Wellingborough Rebel Alliance!

Supporting change to our broken politics. Let’s move back towards the centre.

[Martin Lewis @MartinSLewis]

They can't say they weren't warned!
Last Autumn, I raised an alarm about a coming potential mortgage ticking time bomb with millions facing huge bill-shock as their fixes end.
So much so the Chancellor called a mortgage summit; sadly it was just a missed opportunity talking shop...

I want to briefly bash out some thoughts on this.

The summit in December was attended by the Chancellor, FCA chair, the bosses of UK's biggest banks and me (I'd asked for consumer charities & mortgage experts to attend too but that wasn't agreed - tho my team and I worked hard talking to charities and mortgage brokers before to collate ideas).

My reason for suggesting the Chancellor took action was simple. We needed to prepare in case it rates rocketed - waiting for it to happen would be too late. Yet now, the time bomb has exploded, and we're scrambling about what to do.

One of the big concerns I raised was that banks were increasing their margins - basically the gap between what lenders are charged and savers paid. That should (and still should) be tightened and political pressure needs applying to ensure either better mortgages or better savings or best, both.

Other practical suggestions were not about radical change, but easy to agree forbearance and help measures to get people over the hump while they readjusted their finances.

A range of methods such as payment holidays, payment reductions, lengthening the mortgage term were discussed, plus proactive communication with borrowers who look like they may be struggling and independent solid guidance about what people's options were if they were struggling.

There were lots of nods from the bankers and many 'we do that alreadies', and indeed some extra customer communications did come out on the back.

Yet real changes met push back - sometimes the banks both from banks and the FCA. For example

1. Any help options should be easily reversible on request. Eg if you extend your term, to reduce payments, when things improve you should have an automatic right to reduce the term.

Knowing there is a reversibility option gets rid of a barrier to action - without reversibility people are scared to be locked into a longer mortgage (which means more interest).

2. It should have no or minimal impact on people's credit scores (as it did in the pandemic). Again negative credit file impact is a big barrier to action
- as it leaves people reticent to make a decision, which can lead to snowballing problems.

None of the suggestions have seen any real fruition. The attention faded, especially when rates didn't rise as sharply as first expected.

Though we are now in exactly the situation that the whole meeting was meant to prepare for. Now I read about proposed 'forbearance' measures being looked at, it does feel as a shame the stable door is already closing...

[ALASTAIR CAMPBELL @campbellclaret]

Sunak claims he had a long standing private engagement that prevented him being in the Commons. It was a Monday. He is a Parliamentarian. Unless it involved the death or serious illness of someone very close to him, I’m sorry, there is literally no excuse. In failing to 1/4

[James O'Brien @mrjamesob]

Very prescient.

[Andy Verity @andyverity]

Before we accept it when we're told the government 'can't afford' something that might be to the public good we should remind ourselves of facts like the following from the Office for National Statistics this morning:

[Wellingborough Rebel Alliance! @WellingboroRA]

@JMPSimor Having met the man when I was his constituent, this sort of thoughtless, crass comment does not surprise me 😢

[Steve Analyst @EmporersNewC]

When Vote Leave said if we vote to leave the EU we can vote out our politicians, they forgot to mention they were all corrupt and would sweep into power on the back of a referendum win, filling the House of Lords with corrupt politicians we can't vote out.

[Charlotte McDonald @theCharlotteMcD]

This is honestly an amazing listen on Dear Daughter - Episode 4 Kindness - my superpower

[Charlotte McDonald @theCharlotteMcD]

If the Government extends 30 free hours of childcare to 1 and 2-year-olds, it will benefit 3-year-olds too because the current system only allows parents to claim the term AFTER a child turns 3. The current system for 3 and 4 year olds isn’t as comprehensive as it sounds.

[Wellingborough Rebel Alliance! @WellingboroRA]

@johnredwood As a capitalist, why are you even asking!

[Charlotte McDonald @theCharlotteMcD]

Very excited!!! First episode of 2nd series of Dear Daughter is out today.

[Wellingborough Rebel Alliance! @WellingboroRA]

Good luck! What are your views on Europe?

[Peter Stefanovic @PeterStefanovi2]

Never underestimate just how thick this Government thinks we all are

[Wellingborough Rebel Alliance! @WellingboroRA]

@guyverhofstadt @unherd Me!

[Wellingborough Rebel Alliance! @WellingboroRA]

Yet more harm to the protection of our fundamental rights!

[RamblersGB @RamblersGB]

First Dartmoor, now this 😡

Today’s ELM announcement looks to be the latest kick in the teeth for #AccessToNature

2.4bn of taxpayer money but public access has been kicked into the long grass again.

Whatever happened to 'public money for public goods' @defragovuk ⁉️

🧵

[Ian Dunt @IanDunt]

Brexit turned us into fools and now Rishi Sunak speaks to us like children https://t.co/4WmmiXhz8g

[Chris 🇦🇹 🇪🇺 Optimist, Grantig. #RejoinEU @Christo93199773]

@LizWebsterLD @Keir_Starmer June 2016 : 73.3% of us did not vote to leave the European Union. Labour leader’s denial to listen is beyond my understanding.
#RejoinEU
• We lose £1,000,000 of trade every hour as a direct result of Brexit.@North_Hants4eu @EuroMoveOs @annettedittert
🇪🇺

[Andrew Godsell 💙 🎗️📚 💚 @AndrewGodsell]

Government minister #AndrewGriffith cannot point to a benefit of the Tory hard Brexit!

By contrast @PeterStefanovi2 gives us plenty of facts about the drawbacks, in another excellent video.

[Wellingborough Rebel Alliance! @WellingboroRA]

This is so worrying…

[Charlotte Lynch @charlotterlynch]

It was absolutely terrifying being in a cell with a pad for a bed in one corner and a metal toilet in the other. I was just doing my job.

What’s also terrifying is what this means for press freedom. It was blindingly obvious I was a reporter.

Thank you for the kind messages x

[Wellingborough Rebel Alliance! @WellingboroRA]

I despair this is happening in the UK 😢