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Money Lenders: Interest Rates

Business, Innovation and Skills written question – answered on 9th February 2011.

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Photo of Julian Sturdy Julian Sturdy Conservative, York Outer

To ask the Secretary of State for Business, Innovation and Skills what his policy is on capping the level of interest rates charged by doorstep lenders.

Photo of Edward Davey Edward Davey The Parliamentary Under-Secretary of State for Business, Innovation and Skills

The Department for Business, Innovation and Skills and HM Treasury are currently reviewing the consumer credit and personal insolvency regime. This is a thorough review of consumer credit and personal insolvency, looking at all the measures that could be taken to support people in difficulty and help them resolve their debts, including the impact of any interest rate cap on doorstep lending. A call for evidence made in connection with the review has recently closed and we are currently considering the substantial number of responses received.

Government will make an announcement on next steps in the spring.

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