Concerned about the impact of recent market upheaval on the availability of home loans, the chancellor will meet on Thursday with executives from banks like Barclays and NatWest.
In response to concerns about the impact of recent financial instability on the mortgage market, Kwasi Kwarteng has invited executives from Britain’s largest high-street banks for discussions.
The Treasury has convened a Thursday meeting at which the chancellor is likely to question lenders about their intentions.
According to City insiders, Barclays, Lloyds Banking Group, and NatWest Group officials are anticipated to attend.
As a result of the instability in how banks price house loans, hundreds of mortgage arrangements have been canceled or frozen.
The chief executive of the City watchdog stated over the weekend to The Sunday Times that he wanted lenders to justify the removal of fixed-rate mortgage products.
Nikhil Rathi told the newspaper, “If a product is temporarily withdrawn, we want to know when it will return to the market so that those who may need to refinance can move through with their plans.”
According to those briefed on the agenda for Mr. Kwarteng’s meeting on Thursday, economic growth measures unveiled since his appointment as chancellor last month will also be discussed.
Mr. Kwarteng has already attended several meetings with senior financiers, including investment bank executives, asset managers, and insurers.
In the following weeks, he will outline plans for a deregulatory initiative dubbed Big Bang 2.0, with an emphasis on repealing regulations implemented during Britain’s EU membership.
On Wednesday, none of the banks invited to the meeting would comment.
