Governor of the Bank of England says mortgage rates could be higher if we leave EU

In his appearance before the Treasury Select Committee, the Governor of the Bank of England, Mark Carney, said that the "overall mortgage rate could be higher" if we leave the European Union.

Rachel Reeves, member of the Treasury Select Committee, said:

“This is yet another serious expert warning about the risk to the UK economy and families’ financial security if Britain leaves Europe. The Governor of the Bank of England was clear that prices and mortgages costs could go up if Britain leaves Europe.

“Trading within the EU’s Single Market of 500 million brings jobs, growth and financial stability. Leaving would put this at risk, as experts from the IMF, Treasury, OECD and the Bank of England have warned.

“The leave campaign have lost the economic argument and cannot tell us what out looks like. Working people all across the country would pay the price if we leave, through the risk of recession, increased unemployment and families worse off.”