PM denies Budget to blame for higher mortgage rates: “The PM is wrong”

"Daylight not caused by sun, says Prime Minister. The PM can live in denial all he wants, but the Autumn Budget single-handedly caused the mortgage rate increases we're now seeing. This is a perfect example of cause and effect. Even before the National Insurance and minimum wage increases have had a direct impact, lenders quickly amended their forecasts for medium-term borrowing costs and increased their mortgage rates"

"They are off their rockers: inflation is set to increase following the Budget so rates will have to stay higher for a lot longer. The Labour government has enacted inflation-increasing policies over and over again: inflation-busting pay rises to public sector workers, above-inflation increases to the minimum wage, increased costs to business via increased NI, all of which will put up the cost of goods and services, along with lots of extra borrowing."

"The government's recent Budget has had a direct impact on the financial markets, pushing up swap rates and subsequently driving mortgage rates higher. This policy shift has created additional challenges for borrowers already navigating an uncertain economic climate."

"The Prime Minister can deny it all he wants but the reality is that his government's Budget has not just sent mortgage rates north but has also undermined food security and business confidence. Just like the previous government, this one takes zero responsibility for its actions and appears blinkered to the real-world impact of its decisions."

"The Prime Minister, in his infinite wisdom, has determined that the recent surge in mortgage rates is entirely unrelated to major decisions made by his government. It’s almost as if they believe the markets are immune to the impact of fiscal decisions. Perhaps the PM is privy to information unknown to mere mortals, like the existence of a secret economic dimension where interest rates fluctuate independently of government policy. Or maybe they've discovered a new economic theory, one where market reactions are purely random, unrelated to anything that governments impose. Either way, it’s reassuring to know that our leaders are so confident in their understanding of the economy. After all, what could possibly go wrong when those in charge are so blissfully unaware of the real-world consequences of their actions?"

"There is little doubt that the Budget caused Swap rates to increase and therefore mortgage rates to go up. So the PM is wrong. However, it's nothing like as bad as we saw under Liz Truss and no doubt the markets will settle down again."

"The Prime Minister may say that the Budget isn’t the cause of the recent interest rate rises, however the facts speak for themselves. Over the summer and into the early autumn, we had seen a much-needed positive trend in the market, with greater stability resulting in consistent rate reductions. Then we had the Budget. Labour's new policies have spooked the markets with fears inflation will be on the rise again. All we have seen since is mortgage rate rises meaning yet more misery for borrowers."

"You could stuff a pork pie with the lies and denial. Can the country's top economist not see what an Ebenezer she has become? She is financially hurting those she needs to protect. As the UK starts to freeze over from the start of this year's snowfall, the full impact has not yet been realised. Fixed rates keep rising as markets reel from Labour's fiscal moves. Merry Christmas to all, and to all… except farmers, a good night."