Photo of the Day: Red Arrows Hawk performs the roll of safety car at the 1926 Silverstone Grand Prix, flying at 80.085mph and 7.175ft off the track to control the race while the Rozzers removed #JustStopOil protestors who had glued themselves to Eau Rouge
Photo from a Canberra
Pls DON'T let this be true. It reports @hmtreasury plans to shelve much needed, called for & worked on plans (by @WhichUK, @TheFCA, @CitizensAdvice & til now govt itself) to regulate Buy Now Pay Later
Why'd it not regulate the UKs fasted growing form of debt, with billions lent?
Yes, BNPL used right can help people borrow interest free to spread necessary costs, but it's still a debt. Protection's needed for when it's not right. Regulation doesn't curtail the industry, it'd just means that for both existing firms & new entrants:
- Fairness rules apply like with other debt
- If treated badly you can go to @financialombuds
- Firms must be honest that this is borrowing not market it as a lifestyle choice
Clearly amidst a cost of living crisis, when many are desperate and living on deficit budgets - all forms of major consumer debt need the protections embedded which regulation gives.
I'd urge @Jeremy_Hunt to continue with the plans, which we were promised years ago, and have huge support amongst consumer groups (and some BNPL firms) and ensure it's fully regulated like the debt it is.
news.sky.com/story/treasury…
Thank you halo! Thank you @fia ! Happy that I get to go back home today to the family. Passion for racing remains the same! Full gas in London for the final round in 2 weeks!
🏠 We have signed the government’s new Mortgage Charter and are now making every effort to have all new measures available to our customers as soon as possible.
For more information on the help available, please visit: fal.cn/3zX6F
Today Twitter Poll: Do you agree with today's proposals from PM to cap the number of 'low value' undergraduate University courses (eg high dropout rates or low graduate employment)?
Vote split by whether you normally vote Tory or not?
@jasperinvests@MartinSLewis@hmtreasury@WhichUK@TheFCA@CitizensAdvice Yup. And then one person does it, other people try to ‘keep up with the jones’s’ by financing stuff, when in reality they can’t afford it and actually own nothing and are massively over leveraging themselves. It’s a perpetual cycle of more and more debt.
@jasperinvests@MartinSLewis@hmtreasury@WhichUK@TheFCA@CitizensAdvice Thats the problem….people never see it as debt…I’ve got a friend who’s in right old pickle, has carpets, sofas, laptops…virtually entire life on finance or BNPL….has come to remortgage and can’t because he’s in so much debt….he had no idea it would count against him.
@MartinSLewis@hmtreasury@WhichUK@TheFCA@CitizensAdvice BNPL might be interest free, but it leads to people overspending.
Harmless at first, but when inflation increases all other bills, even interest free debt gets out of hand.
What you can afford today can become unaffordable tomorrow.
@MartinSLewis@hmtreasury@WhichUK@TheFCA@CitizensAdvice Used to be able to pay less if paying in cash at the time of purchase but some campaigned it wasn't fair to those using credit cards. Some BNPL deals are already regulated dependent on the "lender".
Now that’s what I call a perfect alfresco summer Sunday lunch! Whole sea bass with beansprouts, carrots, chilli, garlic, ginger, coriander & soy sauce, as cooked by my wonderful hubby Angel!