Reversing Bank Charges to Boost the Economy |
Reversing Bank Charges to Boost the Economy
Our banking system is perpetuating the recessionary pressures rather than relieving them. The aim of this campaign is to promote targeted refunds of banking charges to business, which will send a clear message to boost confidence and encourage businesses to invest and grow.
Banking Practices
Since the banking crisis in 2008, the banks have all changed their lending policies unwittingly creating an effective cartel. Rearrangement fees and interest margins being charged over base to particularly small business have risen dramatically. It is commonplace to see increases of 300 - 500% imposed upon businesses with no option for them to do anything other than pay.
The Benefits for all of a Successful Campaign
• Relationships between banks and customers will improve.
• Bank managers will be able to get back to supporting their clients, not computers.
• Business Confidence will receive a huge boost.
• Business failures and unemployment will be reduced.
• Business will respect government support.
• Jobs and extra tax income will be generated.
• Construction and Infrastructure will gain a boost.
• The economy will get a kick start.
This campaign is to ask the Government to give powers to the Banking Ombudsman to order repayment of arrangement fees and interest charged by the banks, brought about by the imposition of negative terms since the banking crisis in 2008. This should only apply to businesses who can demonstrate that they have or would have made their payments to the banks, but for the increases applied.
The banks are able to comfortably repay these sums from a part of the £75 billion we have just injected into the banking system.
Banking Practices
Since the banking crisis in 2008, the banks have all changed their lending policies unwittingly creating an effective cartel. Rearrangement fees and interest margins being charged over base to particularly small business have risen dramatically. It is commonplace to see increases of 300 - 500% imposed upon businesses with no option for them to do anything other than pay.
The Benefits for all of a Successful Campaign
• Relationships between banks and customers will improve.
• Bank managers will be able to get back to supporting their clients, not computers.
• Business Confidence will receive a huge boost.
• Business failures and unemployment will be reduced.
• Business will respect government support.
• Jobs and extra tax income will be generated.
• Construction and Infrastructure will gain a boost.
• The economy will get a kick start.
This campaign is to ask the Government to give powers to the Banking Ombudsman to order repayment of arrangement fees and interest charged by the banks, brought about by the imposition of negative terms since the banking crisis in 2008. This should only apply to businesses who can demonstrate that they have or would have made their payments to the banks, but for the increases applied.
The banks are able to comfortably repay these sums from a part of the £75 billion we have just injected into the banking system.