Early day motion tabled by primary sponsor Lisa Nandy (Labour), on Monday, 6 September 2010, in the House of Commons. It is signed by 206 members in total.

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LOAN SHARKS

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.

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Secondary information

Type

Early day motion

Reference

660 

Session

2010-12

Other sponsors

John McDonnell

Mark Durkan

Andrew George

Jon Trickett

Baroness Clark of Kilwinning

Helen Goodman

Subjects

Financial services Loans

Link

View this Early day motion on www.parliament.uk