Orders of the Day — Consumer Credit Bill

Part of the debate – in the House of Commons at 4:00 pm on 9th June 2005.

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Photo of Mike Penning Mike Penning Conservative, Hemel Hempstead 4:00 pm, 9th June 2005

I used to live in Germany, and the problem with capping is that it pushes the problem underground; such people cannot get credit because interest rates are set according to the liability—to the risk. I understand the hon. Gentleman's argument, but setting a cap risks pushing such people into the black market, which is much more dangerous than the Minister's proposal.