At last, a UK bank has realized that all is not well with their customer base. Egg has rightly decided to axe 161,000 their most risky customers. This measure will undoubtedly help the vast majority of customers affected. It will prevent them from building up additional debt and encourage them to pay down their existing debts. In the long run, this can only help reduce Britain's debt crisis.
Despite this highly courageous decision on the part of Egg, some politicians have opportunistically sounded off. Nigel Griffiths, a former deputy leader of the House of Commons, said Egg's action was "unacceptable". Well, Nick, Egg is not obliged to lend anyone anything. Egg has deemed these customers as high risk borrowers. It is not prepared to take the risk of extending credit. It is a private business matter and he has little competence to commit on their decision.
Let us hope that other banks follow Egg's example.