Submitted on Sunday 29th March 2020
Rejected on Wednesday 15th April 2020
Current status: Rejected
Rejection code: duplicate (see below for details)
Instruct banks to reduce interest rates in line with the bank base rate.
Cap interest rates charged on credit cards, loans and overdrafts at 5% over base rate so that the banks would still make large profits (they receive commissions from retailers and cash withdrawals in addition) but the levels of public debt would be reduced.
The base rate is now 0.1% but interest on credit cards and loans are up to 20% and above. Authorised overdraft rates have just increased to around 30% which is 300 x the base rate. Incredibly it now costs the same to have an authorised overdraft as unauthorised. Pressure is also being applied to force people to reduce their credit card borrowing by paying more. Without the excessive interest charges the same monthly payment would soon reduce the level of public debt and help those most in need.
You can't sign this petition because it was rejected. But you can still comment on it here at Repetition.me!
The Government e-Petitions Team gave the following reason:
There's already a petition about this issue. We cannot accept a new petition when we already have one about a very similar issue.
You are more likely to get action on this issue if you sign and share a single petition.
You may wish to sign this petition calling for the same action.
Encourage lenders to suspend interest, fees and repayments during COVID-19: petition.parliament.uk/petitions/305297
Since starting this petition, many UK banks have announced measures to help people who are experiencing financial difficulties due to coronavirus. You should look at your bank's website or contact them directly to find out more.
You can read the Financial Conduct Authority's announcement on the temporary financial relief that banks can offer customers here: www.fca.org.uk/news/press-releases/fca-confirms-temporary-financial-relief-customers-impacted-coronavirus
You can find out more about coronavirus and how you can protect yourself and others here:
NHS website: www.nhs.uk/conditions/coronavirus-covid-19/
UK Government website: www.gov.uk/coronavirus
You can read NHS tips to help if you are worried about coronavirus here: www.nhs.uk/oneyou/every-mind-matters/coronavirus-covid-19-anxiety-tips
You may also be interested to know that because of the large number of petitions that have been started in relation to coronavirus, the Petitions Committee has been questioning the Government about its response to the coronavirus outbreak.
Find out more and watch the Committee put questions suggested by petitioners to Government Ministers and the Deputy Chief Medical Officer: committees.parliament.uk/committee/326/petitions-committee/news/145767/committee-question-deputy-chief-medical-officer-and-ministers-on-coronavirus-response/
Read correspondence with Government Ministers asking further questions: committees.parliament.uk/committee/326/petitions-committee/publications/3/correspondence/
18.221.59.245 Sat, 18 May 2024 18:33:40 +0100
