PARLIAMENTARY EARLY DAY MOTION
LOAN SHARKS (5 September 2010)

That this House believes that the Government should end legal loan sharking by capping the cost of credit for the whole sector, not just for credit and store cards, and provide alternative affordable sources of credit through the Post Office network, local credit unions, community development financial institutions, co-operatives and mutuals; acknowledges that the UK's poorest borrowers pay the highest price for credit in Europe; further acknowledges that up to 16,000 of excess profit is made every hour from the sector and that this is extracting wealth from the poorest communities; and is concerned that the Office of Fair Trading's recommendations, including industry codes of practice and financial education, won't work effectively to reduce prices for consumers.

Sponsored by:
Lisa Nandy (Labour)