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What next after the credit card rules agreement?

The stark difference between the mortgage industry and the credit card industry has never been more visible than when the government announced a new credit card rules agreement just last week at a time when they have been fighting the mortgage lenders for many months. It would appear that the credit card companies have little stock with which to barter with and have caved in to the government's demands.

However, the situation with the mortgage lenders is very different as they would appear to have a stronger position than the UK government and even the UK consumer. The banks have been calling the shots for a number of weeks now and while the UK government has gone public with a number of concerns and direct criticism of mortgage lenders in the UK, very little change has been agreed.

Each time an agreement appears near rumours resurface that the UK banks are looking for further taxpayer funding and this appears to have blocked any short-term announcement. Whether the UK government will need to forward further financial support in the short term in exchange for an agreement for the longer term remains to be seen.

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