To ask His Majesty's Government what additional steps they are taking to address increasing borrowing costs which are impacting the construction sector.
Answered on
22 November 2023
High inflation is bad for growth, so returning inflation to the 2% target is the right priority to tackle inflation and help the economy grow. The independent Monetary Policy Committee of the Bank of England is responsible for monetary policy. It continues to have the Government's full support, as it takes action to return inflation to the 2% target. This action will support the construction sector, through reducing the cost of finance, including mortgages, that provide the funding for commercial and domestic construction projects.
Answered by
Department for Business and Trade