The Liberal Democrats are urging Chancellor Jeremy Hunt to repurpose the £3bn tax cuts currently granted to banks this year to aid homeowners facing repossession.
This appeal comes as the Chancellor is set to hold a summit with banks to discuss the escalating mortgage crisis.
The party insists that urgent action, not empty promises, is needed to support families at risk due to the economic downturn, which they attribute to the Conservative Government.
“The government has caused an economic crash that sent mortgage rates soaring,” said Liberal Democrat Treasury Spokesperson Sarah Olney MP. “Now, struggling homeowners need tangible assistance.”
Olney added that the summit needs to result in concrete measures to support homeowners or risk being seen as a PR gimmick. “This starts with cancelling the huge tax cuts for banks and using those funds to aid struggling households,” she said.
The Liberal Democrats criticised the Conservative Government for handing significant tax cuts to banks while neglecting families fearful about maintaining their homes.
