Credit: Debts

Treasury written question – answered on 3rd November 2021.

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Photo of Seema Malhotra Seema Malhotra Shadow Minister (Business, Energy and Industrial Strategy)

To ask the Chancellor of the Exchequer, what assessment he made of the impact on credit scores (a) across different age groups, (b) in Feltham and Heston constituency and (c) England of the increase in debt from buy now, pay later products.

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

HM Treasury does not hold information on the impact of Buy-Now Pay-Later product usage on credit scores.

On 21 October, the Government published a consultation document outlining its proposed approach to the regulation of Buy-Now Pay-Later products. The consultation document can be found at the following link, including details on how to respond: www.gov.uk/government/consultations/regulation-of-buy-now-pay-later-consultation.

The consultation closes on 6 January. Once the consultation has concluded, the Government will review responses and consider next steps.

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