Covid-19: Household Debt — [Mr Peter Bone in the Chair]

Part of the debate – in Westminster Hall at 2:55 pm on 8th July 2021.

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Photo of Yvonne Fovargue Yvonne Fovargue Labour, Makerfield 2:55 pm, 8th July 2021

Thank you for your chairmanship this afternoon, Mr Bone. I thank all the Members who contributed for their passionate, well-informed speeches on this issue, and I thank the Minister. Many good initiatives have been put forward, but there is a lot more that we can do. We do not want the debt crisis to turn into another symptom like long covid—a long debt crisis. We need to turn this into an opportunity. There are opportunities—to remove the shame from debt; to look at the causes of debt; and to look at creative solutions, many of which have been mentioned this afternoon. Not all of them should be loans. There will be a need for grants for people who are so mired in debt that they cannot see their way out. There is an opportunity to look both at how we can prevent debt and how we can help those who fall into debt.

I fear that if we do not seize those opportunities we shall be back here repeatedly, having this debate for many years ahead. While we debate this subject in Parliament, my constituents and people across the country will be suffering. As my hon. Friend Paul Maynard said, they will be finding that debt has turned into destitution, and that is something that we all need to be aware of.

Question put and agreed to.

Resolved,

That this House
has considered the effect of the covid-19 outbreak on household debt.

Sitting suspended.