Steve Brine spoke in the House of Commons on Tuesday 11th September, to stress to George Osborne the importance of a low interest rate for working families across Winchester & Chandler's Ford.
During Treasury Questions, the MP asked the Chancellor what plans he had to maintain low market interest rates.
In reply, Mr Osborne said: "Mr Speaker, my Hon Friend is right. Low interest rates are secured by credible economic and fiscal policy and delivered by the independent Bank of England and Sir Mervyn King has been an outstanding Governor of the Bank and has helped set monetary policy to support our economy through one of its most challenging periods in its modern history."
Mr Osborne then detailed how for the first time in history, the post for Sir Mervyn's successor will be advertised freely and conducted through 'fair and open' competition.
He added: "As with Mervyn King, we are seeking a Governor of intelligence, independence and integrity. We intend to announce the successful candidate by the end of the year."
As well as highlighting Conservative-controlled Winchester City Council's current council house building policy, the first in the city for 25 years, Mr Brine then emphasised that those looking to buy in the private sector wanted to know that they could get on the housing ladder with both confidence, and a mortgage they could afford.
He said: "Can the Chancellor reassure my constituents that – unlike his opposite number - he understands even a small rise in rates would have a punishing effect on family budgets?"
Mr Osborne answered: "Well my Hon Friend is absolutely right. Low interest rates are crucial to the recovery and a loss of confidence in the UK's ability to pay its way in the world will lead to an increase in market interest rates and an increase in mortgage costs for millions of families and of course an increase in foreign costs for businesses.
"It would be a disaster and that is why we don't take the path advocated by the party opposite.
"We also want to make sure those low interest rates are felt by families and that is why the finding for lending scheme announced jointly with the Bank of England is already leading to the banks offering cheaper mortgages and the combination of our First Buy and New Buy schemes are also helping families buy their first homes."
More information...
You can read and watch back via www.parliament.uk from Wednesday 12th September.