Credit: Interest Rates

Treasury written question – answered on 28th November 2018.

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Photo of Stephen Twigg Stephen Twigg Chair, International Development Committee

To ask the Chancellor of the Exchequer, what estimate he has made of the number of public sector workers using payday loan companies.

Photo of John Glen John Glen Minister of State (Treasury) (City), The Economic Secretary to the Treasury

On 1 April 2014, regulation of the consumer credit market, including payday lenders, was transferred to the Financial Conduct Authority (FCA).

The Government legislated to require the FCA to introduce a cap on the cost of payday loans, which came into force on 2 January 2015. The FCA published a feedback statement in July 2017, showing that the price cap has been effective, leading to savings of approximately £150 million for 760,000 individuals using payday loans each year.

The Government does not hold data on the number of public sector workers using payday loans companies.

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