New clause 4 - CHANGES IN CREDIT LIMITS
Consumer Credit Bill
6:15 pm
Gerry Sutcliffe (Parliamentary Under-Secretary (Employment Relations and Consumer Affairs), Department of Trade and Industry; Bradford South, Labour)
As I have said, we believe there are opportunities to deal with the matter through secondary legislation. However, it is only fair that we give the banking code, since it came in in March, an opportunity to prove its worth as the industry reaction to the severe strength of feeling from the Treasury Committee and other hon. Members. The industry is on notice. If it does not deal with the issue in the way that the code offers it the opportunity to do, we will take action. I give my hon. Friend that commitment.
I hope that the hon. Member for Wealden, who was quite right to raise the issue in the way he did, will withdraw the new clause because of the assurances that I have given and the opportunities that will arise in future to take action if things do not improve.