April’s lower figure was helped by falling energy prices, but food inflation, at over 19 per cent, meant that overall prices were higher than expected by economists and inside Whitehall at the start of the year.
But the government has ruled out any state-funded fiscal boost as it did with furlough schemes during the Covid pandemic and help with energy bills as gas prices soared last year, as this would only cause inflation to climb again. Treasury insiders believe that while the massive input of public funding to support homes and businesses during the Covid pandemic and energy crisis were essential to bolster the economy, it does not mean that the government should always step in.
The Treasury is regularly in contact with mortgage lenders on all aspects of their mortgage business to understand their position and current lending conditions, including at a roundtable hosted by the Chancellor on support for vulnerable mortgage borrowers in December, a source said.
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