Business of the House

Part of the debate – in the House of Commons at 11:25 am on 11th July 2019.

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Photo of Mel Stride Mel Stride Lord President of the Council and Leader of the House of Commons 11:25 am, 11th July 2019

I thank my hon. Friend for that question. It is typical of him that he should go out to bat for those who are least able to afford the consequences of high interest rates. The FCA has—or we have, as a Government—already placed a limit on payday lending. The FCA has particularly expressed concerns about the volume of credit that is being taken on to credit cards. In February 2018 it announced a package of remedies related to giving customers more control over credit card limits, encouraging customers to repay more quickly and other measures.