Cathy Jamieson MP, Labour’s Shadow Treasury Minister, responding to Tory MP Mark Garnier’s warning that rising interest rates could be a “social catastrophe”, said:
“George Osborne used to say that low interest rates were a sign his policies were working. Now he’s desperately trying to claim that if they go up they’re also a sign of success. Nobody will be fooled by him trying to have it both ways, with even Tory MPs worried he’s out of touch with ordinary families’ concerns about the impact of an interest rate rise.
"Interest rate decisions are rightly made by the Bank of England’s independent MPC.
"But the danger is that the government’s failure to get more homes built ends up forcing the Bank to raise interest rates prematurely to rein in an unbalanced housing market.
"This would hit millions of families and businesses across the country already struggling with a cost-of-living crisis”
Huffington Post: “Tory MP Warns George Osborne Rising Interest Rates Could Be A ‘Catastrophe'”