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 Adam Price Adam Price Spokesperson (Economy and Taxation; Education & Skills; Miner's Compensation; Regeneration; Trade & Industry) 4:00 pm, 9th June 2005

I shall review my staffing budget to find out whether it is possible to look into that, but there certainly seems to be some support among Labour Members for the idea of creating a reserve power—a Henry VIII clause—to introduce secondary legislation whereby the Minister could provide interest rate caps. Frankly, I have my doubts about some of the problems that have been raised by the Government, principally because such caps seem to work perfectly well in a wide range of consumer credit markets across the world. Interest rate caps are not the only answer to the problems and challenges that we face, but the Government should have them in reserve, as part of their armoury.