising threat of lightning
When the Barbados National Archives, home to one of the world's most significant collections of documents from the transatlantic slave trade, reported in June that it had been struck by lightning, it received sympathy and offers of support locally and internationally.
Cheap pints and sticky carpets: the old-school pub is back
In the Palm Tree pub, east London, barman Alf is taking only cash at the rattling 1960s till.
Brain gain Can a radical tax scheme convince the country's brightest to stay?
In the autumn of 2018, I moved to Lisbon for a month-long course at the Universidade .de Lisboa.
Fear and sympathy in small town divided over asylum camp
A year after anti-immigration riots, a site for asylum seekers faces hostility while some locals try to help new arrivals
