§ Baroness Noakesasked Her Majesty's Government: Whether they support the proposal to set up a European Mortgage Finance Agency to encourage long-term fixed rate mortgages; and whether they consider that such an agency should be backed by implicit or explicit guarantee by the European Union. [HLl l]
Lord Mclntosh of HaringeyThe Chancellor has asked David Miles, Professor of Finance at Imperial College, to undertake a review of the UK mortgage market. This will involve an examination of whether there has been any market failure that has held back the market for longer-term, fixed-rate mortgages and a consideration of associated opportunities, risks and potential costs.
Professor Miles will deliver an interim report by the time of the Pre-Budget Report and a comprehensive report and recommendations to the Chancellor by Budget 2004.