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<p>The path to lower interest rates is through low inflation, and the Government is
fully committed to supporting the Bank of England get inflation back down to the 2%
target, including by keeping borrowing under control.</p><p> </p><p>While the pricing
of mortgages is ultimately a commercial decision for lenders in which the Government
does not intervene, our plan is working, and the average offered mortgage rates on
2-year and 5-year fixed rates are now lower compared to their peak in Summer 2023.
The Government’s Mortgage Charter - in addition to the significant safeguards already
in place - is providing support to vulnerable households; and mortgage arrears and
repossessions remain low.</p><p> </p><p>Since 2022, the government has demonstrated
its commitment to supporting the most vulnerable by providing one of the largest support
packages in Europe. Support for households to help with the cost of living is worth
£104 billion over 2022-23 to 2024-25, or £3,700 per household on average.</p><p> </p>
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