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Farepak

My hon. Friends are coming up with creative ways to find the money, as I would expect. As long as there are organisations willing to act as distributors, we can achieve something. In my constituency, the radio station GWR FM is distributing gifts collected via various avenues. I shall be going along this Saturday when they distribute them. I will take my gifts from the House of Commons shop—the teddy bears George and Toffee—and I hope that other hon. Members will do the same for the children of their constituents. Loan sharks are now banging on the door, asking whether my constituents need expensive credit at an annual percentage rate of at least 120 per cent. The Minister might like to help me to endorse credit unions as a way forward. They can provide emergency loans of up to £250 for each saver. Usually those loans are available only to those who have saved for a minimum of 12 weeks, which would cut out the Farepak customers if they were to join now. However, Farepak customers have shown that they can save regularly. I have asked some companies in Swindon to donate £1,000 each to underwrite the loans, thus making it possible for those opening new accounts this week to receive a loan before Christmas at an interest rate of 12.6 per cent. I can announce today that MAN ERF and Nationwide, which have their headquarters in South Swindon, have already pledged £1,000 each. In that way I hope to keep people in Swindon out of the clutches of loan sharks who charge interest rates of between 197 per cent. and 500 per cent. The cash donations will help families to start on the right savings path.