Rachel Reeves set to bet the house on economic growth by loosening mortgage rules
Rachel Reeves ripping up the rule book on home loans
- Rachel Reeves is poised to unveil significant reforms to financial services and mortgage rules in her upcoming Mansion House speech.
- The proposed changes aim to stimulate economic growth by encouraging investment and making mortgages more accessible, potentially generating up to 36,000 additional first-time buyer mortgages.
- Key mortgage reforms include lowering the minimum salary required for an individual mortgage to £30,000 and for a joint income to £50,000.
- These reforms involve a substantial reduction of regulations for financial services, intended to reverse post-2008 caution and establish Britain as a premier global finance hub.
- The proposals are introduced amidst concerns about the UK economy's performance and criticism from the Institute for Fiscal Studies regarding the government's economic strategy.