The circumstances of 2020 may be different to 2008, but the banks are behaving as badly as ever.

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Dear Supporter,

When the Chancellor unveiled his historic £330bn rescue package to combat coronavirus, it was widely billed as the “people’s bailout ([link removed][UNIQID]) ”.

Unlike in 2008, the coronavirus crisis isn't anyone’s fault – no-one in this country at least ([link removed][UNIQID]) – the government is committed to rescuing the people who needed it most, literally “the people”.

The banks, who caused so much misery a decade ago, would not be the ones gaining this time. Instead, they’d be active partners in funnelling much-needed finance to struggling employers.

Too good to be true? Yes.
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The helping hand provided is unprecedented. The Bank of England’s base rate has been slashed to 0.1%, a historic low, meanwhile the government has offered to cover interest charges and guaranteed up to 80% of the value of loans, and those are just the headline inducements.

And yet, this week we learned the banks were not keeping their end of the deal. 250,000 emergency loan applications have been passed onto the Treasury ([link removed][UNIQID]) by banks who would not accept the risk. What risk?

And even those businesses who managed to get loans were being charged upwards of 10%. On Friday, Rishi Sunak banned banks from requesting personal guarantees ([link removed][UNIQID]) , which will surely put even more of them off lending.

“UK business is disintegrating daily and needs cash to support it but not secured by the very people who are trying to save these businesses,” said one business executive at a struggling engineering firm.

Then again, the UK’s four big banks know they’re too big too fail. If everything else collapses, the government, the BoE and the regulators will have their back.
mailto:[email protected]?subject=My%20bad%20experiences%20with%20the%20banks
Leave.EU’s ambition to get Britain out of the EU – which lest we forget still isn’t reality – is inherently linked with the moral failure of our institutions and their greed for globalisation. Profit at the expense of the hard-working Brit. The circumstances of 2020 may be different to 2008, but the banks are behaving as badly as ever.

We’ve got some ideas for a new campaign, but we want to hear what our supporters have to say first. Please click this link (mailto:[email protected]?subject=My%20bad%20experiences%20with%20the%20banks) or email us at [email protected] (mailto:[email protected]?subject=My%20bad%20experiences%20with%20the%20banks) to tell us what kind of bad experiences you have had with the big four: Barclays, HSBC, Lloyds, RBS.

In the meantime, please stay at home and save lives.

Kind regards,
The Leave.EU Team ([link removed][UNIQID])
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