Category Archives: Red tape

Tories are forcing ‘mortgage prisoners’ to pay up to three times a competitive interest rate

Houses: are their mortgages competitive or will buyers become ‘mortgage prisoners’ because of decisions made, not by them, but by the Tory government?

Is this part of that “bonfire of red tape” that David Cameron and his cronies were trumpeting a few years ago?

I wonder how many of the quarter-of-a-million so-called “mortgage prisoners” merrily voted Tory in the belief that this meant they would find it easier to switch lenders.

And I wonder how they feel, now they know that the opposite is the case.

The salt in their wound, of course, is the fact that it is the Tory government itself that sold their mortgages to unregulated lenders – and is now blocking a change in the law that would help them.

Tougher affordability checks have made it hard to change lenders if a home owner’s mortgage is large compared to the price of their house, if they are close to retirement or have bad credit.

While many lenders are able to switch to different deals with the same lenders, that have lower interest rates, around 250,000 are blocked from doing this because the lenders to whom the Treasury sold their mortgages don’t offer such deals.

The upshot is that they are stuck forking out two or three times what they would pay in a competitive mortgage.

The House of Lords has passed an amendment to the Financial Services Act to cap rates for borrowers in that position, but government whips are instructing Conservative MPs to vote against the amendment on Monday.

Chancellor Rishi Sunak reckons capping the interest rate would be “unfair” on other borrowers.

I don’t see why. How is it unfair to let these people have the same deal as everybody else?

Or does Sunak mean it would be unfair on the lenders to deprive them of one- or two-thirds of their profits?

Should we perhaps be asking questions about how the Treasury chose these particular firms to receive these particular mortgages?

Is this another aspect of the lobbying scandal that we have yet to grasp?

Source: Treasury snubbing ‘mortgage prisoners’, say MPs – BBC News

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If half our exporters are in danger due to Brexit, should we ignore them in favour of the other half?

Imagine this container ship half-empty and you’ll have an idea of the effect that Brexit is having on UK exports.

That was the rationale behind the support for the EU referendum decision, if I recall correctly: that the 48 per cent who were disadvantaged by it should accept that the 52 per cent had won.

Now we see 49 per cent of UK exporters are facing difficulties that are disrupting their business as they struggle to cope with Brexit-related bureaucracy and border checks that the Tory government spent years promising would not be imposed.

People are making the obvious comparison, and This Writer thinks it is reasonable to do so.

All right – the EU referendum vote was democracy in action and it was won by those who wanted to quit the European Union.

That decision has consequences, and we are seeing those consequences in action now.

In January, the UK lost 68 per cent of its export trade to the EU. Now we see that 49 per cent of exporting companies are experiencing difficulties with the new system. If the situation continues, they may close. Already fishery firms are closing.

If firms go out of business, people will lose their jobs and the economy will spiral into a recession so deep that 2008 will seem like a picnic in comparison.

I wonder if Brexiteers who work for affected firms will still be telling Remainers, “You lost – get over it!” from the food bank queues.

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Brexit: EU firms refuse UK deliveries (Vox Political Scrapbook)

So much for the big tory “bonfire of red tape”.

It was a David Cameron project, as was the EU membership referendum of 2016. Cameron succeeded in creating more red tape than any previous UK prime minister, it seems.

Oh, and the bureaucracy that he destroyed? That was saving us from the corruption that is now the hallmark of Boris Johnson’s administration.

A growing number of retailers in the EU have decided they won’t deliver to Britain because of the new costs involved in sending packages after Brexit. Companies have said they are unwilling to register for VAT in the UK, with one Dutch firm calling the red tape “ludicrous”.

Brexit disruption means Sainsbury’s has reportedly lost around 700 product lines in Northern Ireland – where it has been forced to stock goods from Spar. And Marks & Spencer said new trading rules in place since Britain left the EU were delaying deliveries of food to its stores in France – where branches had empty shelves on Tuesday.

Source: Brexit news – live: EU firms refuse UK deliveries as Boris Johnson’s India trade trip scrapped

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