SNP tells Bank of England the ‘time is now right’ for interest rate cut

SNP election campaign director Stewart Hosie said families needed help with their bills after the ‘Tories trashed the economy’.

The SNP is calling on the Bank of England to reduce interest rates (Yui Mok/PA)

A cut in interest rates is needed from the Bank of England to help fix the “Tory mess” in the economy that has sent mortgage bills and other costs “through the roof”, the SNP has said.

Stewart Hosie, the party’s General Election campaign director, called for action from the Bank of England to “help families with the cost of living”  after the “Tories trashed the economy”.

The Bank’s Monetary Policy Committee meets eight times a year to set the UK base rate, which then influences the  interest rates applied to mortgages, loans and savings accounts, among other things.

With the next meeting scheduled to take place on Thursday June 20, two weeks before voters go to the polls in the General Election, Mr Hosie said  families struggling after rises in mortgage payments, food and energy bills “need help now”.

Mr Hosie said Rishi Sunak’s party had “trashed the economy and have sent the cost of living in the UK soaring”, as he said it was important to “get rid of the Tory government and put Scotland’s interests first”.

The former SNP depute leader added: “The fact is, Scottish families are paying too high a price for Westminster failure. The cost of mortgages, food, and energy bills have gone through the roof and families need help now.”

He continued: “It is possible for politicians to fully respect the independence of the central bank whilst also telling the public what we believe.

“The SNP believes the Bank of England should begin to help fix this Tory mess by lowering interest rates, to reduce the cost of mortgages and give hard-hit Scottish families a break.

“We believe the time is now right to follow the lead of our European neighbours and reduce rates to help struggling households.”

Criticising both Labour and the Conservatives, Mr Hosie said: “Brexit Britain is broken and neither Rishi Sunak or Sir Keir Starmer can fix it, when they are both wedded to Brexit and austerity cuts, hammering the economy, the NHS, and family incomes.

“In contrast, the SNP will always put Scotland’s interests first and stand up for Scottish families against Westminster austerity cuts and Brexit.”

Scottish Conservative chairman Craig Hoy said: “The SNP raised taxes and hammered Scottish families with higher bills. Their reckless plans for independence would cost workers a fortune.”