UK revisits plans to boost fixed-rate loans
Treasury agrees to re-examine proposal for government to write long-dated interest rate derivatives
The UK Debt Management Office (DMO) is re-examining a three-year-old plan to issue long-dated interest rate derivatives as a way of helping the residential mortgage market. Specifically, the government says, it is keen to improve the supply of long-term fixed-rate mortgages, which it sees as protection for first-time buyers against the shock caused by refinancing at higher interest rates from a short-term fixed-rate loan.
In 2004, David Miles, Morgan Stanley's chief UK economist and a professor
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