§ Mr. LoveTo ask the Chancellor of the Exchequer what action he is proposing to improve the working of the UK mortgage market following the Miles Review; and if he will make a statement. [186633]
§ Ruth KellyOn 12 March 2004 David Miles published his review of the UK mortgage market. His remit was to undertake analysis of supply and demand side factors limiting the development of the longer-term fixed-rate mortgage market in the UK, and to examine whether there has been any market failure that has held back the market for longer-term fixed-rate mortgages. In Budget 2004 the Chancellor endorsed the conclusion in David Miles review of the UK mortgage market that "urgent reform is desirable to make the market work better for consumers in a number of areas". The Treasury has been discussing the recommendations with a range of stakeholders including the Financial Services Authority, and intends to provide a detailed update in the Pre-Budget Report.