Last week, John Key was bouncing on a new cloud. The Australian Government had teamed up with banks to help stop homeowners defaulting on their mortgages. Key publicly mused that ‘his’ government could do the same here.
We said it was only a matter of time until English quietly killed the idea. Sure enough:
“The Government has ruled out an accord with banks over mortgage holidays to ease homeowners through hard times.
“A spokesman for Finance Minister Bill English said that after examining the issue it appeared banks were already acting to help customers hit by redundancy or a drop in income and there was no need for the Government to step in.”
At least he was kind enough to wait until little Johnnie was out of the country.