Pushing for a Vote on Legal Loan Sharking(January 17, 2011)
Steve today joined with other MPs in calling for a parliamentary vote on capping the cost of credit in the high-interest lending market.
A long-standing campaigner for the proper regulation of exploitative payday, doorstep and hire purchase lending, Steve attended a major rally in Westminster in December, organised to highlight the unfair practices of loan sharks.
The rally served its purpose because the cross-party Backbench Business Committee is now considering whether to allow Parliament to debate and vote upon the issue. Steve says it’s vital a vote takes place. “I’ve said it previously and I say it again: it’s time for action to tackle the problems caused by legal loan sharking.”
“It’s about protecting the poorest consumers,” he explained. “Vulnerable people all over Britain are being targeted by unscrupulous lenders who are legally allowed to charge whatever they want for credit. That has to change – and that’s why we’re determined Parliament should have its say on the matter.”
MPs should know by the end of the week whether they’ve been successful in securing a vote.