This petition was submitted during the 2019-2024 parliament
Rejected petition Cancel bank overdraft changes and reduce interest rates in Corona Virus pandemic
Parliament should consider exceptional provisions for a period of say 2 years to oblige banks to cancel overdraft rate changes and lower interest rates to a nominal rate (e.g 5%)+Base Rate to aid households and reduce mental health issues in Corona Virus pandemic.
More details
By definition, overdraft debt is typically associated with lower paid / working class / less affluent households. Obliging banks to lower interest rates will provide immediate, targeted benefit to those in most need and reduce pressures on workers most affected by the pandemic, e.g. Gig economy workers and those losing their employment as the pandemic continues. This will also help individuals pay down debt reducing risk to credit providers / the banking system which will be under pressure.
This petition was rejected
Why was this petition rejected?
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.
https://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:
https://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:
www.gov.uk/coronavirus
https://www.nhs.uk/conditions/coronavirus-covid-19/
You can read NHS tips to help if you are worried about coronavirus here: https://www.nhs.uk/oneyou/every-mind-matters/coronavirus-covid-19-anxiety-tips
You can read impartial analysis of the Government response to coronavirus and policy developments here:
https://commonslibrary.parliament.uk/coronavirus/
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: https://committees.parliament.uk/committee/326/petitions-committee/news/145767/committee-question-deputy-chief-medical-officer-and-ministers-on-coronavirus-response/
Read letters asking further questions of Government Ministers: https://committees.parliament.uk/committee/326/petitions-committee/publications/3/correspondence/
We only reject petitions that don’t meet the petition standards.