Nationwide chief urges public reconciliation after election

NATIONWIDE boss Joe Garner today called for a “period of reconciliation” after the general election to heal the wounds of what he says is a bitterly divided nation.

Declaring the building society’s 16 million members were exhausted by Brexit, he said: “Whatever the outcome of the election, what we hear from our members is the division this debate has been causing across communities. What we’d like to see, when the dust settles, is a period of reconciliation.” He was talking as he unveiled a 40% plunge in profits for the half-year to £309 million, a sign of tough competition in banking, investment in IT and a £52 million charge, mostly for payment protection insurance claims.

Garner, paid £2.3 million a year, welcomed the political attention on housing. “It is great to see the focus on housing. There is a growing realisation that the private rental sector is of huge importance.”

He also came out in favour of higher interest rates, noting: “If interest rates go down, about two or three million mortgage holders benefit. If they go up, tens of millions of savers benefit.”