Backbench Business — High-cost Credit

Part of the debate – in the House of Commons at 1:30 pm on 5th September 2013.

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Photo of Damian Hinds Damian Hinds Conservative, East Hampshire 1:30 pm, 5th September 2013

I am grateful to my hon. Friend for giving way during his persuasive speech. Does he agree that the traditional, mainstream financial institutions could and should also innovate in the area of budgeting accounts, or jam jar accounts? Those accounts help to prevent people from tripping into debt in the first place and can also help to foster the savings culture that he mentioned. By siphoning off small amounts of money on pay day, people can build up a small savings account.