Jeremy Hunt met with the head of the UK's main mortgage lenders earlier today (23 June)
Britain's top high street bankers are well-protected against the ongoing crisis of inflation and rising interest rates, as they earned £3 million each last year on average.
The CEOs of the UK's main banks met with the Chancellor earlier today, following the Bank of England's interest hike announcement yesterday and growing concern about the cost of mortgages.
Following the meeting, Jeremy Hunt said they agreed to implementing a 12-month minimum before repossessing homes. He also said the lenders agreed to allow struggling borrowers to extend the term of their mortgages or move to an interest-only plan temporarily "no questions asked".
The heads of the seven banks represented at the meeting netted more than £20 million between them last year.
NatWest chief executive Alison Rose said it had been a "very productive meeting" as she left Downing Street.
"We're doing everything we can to help customers and help with the anxieties," she said.
Rose was awarded a bonus last year, the first time NatWest has paid its CEO a performance bonus since the bank was bailed out by the government in 2008 during the financial crisis. The government retains a minority stake in NatWest of around 39%, having recently sold off part of its stake worth £1.3 billion.
Chief executive of Lloyds Banking Group Charlie Nunn said that bosses had held a "good working discussion with the Chancellor".
Here are the full salary packages for the CEO of each of the banks present at the meeting with the Chancellor from last year, according to each bank's 2022 annual report.
Despite increasing calls for direct support on mortgages, including from some in the Conservative Party, Prime Minister Rishi Sunak and Hunt have ruled out a financial intervention.
Labour has called for banks to be forced to give more help to struggling mortgage holders in a tougher response, while some backbench Tories have demanded support for under-pressure borrowers.
On Friday, shadow chancellor Rachel Reeves said: "Today's weak response from the Government on a mortgage crisis they created shows just how little they understand what families are facing.
"Questions remain on how voluntary these measures are. The Government must offer clarity and confidence to homeowners by putting in place requirements now to reassure households.
"Instead of shrugging their shoulders, the Tories should be taking responsibility and acting now."
If a rise in monthly mortgage repayments could push your personal finances into the red, mortgage technical manager at broker John Charcol, Nick Mendes, gave NationalWorld four key bits of advice: