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Mortgages

Volume 408: debated on Thursday 10 July 2003

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20.

To ask the Chancellor of the Exchequer what assessment he has made of the impact of an increase in the number of fixed rate mortgages on economic management. [124663]

The Chancellor has asked David Miles, Professor of Finance at Imperial College, to undertake a review of the UK's fixed rate mortgage market.This will involve an examination of whether there has been any market failure that has held back the market for fixed and long-term fixed rate mortgages and a consideration of associated opportunities, risks and potential costs.Professor Miles will deliver an interim report by autumn and a comprehensive report and recommendations to the Chancellor by Budget 2004.