Sir Keir Starmer has insisted the Budget will not cause mortgage rates to spike.

The Prime Minister said under his premiership there would be “no return to the chaos that sent mortgages soaring when the Tories let borrowing get out of control”. 

It comes after Rachel Reeves, the Chancellor, was warned that her plan to change debt rules to allow more borrowing for investment could spook the financial markets and result in interest rates staying higher for longer. 

Writing in The Mirror today, Sir Keir said: “This Budget will deliver on our promise that there will be no return to the austerity that hampered growth and hollowed out our public services.

“And there will be no return to the chaos that sent mortgages soaring when the Tories let borrowing get out of control.

“This Budget chooses a different path: Honest, responsible, long-term decisions in the interests of working people. It’s stability that means we can invest, and reform that will maximise that investment.”

Sir Keir will deliver a speech later today in which he will say the Budget on Wednesday will embrace the “harsh light of fiscal reality” but “better days are ahead”. 

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