Banks Under Fire: TSB Forced to Close 30 UK Branches Amid Mortgage Protests
The banking industry has faced its fair share of controversies, but a recent protest has taken things to the next level. TSB, a major bank in the UK, was forced to close up to 30 branches across the country after a housing action group, Acorn, staged a protest against the bank’s buy-to-let mortgage policy.
Protesters occupy bank branches across the UK, forcing them to close for the day.
The protests, which took place in various cities including Brighton and Bristol, saw around 100 marchers take action against TSB’s policy of only offering buy-to-let mortgages to borrowers who agree to give tenants contracts of no more than 12 months. This has sparked outrage among renters, who claim that this policy forces them to put their lives on hold.
Protesters in Brighton take a stand against TSB’s buy-to-let mortgage policy.
In Leeds, protesters set up tents outside a branch, while in Tottenham, North London, a miniature cardboard city was built to highlight the issue. The protests were peaceful, but they sent a strong message to TSB: it’s time to rethink their policy.
Protesters in Tottenham build a miniature cardboard city to highlight the issue.
TSB’s policy has been criticized for putting renters in a difficult position, forcing them to choose between stability and flexibility. The bank’s decision to only offer short-term contracts has sparked concerns about the impact on renters’ lives.
A TSB branch, one of many affected by the protests.
The protests have sparked a wider conversation about the role of banks in the housing market. As the UK continues to grapple with a housing crisis, it’s clear that banks have a responsibility to prioritize the needs of renters.
The housing crisis in the UK has sparked widespread protests and calls for change.
TSB’s decision to close its branches was a necessary one, but it’s only the beginning. The bank must take concrete steps to address the concerns of renters and rethink its policy. Until then, the protests will continue, and the banking industry will remain under fire.
Protesters united against TSB’s buy-to-let mortgage policy.
