Theres only one way to tackle Britain's mortgage meltdown get the banks to cough up | John McDonnell

The big five owe the public for the 2008 bailout – and they are taking in enormous profits while many homeowners and renters struggle

• John McDonnell is Labour MP for Hayes and Harlington and a former shadow chancellor

Across the country, homeowners are facing a mortgage payments crisis. They ultimately face the possibility of losing their homes. Meanwhile, the government says nothing and the banks sit on their hands, offering next to no support.

But the very same banks that offer mortgages are taking in huge profits. So here’s a solution to the current crisis: a decade since hundreds of billions were spent bailing them out with taxpayers’ money, the banks need to pull their weight and support customers.

John McDonnell is Labour MP for Hayes and Harlington and a former shadow chancellor

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from The Guardian https://ift.tt/gFe7GNO