John McDonnell MP, Labour’s Shadow Chancellor, responding to the lack of uniform and concerted action by banks on overdraft and credit card charges, said:

“Some banks have taken small steps to provide overdraft buffers in recent days but what we now need is for coordinated action across the sector on overdraft and credit card charges for all customers for at least three months.

“This means a commitment that banks are reversing recent hikes to overdraft interest rates, no credit card withdrawal or late payment fees, clear agreement on interest-free overdraft borrowing, no other overdraft charges, and these rules being set out publicly rather than left to the banks’ discretion.

“The Government and the FCA must show some leadership on this, urgently convene a meeting with the banks, and if necessary introduce emergency regulations or changes to the overdraft pricing policy statement to ensure that people are not hit with sharp charges during this challenging time for all of us.”