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China and the West

The hon. Gentleman is right to say that consumers, too, have a responsibility, although I argue that there is a role for financial education because it is difficult for people to take on that responsibility if they are not well informed about the different products available and what APR means. There needs to be much more information in a very accessible format within the formal education system at school, but people who have left education should also be able to access such advice. Yes, people need to take responsibility, but that does not let off the hook companies that act irresponsibly by lending more than people can repay and by having sky-high interest rates that are just unjustifiable.