Pressure needs to be applied on banks to help get a grip on mortgage crisis - The Yorkshire Post says

British inflation has stayed above price growth in the United States and elsewhere in Europe.

And Britain has struggled more than other nations with the increasing food costs, a shortage of workers to fill jobs and a heavy reliance on natural gas to generate power and domestic heating, all adding to inflation pressure.

Of course, this isn’t just simply a case of a British problem. Countries in Europe are also grappling with inflation. Norway’s central bank said it has raised its key interest rate by half a percentage point in an effort to “bring inflation down to target”.

There are no easy answers to the inflation conundrum. It is an invidious situation faced by the Government.

But the Prime Minister cannot simply expect to wish inflation away. His Government needs to be proactive. Especially given the role Liz Truss’ short-lived and disastrous Government played in piling misery on households.

The US has introduced the Inflation Reduction Act, containing $500bn in new spending and tax breaks that aim to boost clean energy, reduce healthcare costs and increase tax revenues.

Energy companies, which were fast to raise prices, cannot be allowed to drag their feet over passing on falling prices.

Pressure also needs to be exerted by the Government on the banks. They simply can’t just shrug this problem off. The mortgage crisis is not of people’s making. Therefore the banks need to show flexibility.

Let’s not forget that it wasn’t too long ago that it was taxpayers who bailed these banks out.