I was very glad to host a Mortgage Switch Guarantee event in Parliament lastweek, calling for increased transparency from mortgage lenders, and fairer mortgages for all. An estimated 800,000 households could saves hundreds if not thousands of pounds a year by switching mortgages, but many are unaware of this, and a worrying number of people remain on variable rate mortgages, which could be subject to unaffordable hikes. I feel strongly that the whole mortgage industry needs to be clearer about their products, and do better at putting consumers first. Thank you to those of you who’ve since been in touch to share your own mortgage horror stories. Full story here.
It was also great to join Labour in the City for their summer event yesterday, alongside my ministerial boss, Shadow Chancellor John McDonnell. The perception that everyone working in financial services is right wing is absolute tosh. Labour in the City is a growing movement which hosts interesting debates and produces some radical ideas on how to reform the sector while growing the economy.