Orders of the Day — Consumer Credit Bill

Part of the debate – in the House of Commons at 12:28 pm on 9th June 2005.

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Photo of David Chaytor David Chaytor Labour, Bury North 12:28 pm, 9th June 2005

I note my hon. Friend's description of the Government's position on interest rate caps, but what exactly is the argument against introducing them? Does he honestly think that there is some ethical justification for major financial services companies levying interest rate charges of 25 to 29 per cent. per annum?