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MPs fear that Treasury has shelved Miles&#39 plans

MPs are raising concerns that Professor David Miles&#39 report on the mortgage market has been shelved by the Treasury.

Labour MP Andrew Love has asked the Chancellor in written Parliamentary questions what action he is proposing to improve the working of the UK mortgage market following the Miles&#39 report.

Miles&#39 Treasury-sponsored review was published in March and set out proposals to boost the long-term fixed-rate market.

Financial Secretary to the Treasury Ruth Kelly, who is moving to the Cabinet Office, responded that the Chancellor endorsed Miles&#39 conclusion that “urgent reform is desirable to make the market work better for consumers in a number of areas”. She said the Treasury has been discussing the recommendations with a range of stakeholders, including the FSA, and it intends to provide a detailed update in the pre-Budget report.

Love believes the plans have stalled as the Government waits for the industry to act first to implement changes.

Miles is joining Morgan Stanley as chief UK economist. He is a former economic adviser to the Bank of England and is a member of the FSA board.

Love says: “The Treasury is waiting to see what the industry does before it comes forward with something. I suspect we will have to wait until the Chancellor publishes his pre-Budget statement for any progress.”

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