Rejected petition: Reduce BoE base rate to 0.5% and cap residential mortgage interest at 0.5%
Rejected on
We ask the UK Government & Parliament to work with Bank of England to reduce the base rate to 0.5% immediately & introduce a legal cap limiting interest on all residential owner-occupier mortgages to a maximum of 0.5%, to protect homes as a basic need & prevent unaffordable costs and repossessions.
Housing is a fundamental basic need, not a luxury. Millions of homeowners & families face crippling costs as high intrest rates add hundreds to monthly bills. Many risk losing their only home through no fault of their own.
We ask the Government and Parliament to work with the Bank of England to cut the base rate to 0.5% immediately & cap interest on all residential owner‑occupier mortgages at 0.5%. This will deliver urgent relief, stop repossessions & protect people’s homes.
Why was this petition rejected?
It’s about something that the UK Government or Parliament is not directly responsible for.
Making changes to the UK's base interest rate is a matter for the Bank of England to decide, not the UK Government or Parliament.
The Monetary Policy Committee (MPC) of the Bank of England sets the UK's base interest rate. Government ministers cannot tell members of the Committee how to vote or force a change to the base interest rate.
We only reject petitions that don’t meet the petition standards.