The House of Lords had amended the Financial Services Bill to introduce an interest rate cap for 250,000 people stuck in eye-watering mortgage deals. However MPs this week voted 355 votes to 271 to remove the amendment from the Bill - meaning they will not get the extra support. A significant number of those affected have been paying more than 7% in interest for the past 13 years. "But it is the government of the day's responsibility to solve this because this was a problem of a government's making, indeed a Conservative government's making - a coalition government - so we're absolutely duty bound to find a solution here." "And before the crisis people could borrow in ways that today we would think would be totally unacceptable, indeed, is unacceptable.

Source: Daily Mirror April 28, 2021 15:48 UTC