The chief executives of Britain’s biggest banks have been summoned to negotiate with Kwasi Kwarteng amid concerns about the impact of recent financial turmoil on the mortgage market.
Sky News has learned that the Treasury has convened a meeting on Thursday at which the prime minister is expected to ask lenders about their plans.
City sources said executives from Barclays, Lloyds Banking Group and NatWest Group are among those expected to attend.
Hundreds of mortgage contracts have been withdrawn or frozen by banks due to fluctuations in how banks price home loans.
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The CEO of the City watchdog told The Sunday Times over the weekend that he wants lenders to justify withdrawing fixed-rate mortgage products.
Nikhil Rathi told the newspaper: “If a product is recalled for a temporary period, we want to know when they will return to the market so that those who may need refinancing can continue with the plan. their.
People briefed on the agenda for Thursday’s meeting with Mr Kwarteng said it would also address economic growth plans announced since he was appointed prime minister in September. before.
Kwasi Kwarteng
Mr. Kwarteng held a series of meetings with senior financiers, including executives from investment banks, asset managers and insurance companies.
He said he would be planning a deregulation action called Big Bang 2.0 in the coming weeks, with a particular focus on getting rid of the rules that were in place during Britain’s time as a member of the EU.
None of the banks invited to the meeting would comment on Wednesday.
