Danny Alexander independence mortgage warning

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DANNY Alexander has warned that low interest rates for family mortgages would be hit in an independent Scotland because of higher borrowing costs.

The Chief Secretary to the Treasury cited reports by credit ratings agencies to claim it would “take time to establish credibility” on money markets after independence. This could be passed on to mortgages, he said.

However, a spokesman for Finance Secretary John Swinney said: “This is economic illiteracy from Danny Alexander, which is deeply worrying considering his position in the Tory-led coalition. He has just demonstrated that he doesn’t know the difference between mortgage availability in the private sector, and government bond issues.”