Loan sharks need regulating, East End MP says
MORE regulation of loan sharks who target the poor and then charge exorbitant interest rates is needed, an East End MP has said.
Jim Fitzptrick, MP for Poplar and Limehouse has joined a group of fellow politicians who are campaigning to introduce legislation which will cap high-cost loans.
The Labour MP said: “I’m voting for this motion because it’s time we did something about unsecured lending.
“The rates these paydays lending, home credit and hire purchase companies charge are astronomical and as there’s little competition they get away with it.”
The issue was discussed in the Commons on February 4 but the vote has been delayed until October.
The proposal is to cap the costs of credit rather than interest rates to make sure lenders can’t evade it.
Action has been taken against unscrupulous lenders in other European countries and in America.
- 1 Section 60 in place across Tower Hamlets after Stepney stabbing
- 2 'A horrific attack': Man suffers critical head injuries from Shoreditch fight
- 3 'Lucky' escape: Family flees Bethnal Green fire thanks to fire alarms
- 4 Mile End: Car crashes into bus stop during police pursuit
- 5 Jailed: 9 east London offenders put behind bars in April
- 6 Night Tube services to return on Jubilee line next week
- 7 Baby boy died from 'whiplash' injuries caused by shaking, trial hears
- 8 12 people charged following east London drugs bust
- 9 Wiley wanted after court no-show amid assault and burglary charges
- 10 Aspire 'will work for everyone in Tower Hamlets' after winning majority
Almost 50 MPs have signed up to support the motion.