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Credit: Interest Rates

Treasury written question – answered on 25th March 2020.

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Photo of Gareth Thomas Gareth Thomas Labour/Co-operative, Harrow West

To ask the Chancellor of the Exchequer, what steps he plans to take to prevent high interest being charged on loans to people in financial difficulties as a result of the covid-19 outbreak; and if he will make a statement.

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

On 17 March, the Government announced a package of measures totalling £350 billion aimed at supporting the financial wellbeing of British businesses, individuals, and families. The Government is committed to doing whatever it takes to get our nation through the impacts of COVID-19 and, as part of this, is continually assessing all areas of the financial sector – including rates of interest on loans. The Government is working closely with the Financial Conduct Authority (FCA) and the lending sector on this issue and stands ready to announce further action wherever necessary.

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